Last Updated on August 23, 2023 by Hannah Stevens
The federal government allocates the majority of the budget of more than $2,467.00 million dollars in grants and additional funding sources of $2,068.00 million dollars from the local government into the business sector since small businesses and large corporations are the backbone of South Dakota’s economic growth. The state of South Dakota has 21,573 businesses, and they are broken down into the following:
South Dakota Business Sector Breakdown by Size
- 12,377 registered businesses in South Dakota have 0 to 4 employees. This breakdown includes those who work from home and have sole proprietorship.
- 3,725 registered businesses in South Dakota have 5 to 9 employees.
- 2,351 registered businesses in South Dakota have 10-19 employees.
- 1,853 registered businesses in South Dakota have 20-99 employees.
- 526 registered businesses in South Dakota have 100 to 499 employees.
- Over 741 registered businesses in South Dakota have over 500 employees.
South Dakota Business Sector Breakdown in Service Industries
- 1,782 registered businesses in South Dakota belong in the Professional, Scientific and Technical Services sector.
- 1,024 registered businesses in South Dakota are in the Administrative, Support, Waste Management, and Remediation Services sector.
- 2,385 registered businesses in South Dakota are part of the Accommodation and Food Services sector.
- More than 2,681 registered businesses in South Dakota are also service orientated businesses, but are not categorized to the above sectors.
You may also be eligible to apply for grants for small businesses if you work in the agriculture industry. In the state of South Dakota, there are more than 31,000 farms.
Small Businesses in South Dakota
It is difficult to start and manage a small business here in South Dakota. More than $10,453,529,000.00 US dollars is spent on employee salaries/payroll alone in this state, and every year, over 1,979 businesses go bankrupt. The federal government doesn’t provide grants publicly for expanding or starting a business. However, some small business grants can be given in South Dakota to help business owners start and grow their ventures. Moreover, grant recipients don’t have to repay the government funding. So, it is worth looking into small business grants to help fund your business.
Contact South Dakota financial aid agencies to apply for business grants.
Recent State Funding Opportunities
Below is a list of opportunities recently published in the local state: