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County4th of 87 in Minnesota by approvalsFIPS 27037
SBA loans in Dakota 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 715 loans to businesses in Dakota County, Minnesota, in FY2021 to FY2025, worth $439M: 623 under 7(a) and 92 under 504.
That is 65.2 approvals per 1,000 business establishments (10,964 establishments in 2023), close to the Minnesota figure of 62.4 and above the national 41.0.
It ranks 4th of 87 Minnesota counties with approvals. In FY2025 there were 138, about level with FY2024.
97 lenders had approvals here; the most active were U.S. Bank, National Association (94), BankVista (46) and The Huntington National Bank (46). 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 Dakota County
By number of approvals to businesses in the county, FY2021–FY2025; 97 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | U.S. Bank, National AssociationCincinnati, OH | 94 | $23.5M | 13.1% | |
| 2 | BankVistaSartell, MN | 46 | $35.7M | 6.4% | |
| 3 | The Huntington National BankColumbus, OH | 46 | $8.2M | 6.4% | |
| 4 | Old National BankEvansville, IN | 33 | $31.7M | 4.6% | |
| 5 | Twin Cities-Metro Certified Development CompanyVadnais Heights, MN · CDC | 31 | $37.9M | 4.3% | |
| 6 | Frandsen Bank and TrustArden Hills, MN | 26 | $13.9M | 3.6% | |
| 7 | Wells Fargo Bank National AssociationSioux Falls, SD | 25 | $3.3M | 3.5% | |
| 8 | Amplio Economic Development CorporationArden Hills, MN · CDC | 21 | $18.7M | 2.9% | |
| 9 | Hiawatha National BankHager City, WI | 21 | $8.7M | 2.9% | |
| 10 | Choice Financial GroupFargo, ND | 20 | $6.5M | 2.8% | |
| 11 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 19 | $17.5M | 2.7% | |
| 12 | Minnwest BankRedwood Falls, MN | 16 | $11.3M | 2.2% | |
| 13 | Highland BankSt. Paul, MN | 16 | $7.5M | 2.2% | |
| 14 | Platinum BankOakdale, MN | 14 | $15.8M | 2.0% | |
| 15 | Village BankSaint Francis, MN | 12 | $21.2M | 1.7% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 47 | 6.6% | |
| 2 | Other Amusement and Recreation IndustriesNAICS 7139 | 43 | 6.0% | |
| 3 | Offices of Other Health PractitionersNAICS 6213 | 33 | 4.6% | |
| 4 | Personal Care ServicesNAICS 8121 | 31 | 4.3% | |
| 5 | Building Finishing ContractorsNAICS 2383 | 27 | 3.8% | |
| 6 | Services to Buildings and DwellingsNAICS 5617 | 26 | 3.6% | |
| 7 | Residential Building ConstructionNAICS 2361 | 24 | 3.4% | |
| 8 | General Freight TruckingNAICS 4841 | 23 | 3.2% | |
| 9 | Specialized Freight TruckingNAICS 4842 | 17 | 2.4% | |
| 10 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 16 | 2.2% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 97 | 13.6% | |
| 2 | Health Care and Social Assistance | 84 | 11.7% | |
| 3 | Other Services (except Public Administration) | 69 | 9.7% | |
| 4 | Professional, Scientific, and Technical Services | 63 | 8.8% | |
| 5 | Accommodation and Food Services | 60 | 8.4% | |
| 6 | Transportation and Warehousing | 58 | 8.1% | |
| 7 | Retail Trade | 56 | 7.8% | |
| 8 | Manufacturing | 49 | 6.9% |
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* | 73 | $37.2M | $200K | 15 | $17.7M | 88 | 1,279 |
| FY2025 | 125 | $58.0M | $140K | 13 | $24.9M | 138 | 1,626 |
| FY2024 | 141 | $74.2M | $200K | 7 | $4.8M | 148 | 1,735 |
| FY2023 | 132 | $59.5M | $194K | 19 | $18.9M | 151 | 1,911 |
| FY2022 | 117 | $70.3M | $206K | 26 | $32.2M | 143 | 1,806 |
| FY2021 | 108 | $73.7M | $276K | 27 | $22.5M | 135 | 1,584 |
| FY2020 | 84 | $37.3M | $180K | 21 | $16.2M | 105 | 1,851 |
| FY2019 | 117 | $49.3M | $128K | 19 | $12.7M | 136 | 1,574 |
| FY2018 | 121 | $35.9M | $113K | 17 | $9.7M | 138 | 1,440 |
| FY2017 | 130 | $47.2M | $125K | 17 | $14.4M | 147 | 1,329 |
| FY2016 | 101 | $31.7M | $125K | 18 | $18.3M | 119 | 1,231 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 645 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Dakota County | Minnesota | United States |
|---|---|---|---|
| Approvals | 715 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 65.2 | 62.4 | 41.0 |
| Median 7(a) approval | $200K | $170K | $190K |
| Median 504 approval | $734K | $545K | $657K |
| Average approval | $614K | $497K | $573K |
| 504 share of approvals | 12.9% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 12.1 | 11.7 | 10.5 |
| Share of state approvals | 7.4% | 100.0% | — |
Approval sizes
- $50,000 or less22.2%159
- $50,001 to $150,00019.0%136
- $150,001 to $350,00019.2%137
- $350,001 to $1 million22.0%157
- $1 million to $2 million8.8%63
- Over $2 million8.8%63
Age of the businesses
- Existing, more than 2 years old52.2%373
- New business, 2 years or less19.0%136
- Startup, loan funds will open the business15.5%111
- Change of ownership13.3%95
Questions and answers
Which lenders make the most SBA loans in Dakota County?
By approvals in FY2021 to FY2025: U.S. Bank, National Association (94), BankVista (46), The Huntington National Bank (46), Old National Bank (33), Twin Cities-Metro Certified Development Company (31). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Dakota County?
The median 7(a) approval was $200K and the median 504 approval $734K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Dakota County?
Restaurants and Other Eating Places (47); Other Amusement and Recreation Industries (43); Offices of Other Health Practitioners (33); Personal Care Services (31); Building Finishing Contractors (27).
Is SBA lending in Dakota County rising?
Approvals in the three latest complete fiscal years total 437, against 383 in the three before: rising (+14%).
How does Dakota County compare with the rest of Minnesota?
65.2 approvals per 1,000 establishments against 62.4 statewide, and 715 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