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SBA: Strong loan numbers indicate small business growth in South Dakota

South Dakota small businesses received $117 million in loans from the Small Business Administration in Fiscal Year 2022.

The agency said it funded a record $43 billion nationwide last year.

SBA South Dakota District Director Jamie Wood said South Dakota didn’t quite set a record for funding. But she said the lending numbers are still strong – and that’s a positive sign for the state economy.

“It is a clear indication – because a $117 million is a lot of lending, that’s just SBA lending - there’s other types of lending going on," Wood said. "What we’re really excited about is that there’s a huge interest in growing and starting businesses – post-COVID.”

SBA loans supported nearly 2,000 jobs in the state, according agency data.

Wood said in addition to providing jobs, these businesses are supporting communities both large and small statewide.