Spearfish: volume, rank and loan size

Spearfish drew 116 SBA approvals across FY2017 to FY2026, worth $41.8 million gross. By loan count, Spearfish stands 437 of 928 among all areas. Spearfish loans center on $200,000, the median. Middle half in Spearfish: $98,625 to $370,175. Spearfish: 0.96x of the national median. By program, Spearfish has 94 7(a) loans and 22 504 loans. 6.0% of the loans in Spearfish carry a franchise brand. Spearfish dollars add to $41.8 million.

Spearfish: which classes and counties lead

90 loans in Spearfish fit no class, so Spearfish class patterns say less. Spearfish consists of Lawrence County, SD, where SBA places 116 loans.

Spearfish: who holds the loans

These Spearfish tables show SBA's holders, not verdicts. Spearfish lists, for 7(a), 25 loans at First National Bank (SD) ($4.7 million), 12 loans at Wells Fargo Bank National Association ($3.0 million), and 8 loans at First Interstate Bank ($4.4 million). Spearfish holders under 504 include Ally Dakota Development, Inc. (17 loans, $6.8 million). For a Spearfish borrower, these rows give background only. Spearfish rows promise no one a loan.

Spearfish: what the floors can say

Spearfish cancellation, FY2017 to FY2024 approvals: 13.8%. It is a floor for Spearfish. Treating undisbursed Spearfish loans as cancelled gives 13.8%, the ceiling. 55 Spearfish loans make the FY2017 to FY2021 cohort; 0.00% are charged off, a floor. The Spearfish five-year figure is 0.00%. Treat Spearfish rates as floors. Later events lift them, Spearfish included. County names place the Spearfish loans. The July 2023 delineation defines Spearfish. If a county fails to match, Spearfish omits it. Spearfish totals hold untracked-class loans too.

Spearfish: study points

Spearfish volume ranged from 6 loans in FY2026 to 23 in FY2021, the latter for $7.1 million. FY2017 opened the Spearfish series with 7 loans ($2.3 million). FY2026 closes the Spearfish series at 6 loans, $638,300. A Spearfish feasibility study tests demand first, from Lawrence County, SD outward, not from the area average. Spearfish costs sit beside a $200,000 median. Spearfish stands at 0.96x nationally. Spearfish debt service gets a rate shock. The Spearfish floors above explain the caution. Spearfish appraisal evidence comes from area sales. Spearfish income evidence sits beside it. Absorption near Lawrence County, SD is tested for Spearfish on a slow case. The Spearfish study states its limits beside Lawrence County, SD findings.

SBA loans in the Spearfish, SD Micro Area

Loans approved, FY2017 to FY2026	116
Gross dollars approved	$41.8 million
Median loan	$200,000
Middle half of loans, from	$98,625
Middle half of loans, to	$370,175
SBA 7(a) loans	94
SBA 504 loans	22
Franchise share of loans	6.0%
Rank among metro and micro areas by loans	437 of 928
Median loan against the national median	0.96x

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	13.8%
The same, counting loans still undisbursed as cancelled (a ceiling)	13.8%
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	0.00%
Charged off within five years of approval	0.00%
Loans in that cohort	55

Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.

SBA loans approved in the Spearfish, SD Micro Area, by fiscal year

Fiscal year	Loans	Dollars
FY2017	7	$2.3 million
FY2018	9	$2.6 million
FY2019	8	$2.3 million
FY2020	14	$4.8 million
FY2021	23	$7.1 million
FY2022	14	$6.1 million
FY2023	9	$2.2 million
FY2024	10	$4.1 million
FY2025	16	$9.6 million
FY2026	6	$638,300

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	90

Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.

Most active SBA lenders

SBA 504: lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
Ally Dakota Development, Inc.	17	$6.8 million

SBA 7(a): lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
First National Bank (SD, fdic-14712)	25	$4.7 million
Pioneer Bank & Trust	15	$3.4 million
Wells Fargo Bank National Association	12	$3.0 million
First Interstate Bank	8	$4.4 million
Northeast Bank (ME)	7	$1.2 million

Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.

Where the loans are, by county

County	Loans
Lawrence County, SD	116

Counties with 5 or more loans; smaller ones are not listed.

Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.

All assets: every 7(a) and 504 approval in the metro, including those outside the 39 asset classes.

A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.

Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MT-43940.

Related feasibility study pages

Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project in the Spearfish, SD Micro Area, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

Feasibility Study Data for the Spearfish, SD Micro Area