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County36th of 87 in Minnesota by approvalsFIPS 27017
SBA loans in Carlton 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 Carlton County, Minnesota, received 37 SBA loan approvals worth $23.1M in FY2021 to FY2025 (31 7(a), 6 504).
That is 52.3 approvals per 1,000 business establishments (708 establishments in 2023), below the Minnesota figure of 62.4 and above the national 41.0.
It ranks 36th of 87 Minnesota counties with approvals. In FY2025 there were 8.
15 lenders had approvals here; the most active were Frandsen Bank and Trust (12), U.S. Bank, National Association (4) and Amplio Economic Development Corporation (3). The most common industry was automotive repair and maintenance.
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 Carlton County
By number of approvals to businesses in the county, FY2021–FY2025; 15 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Frandsen Bank and TrustArden Hills, MN | 12 | $8.3M | 32.4% | |
| 2 | U.S. Bank, National AssociationCincinnati, OH | 4 | $612K | 10.8% | |
| 3 | Amplio Economic Development CorporationArden Hills, MN · CDC | 3 | $5.2M | 8.1% | |
| 4 | Woodlands National BankHinckley, MN | 3 | $168K | 8.1% | |
| 5 | Northern State Bank of VirginiaVirginia, MN | 2 | — | 5.4% | |
| 6 | First Bank of the LakeOsage Beach, MO | 2 | — | 5.4% | |
| 7 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 2 | — | 5.4% | |
| 8 | Members Cooperative Credit UnionDuluth, MN | 2 | — | 5.4% | |
| 9 | Fifth Third BankCincinnati, OH | 1 | — | 2.7% | |
| 10 | Village BankSaint Francis, MN | 1 | — | 2.7% | |
| 11 | Old National BankEvansville, IN | 1 | — | 2.7% | |
| 12 | WBD, Inc.Madison, WI · CDC | 1 | — | 2.7% | |
| 13 | 21st Century BankLoretto, MN | 1 | — | 2.7% | |
| 14 | Stearns Bank National AssociationSaint Cloud, MN | 1 | — | 2.7% | |
| 15 | Northeast Entrepreneur Fund, Inc.Duluth, MN | 1 | — | 2.7% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Automotive Repair and MaintenanceNAICS 8111 | 3 | 8.1% | |
| 2 | Automotive Parts, Accessories, and Tire StoresNAICS 4413 | 2 | 5.4% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 2 | 5.4% | |
| 4 | Furniture and Home Furnishings RetailersNAICS 4491 | 2 | 5.4% | |
| 5 | Child Day Care ServicesNAICS 6244 | 2 | 5.4% | |
| 6 | Drycleaning and Laundry ServicesNAICS 8123 | 2 | 5.4% | |
| 7 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 2 | 5.4% | |
| 8 | Specialized Freight TruckingNAICS 4842 | 2 | 5.4% | |
| 9 | Grocery and Related Product Merchant WholesalersNAICS 4244 | 1 | 2.7% | |
| 10 | Offices of DentistsNAICS 6212 | 1 | 2.7% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 7 | 18.9% | |
| 2 | Other Services (except Public Administration) | 5 | 13.5% | |
| 3 | Health Care and Social Assistance | 4 | 10.8% | |
| 4 | Wholesale Trade | 3 | 8.1% | |
| 5 | Accommodation and Food Services | 3 | 8.1% | |
| 6 | Construction | 3 | 8.1% | |
| 7 | Transportation and Warehousing | 3 | 8.1% | |
| 8 | Arts, Entertainment, and Recreation | 2 | 5.4% |
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 | $999K | $350K | 0 | — | 3 | 116 |
| FY2025 | 7 | $7.4M | $1.0M | 1 | — | 8 | 177 |
| FY2024 | 1 | — | — | 2 | — | 3 | 45 |
| FY2023 | 11 | $3.6M | $191K | 1 | — | 12 | 80 |
| FY2022 | 8 | $2.2M | $191K | 2 | — | 10 | 353 |
| FY2021 | 4 | $2.2M | $201K | 0 | — | 4 | 40 |
| FY2020 | 10 | $3.2M | $128K | 1 | — | 11 | 71 |
| FY2019 | 10 | $1.8M | $122K | 0 | — | 10 | 35 |
| FY2018 | 8 | $1.2M | $104K | 2 | — | 10 | 86 |
| FY2017 | 6 | $1.7M | $122K | 0 | — | 6 | 49 |
| FY2016 | 6 | $1.8M | $283K | 2 | — | 8 | 77 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 45 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Carlton County | Minnesota | United States |
|---|---|---|---|
| Approvals | 37 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 52.3 | 62.4 | 41.0 |
| Median 7(a) approval | $275K | $170K | $190K |
| Median 504 approval | $412K | $545K | $657K |
| Average approval | $625K | $497K | $573K |
| 504 share of approvals | 16.2% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 18.8 | 11.7 | 10.5 |
| Share of state approvals | 0.4% | 100.0% | — |
Approval sizes
- $50,000 or less10.8%4
- $50,001 to $150,00021.6%8
- $150,001 to $350,00021.6%8
- $350,001 to $1 million29.7%11
- $1 million to $2 million10.8%4
- Over $2 million5.4%2
Age of the businesses
- Existing, more than 2 years old27.0%10
- New business, 2 years or less27.0%10
- Startup, loan funds will open the business10.8%4
- Change of ownership35.1%13
Questions and answers
Which lenders make the most SBA loans in Carlton County?
By approvals in FY2021 to FY2025: Frandsen Bank and Trust (12), U.S. Bank, National Association (4), Amplio Economic Development Corporation (3), Woodlands National Bank (3), Northern State Bank of Virginia (2). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Carlton County?
The median 7(a) approval was $275K and the median 504 approval $412K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Carlton County?
Automotive Repair and Maintenance (3); Automotive Parts, Accessories, and Tire Stores (2); Other Amusement and Recreation Industries (2); Furniture and Home Furnishings Retailers (2); Child Day Care Services (2).
Is SBA lending in Carlton County rising?
Approvals in the three latest complete fiscal years total 23, against 25 in the three before: broadly level (-8%).
How does Carlton County compare with the rest of Minnesota?
52.3 approvals per 1,000 establishments against 62.4 statewide, and 37 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