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County17th of 87 in Minnesota by approvalsFIPS 27027
SBA loans in Clay 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 Clay County, Minnesota, received 99 SBA loan approvals worth $46.0M in FY2021 to FY2025 (71 7(a), 28 504).
That is 75.8 approvals per 1,000 business establishments (1,306 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 17th of 87 Minnesota counties with approvals. In FY2025 there were 16, about level with FY2024.
27 lenders had approvals here; the most active were Midwest Business Finance Corporation (13), Dakota Business Lending (10) and Old National Bank (7). 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 Clay County
By number of approvals to businesses in the county, FY2021–FY2025; 27 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 13 | $7.2M | 13.1% | |
| 2 | Dakota Business LendingFargo, ND · CDC | 10 | $9.0M | 10.1% | |
| 3 | Old National BankEvansville, IN | 7 | $3.5M | 7.1% | |
| 4 | Town and Country CUMinot, ND | 7 | $687K | 7.1% | |
| 5 | Northwestern Bank, National AssociationDilworth, MN | 7 | $600K | 7.1% | |
| 6 | State Bank of Lake ParkLake Park, MN | 6 | $640K | 6.1% | |
| 7 | Bell BankFargo, ND | 5 | $8.7M | 5.1% | |
| 8 | Red River State BankHalstad, MN | 5 | $2.7M | 5.1% | |
| 9 | BankVistaSartell, MN | 5 | $888K | 5.1% | |
| 10 | Falcon National BankFoley, MN | 4 | $5.4M | 4.0% | |
| 11 | Lake Agassiz Certified Development CompanyFargo, ND · CDC | 4 | $1.7M | 4.0% | |
| 12 | U.S. Bank, National AssociationCincinnati, OH | 3 | $1.0M | 3.0% | |
| 13 | Capital Credit UnionBismarck, ND | 3 | $205K | 3.0% | |
| 14 | First International Bank and TrustWatford City, ND | 2 | — | 2.0% | |
| 15 | United Midwest Savings Bank National AssociationDe Graff, OH | 2 | — | 2.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Automotive Repair and MaintenanceNAICS 8111 | 7 | 7.1% | |
| 2 | Offices of Other Health PractitionersNAICS 6213 | 6 | 6.1% | |
| 3 | Personal and Household Goods Repair and MaintenanceNAICS 8114 | 5 | 5.1% | |
| 4 | Other Personal ServicesNAICS 8129 | 4 | 4.0% | |
| 5 | Building Finishing ContractorsNAICS 2383 | 4 | 4.0% | |
| 6 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 4 | 4.0% | |
| 7 | Other Amusement and Recreation IndustriesNAICS 7139 | 3 | 3.0% | |
| 8 | Other Specialty Trade ContractorsNAICS 2389 | 3 | 3.0% | |
| 9 | Residential Building ConstructionNAICS 2361 | 3 | 3.0% | |
| 10 | Restaurants and Other Eating PlacesNAICS 7225 | 3 | 3.0% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 23 | 23.2% | |
| 2 | Construction | 16 | 16.2% | |
| 3 | Manufacturing | 13 | 13.1% | |
| 4 | Health Care and Social Assistance | 10 | 10.1% | |
| 5 | Retail Trade | 7 | 7.1% | |
| 6 | Professional, Scientific, and Technical Services | 4 | 4.0% | |
| 7 | Accommodation and Food Services | 4 | 4.0% | |
| 8 | Real Estate and Rental and Leasing | 4 | 4.0% |
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* | 1 | — | — | 3 | $7.3M | 4 | 34 |
| FY2025 | 13 | $5.7M | $109K | 3 | $1.2M | 16 | 229 |
| FY2024 | 11 | $1.1M | $75K | 4 | $5.4M | 15 | 72 |
| FY2023 | 11 | $2.0M | $75K | 6 | $3.4M | 17 | 90 |
| FY2022 | 20 | $10.6M | $150K | 8 | $6.4M | 28 | 385 |
| FY2021 | 16 | $8.5M | $284K | 7 | $1.9M | 23 | 108 |
| FY2020 | 16 | $9.9M | $199K | 3 | $1.7M | 19 | 218 |
| FY2019 | 13 | $5.1M | $100K | 5 | $1.1M | 18 | 210 |
| FY2018 | 15 | $1.6M | $100K | 5 | $2.7M | 20 | 133 |
| FY2017 | 13 | $1.2M | $68K | 4 | $5.0M | 17 | 142 |
| FY2016 | 7 | $2.4M | $30K | 4 | $1.6M | 11 | 128 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 85 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Clay County | Minnesota | United States |
|---|---|---|---|
| Approvals | 99 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 75.8 | 62.4 | 41.0 |
| Median 7(a) approval | $130K | $170K | $190K |
| Median 504 approval | $477K | $545K | $657K |
| Average approval | $465K | $497K | $573K |
| 504 share of approvals | 28.3% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 8.9 | 11.7 | 10.5 |
| Share of state approvals | 1.0% | 100.0% | — |
Approval sizes
- $50,000 or less19.2%19
- $50,001 to $150,00028.3%28
- $150,001 to $350,00023.2%23
- $350,001 to $1 million16.2%16
- $1 million to $2 million7.1%7
- Over $2 million6.1%6
Age of the businesses
- Existing, more than 2 years old54.5%54
- New business, 2 years or less17.2%17
- Startup, loan funds will open the business20.2%20
- Change of ownership8.1%8
Questions and answers
Which lenders make the most SBA loans in Clay County?
By approvals in FY2021 to FY2025: Midwest Business Finance Corporation (13), Dakota Business Lending (10), Old National Bank (7), Town and Country CU (7), Northwestern Bank, National Association (7). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Clay County?
The median 7(a) approval was $130K and the median 504 approval $477K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Clay County?
Automotive Repair and Maintenance (7); Offices of Other Health Practitioners (6); Personal and Household Goods Repair and Maintenance (5); Other Personal Services (4); Building Finishing Contractors (4).
Is SBA lending in Clay County rising?
Approvals in the three latest complete fiscal years total 48, against 70 in the three before: falling (-31%).
How does Clay County compare with the rest of Minnesota?
75.8 approvals per 1,000 establishments against 62.4 statewide, and 99 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