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County21st of 87 in Minnesota by approvalsFIPS 27009
SBA loans in Benton County, Minnesota
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
SBA approved 82 loans to businesses in Benton County, Minnesota, in FY2021 to FY2025, worth $48.1M: 65 under 7(a) and 17 under 504.
That is 84.1 approvals per 1,000 business establishments (975 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 21st of 87 Minnesota counties with approvals. In FY2025 there were 15, up 25% on FY2024.
21 lenders had approvals here; the most active were Midwest Business Finance Corporation (15), Falcon National Bank (15) and BankVista (11). The most common industry was machine shops; turned product; and screw, nut, and bolt manufacturing.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Benton County
By number of approvals to businesses in the county, FY2021–FY2025; 21 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 15 | $11.4M | 18.3% | |
| 2 | Falcon National BankFoley, MN | 15 | $8.9M | 18.3% | |
| 3 | BankVistaSartell, MN | 11 | $4.0M | 13.4% | |
| 4 | Farmers and Merchants State Bank of PierzPierz, MN | 7 | $1.4M | 8.5% | |
| 5 | Frandsen Bank and TrustArden Hills, MN | 5 | $6.1M | 6.1% | |
| 6 | Stearns Bank National AssociationSaint Cloud, MN | 5 | $2.8M | 6.1% | |
| 7 | Minnwest BankRedwood Falls, MN | 3 | $1.7M | 3.7% | |
| 8 | Kensington BankKensington, MN | 3 | $575K | 3.7% | |
| 9 | The Huntington National BankColumbus, OH | 3 | $365K | 3.7% | |
| 10 | The Bank of Elk RiverElk River, MN | 2 | — | 2.4% | |
| 11 | Northeast BankMinneapolis, MN | 2 | — | 2.4% | |
| 12 | Northeast Entrepreneur Fund, Inc.Duluth, MN | 2 | — | 2.4% | |
| 13 | Choice Financial GroupFargo, ND | 1 | — | 1.2% | |
| 14 | Alerus Financial, National AssociationGrand Forks, ND | 1 | — | 1.2% | |
| 15 | Dakota Business LendingFargo, ND · CDC | 1 | — | 1.2% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Machine Shops; Turned Product; and Screw, Nut, and Bolt ManufacturingNAICS 3327 | 9 | 11.0% | |
| 2 | Building Equipment ContractorsNAICS 2382 | 6 | 7.3% | |
| 3 | Services to Buildings and DwellingsNAICS 5617 | 6 | 7.3% | |
| 4 | Other Miscellaneous ManufacturingNAICS 3399 | 4 | 4.9% | |
| 5 | General Freight TruckingNAICS 4841 | 3 | 3.7% | |
| 6 | Personal Care ServicesNAICS 8121 | 3 | 3.7% | |
| 7 | Other Personal ServicesNAICS 8129 | 3 | 3.7% | |
| 8 | Household and Institutional Furniture and Kitchen Cabinet ManufacturingNAICS 3371 | 2 | 2.4% | |
| 9 | Remediation and Other Waste Management ServicesNAICS 5629 | 2 | 2.4% | |
| 10 | Beverage ManufacturingNAICS 3121 | 2 | 2.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Manufacturing | 25 | 30.5% | |
| 2 | Administrative and Support and Waste Management and Remediation Services | 8 | 9.8% | |
| 3 | Construction | 8 | 9.8% | |
| 4 | Other Services (except Public Administration) | 8 | 9.8% | |
| 5 | Retail Trade | 7 | 8.5% | |
| 6 | Transportation and Warehousing | 6 | 7.3% | |
| 7 | Health Care and Social Assistance | 6 | 7.3% | |
| 8 | Professional, Scientific, and Technical Services | 4 | 4.9% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 7 | $1.4M | $150K | 2 | — | 9 | 55 |
| FY2025 | 10 | $8.3M | $372K | 5 | $3.7M | 15 | 234 |
| FY2024 | 10 | $5.2M | $330K | 2 | — | 12 | 107 |
| FY2023 | 4 | $1.5M | $225K | 2 | — | 6 | 22 |
| FY2022 | 18 | $8.9M | $235K | 4 | $2.4M | 22 | 236 |
| FY2021 | 23 | $11.1M | $324K | 4 | $4.8M | 27 | 616 |
| FY2020 | 22 | $5.9M | $222K | 5 | $2.4M | 27 | 299 |
| FY2019 | 12 | $2.4M | $179K | 4 | $4.3M | 16 | 154 |
| FY2018 | 15 | $3.7M | $121K | 1 | — | 16 | 179 |
| FY2017 | 15 | $659K | $30K | 2 | — | 17 | 148 |
| FY2016 | 20 | $9.1M | $128K | 5 | $3.9M | 25 | 607 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 101 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Benton County | Minnesota | United States |
|---|---|---|---|
| Approvals | 82 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 84.1 | 62.4 | 41.0 |
| Median 7(a) approval | $300K | $170K | $190K |
| Median 504 approval | $664K | $545K | $657K |
| Average approval | $587K | $497K | $573K |
| 504 share of approvals | 20.7% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 14.8 | 11.7 | 10.5 |
| Share of state approvals | 0.9% | 100.0% | — |
Approval sizes
- $50,000 or less8.5%7
- $50,001 to $150,00018.3%15
- $150,001 to $350,00025.6%21
- $350,001 to $1 million29.3%24
- $1 million to $2 million13.4%11
- Over $2 million4.9%4
Age of the businesses
- Existing, more than 2 years old57.3%47
- New business, 2 years or less13.4%11
- Startup, loan funds will open the business19.5%16
- Change of ownership9.8%8
Questions and answers
Which lenders make the most SBA loans in Benton County?
By approvals in FY2021 to FY2025: Midwest Business Finance Corporation (15), Falcon National Bank (15), BankVista (11), Farmers and Merchants State Bank of Pierz (7), Frandsen Bank and Trust (5). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Benton County?
The median 7(a) approval was $300K and the median 504 approval $664K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Benton County?
Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing (9); Building Equipment Contractors (6); Services to Buildings and Dwellings (6); Other Miscellaneous Manufacturing (4); General Freight Trucking (3).
Is SBA lending in Benton County rising?
Approvals in the three latest complete fiscal years total 33, against 76 in the three before: falling (-57%).
How does Benton County compare with the rest of Minnesota?
84.1 approvals per 1,000 establishments against 62.4 statewide, and 82 of the state's 9,634 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error