The First National Bank in Sioux Falls
SBA 7(a) Lending Profile · FY 2022 analysis
Industry Focus
Top industries served by The First National Bank in Sioux Falls
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722515 | Snack and Nonalcoholic Beverage Bars | 72 | $21.0M | $292K | 7.7% |
| 722513 | Limited-Service Restaurants | 64 | $52.1M | $814K | 6.8% |
| 238110 | Poured Concrete Foundation and Structure Contractors | 64 | $40.1M | $627K | 6.8% |
| 812990 | All Other Personal Services | 40 | $5.3M | $132K | 4.3% |
| 811310 | Commercial and Industrial Machinery and Equipment (except Automotive a | 24 | $1.4M | $60K | 2.6% |
| 484110 | General Freight Trucking, Local | 24 | $2.1M | $86K | 2.6% |
| 812112 | Beauty Salons | 24 | $3.9M | $162K | 2.6% |
| 722511 | Full-Service Restaurants | 24 | $5.6M | $234K | 2.6% |
| 713990 | All Other Amusement and Recreation Industries | 24 | $7.5M | $314K | 2.6% |
| 722410 | Drinking Places (Alcoholic Beverages) | 24 | $9.2M | $385K | 2.6% |
Geographic Distribution
SBA lending activity for The First National Bank in Sioux Falls by state
| State | Loans | Volume | Share |
|---|---|---|---|
| South Dakota (SD) | 880 | $244.3M | 94.0% |
| Minnesota (MN) | 40 | $10.2M | 4.3% |
| Iowa (IA) | 8 | $4.4M | 0.9% |
| Nebraska (NE) | 8 | $4.0M | 0.9% |
Why Choose The First National Bank in Sioux Falls?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 936 SBA loans approved, totaling $262.9M in financing
- ✓Industry Expertise: Specialized focus on Snack and Nonalcoholic Beverage Bars, Limited-Service Restaurants, Poured Concrete Foundation and Structure Contractors
- ✓Competitive Terms: Average interest rate of 6.65% with flexible term lengths averaging 90 months
- ✓Loan Range: Loan sizes from $13K to $3.4M, with an average of $281K
- ✓Nationwide Reach: Active lending in 4 states, with strong presence in SD, MN, NE
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about The First National Bank in Sioux Falls SBA lending
What types of businesses does The First National Bank in Sioux Falls typically finance?
The First National Bank in Sioux Falls specializes in SBA 7(a) lending to specific industries including snack and nonalcoholic beverage bars, limited-service restaurants, poured concrete foundation and structure contractors, all other personal services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are The First National Bank in Sioux Falls's typical SBA loan terms?
The First National Bank in Sioux Falls's SBA 7(a) loans typically feature an average interest rate of 6.65% and average term length of 90 months (approximately 8 years). Loan sizes range from $13K to $3.4M, with an average loan size of $281K.
Do I need a business valuation for a The First National Bank in Sioux Falls SBA loan?
Yes, The First National Bank in Sioux Falls typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does The First National Bank in Sioux Falls compare to other SBA lenders?
The First National Bank in Sioux Falls has originated 936 SBA loans totaling $262.9M since 2020. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does The First National Bank in Sioux Falls lend in?
The First National Bank in Sioux Falls provides SBA 7(a) financing with particularly strong presence in SD, MN, NE, IA. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
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Professional valuations are often required for SBA loans over $250,000.
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