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County15th of 87 in Minnesota by approvalsFIPS 27013
SBA loans in Blue Earth 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.
Businesses in Blue Earth County, Minnesota, received 120 SBA loan approvals worth $60.8M in FY2021 to FY2025 (99 7(a), 21 504).
That is 60.2 approvals per 1,000 business establishments (1,992 establishments in 2023), close to the Minnesota figure of 62.4 and above the national 41.0.
It ranks 15th of 87 Minnesota counties with approvals. In FY2025 there were 25, up 92% on FY2024.
26 lenders had approvals here; the most active were BankVista (14), The Huntington National Bank (13) and Midwest Business Finance Corporation (11). The most common industry was restaurants and other eating places.
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 Blue Earth County
By number of approvals to businesses in the county, FY2021–FY2025; 26 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | BankVistaSartell, MN | 14 | $3.8M | 11.7% | |
| 2 | The Huntington National BankColumbus, OH | 13 | $4.4M | 10.8% | |
| 3 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 11 | $12.8M | 9.2% | |
| 4 | Pioneer BankMapleton, MN | 11 | $2.6M | 9.2% | |
| 5 | Minnstar Bank National AssociationLake Crystal, MN | 11 | $932K | 9.2% | |
| 6 | Community Bank MankatoVernon Center, MN | 10 | $1.6M | 8.3% | |
| 7 | Southeastern Minnesota 504 Development CorporationRochester, MN · CDC | 7 | $9.7M | 5.8% | |
| 8 | Old National BankEvansville, IN | 7 | $7.3M | 5.8% | |
| 9 | United Prairie BankMountain Lake, MN | 5 | $1.3M | 4.2% | |
| 10 | Wells Fargo Bank National AssociationSioux Falls, SD | 5 | $520K | 4.2% | |
| 11 | ProGrowth BankNicollet, MN | 5 | $487K | 4.2% | |
| 12 | Minnwest BankRedwood Falls, MN | 3 | $533K | 2.5% | |
| 13 | Scale BankEdina, MN | 2 | — | 1.7% | |
| 14 | Dakota Business FinanceSioux Falls, SD · CDC | 2 | — | 1.7% | |
| 15 | Frandsen Bank and TrustArden Hills, MN | 2 | — | 1.7% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 13 | 10.8% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 6 | 5.0% | |
| 3 | Building Equipment ContractorsNAICS 2382 | 6 | 5.0% | |
| 4 | Automotive Repair and MaintenanceNAICS 8111 | 5 | 4.2% | |
| 5 | Offices of Other Health PractitionersNAICS 6213 | 5 | 4.2% | |
| 6 | Personal Care ServicesNAICS 8121 | 5 | 4.2% | |
| 7 | Offices of PhysiciansNAICS 6211 | 4 | 3.3% | |
| 8 | Child Day Care ServicesNAICS 6244 | 4 | 3.3% | |
| 9 | Other Amusement and Recreation IndustriesNAICS 7139 | 4 | 3.3% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 3.3% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 20 | 16.7% | |
| 2 | Health Care and Social Assistance | 17 | 14.2% | |
| 3 | Accommodation and Food Services | 15 | 12.5% | |
| 4 | Other Services (except Public Administration) | 13 | 10.8% | |
| 5 | Retail Trade | 12 | 10.0% | |
| 6 | Manufacturing | 9 | 7.5% | |
| 7 | Transportation and Warehousing | 7 | 5.8% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 7 | 5.8% |
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* | 3 | $634K | $163K | 2 | — | 5 | 30 |
| FY2025 | 18 | $7.2M | $63K | 7 | $15.6M | 25 | 232 |
| FY2024 | 10 | $2.8M | $145K | 3 | $1.8M | 13 | 119 |
| FY2023 | 23 | $5.6M | $89K | 1 | — | 24 | 251 |
| FY2022 | 26 | $10.8M | $197K | 5 | $3.0M | 31 | 246 |
| FY2021 | 22 | $5.8M | $218K | 5 | $4.3M | 27 | 185 |
| FY2020 | 19 | $4.5M | $150K | 9 | $6.6M | 28 | 309 |
| FY2019 | 23 | $3.1M | $60K | 2 | — | 25 | 143 |
| FY2018 | 29 | $6.0M | $125K | 4 | $2.6M | 33 | 251 |
| FY2017 | 24 | $3.0M | $50K | 10 | $6.3M | 34 | 276 |
| FY2016 | 29 | $4.1M | $75K | 2 | — | 31 | 293 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 151 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Blue Earth County | Minnesota | United States |
|---|---|---|---|
| Approvals | 120 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 60.2 | 62.4 | 41.0 |
| Median 7(a) approval | $120K | $170K | $190K |
| Median 504 approval | $787K | $545K | $657K |
| Average approval | $507K | $497K | $573K |
| 504 share of approvals | 17.5% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 8.6 | 11.7 | 10.5 |
| Share of state approvals | 1.2% | 100.0% | — |
Approval sizes
- $50,000 or less25.8%31
- $50,001 to $150,00020.0%24
- $150,001 to $350,00028.3%34
- $350,001 to $1 million12.5%15
- $1 million to $2 million7.5%9
- Over $2 million5.8%7
Age of the businesses
- Existing, more than 2 years old55.8%67
- New business, 2 years or less17.5%21
- Startup, loan funds will open the business12.5%15
- Change of ownership14.2%17
Questions and answers
Which lenders make the most SBA loans in Blue Earth County?
By approvals in FY2021 to FY2025: BankVista (14), The Huntington National Bank (13), Midwest Business Finance Corporation (11), Pioneer Bank (11), Minnstar Bank National Association (11). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Blue Earth County?
The median 7(a) approval was $120K and the median 504 approval $787K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Blue Earth County?
Restaurants and Other Eating Places (13); Services to Buildings and Dwellings (6); Building Equipment Contractors (6); Automotive Repair and Maintenance (5); Offices of Other Health Practitioners (5).
Is SBA lending in Blue Earth County rising?
Approvals in the three latest complete fiscal years total 62, against 86 in the three before: falling (-28%).
How does Blue Earth County compare with the rest of Minnesota?
60.2 approvals per 1,000 establishments against 62.4 statewide, and 120 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