States › Minnesota › Hubbard County
County28th of 87 in Minnesota by approvalsFIPS 27057
SBA loans in Hubbard 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 55 loans to businesses in Hubbard County, Minnesota, in FY2021 to FY2025, worth $12.4M: 49 under 7(a) and 6 under 504.
That is 87.3 approvals per 1,000 business establishments (630 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 28th of 87 Minnesota counties with approvals. In FY2025 there were 10.
15 lenders had approvals here; the most active were The Citizens National Bank of Park Rapids (13), Security Bank USA (12) and Midwest Business Finance Corporation (5). 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 Hubbard County
By number of approvals to businesses in the county, FY2021–FY2025; 15 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Citizens National Bank of Park RapidsPark Rapids, MN | 13 | $2.4M | 23.6% | |
| 2 | Security Bank USABemidji, MN | 12 | $1.4M | 21.8% | |
| 3 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 5 | $1.5M | 9.1% | |
| 4 | Ultima Bank MinnesotaWinger, MN | 5 | $594K | 9.1% | |
| 5 | Old National BankEvansville, IN | 3 | $2.2M | 5.5% | |
| 6 | Bank ForwardFargo, ND | 3 | $599K | 5.5% | |
| 7 | BayFirst National BankSaint Petersburg, FL | 3 | $450K | 5.5% | |
| 8 | Newtek Bank, National AssociationMiami, FL | 2 | — | 3.6% | |
| 9 | Northwoods Bank of MinnesotaPark Rapids, MN | 2 | — | 3.6% | |
| 10 | Highland BankSt. Paul, MN | 2 | — | 3.6% | |
| 11 | Amplio Economic Development CorporationArden Hills, MN · CDC | 1 | — | 1.8% | |
| 12 | First Western Bank & TrustMinot, ND | 1 | — | 1.8% | |
| 13 | BankVistaSartell, MN | 1 | — | 1.8% | |
| 14 | Magnifi Financial CUMelrose, MN | 1 | — | 1.8% | |
| 15 | CorTrust Bank National AssociationMitchell, SD | 1 | — | 1.8% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Automotive Repair and MaintenanceNAICS 8111 | 5 | 9.1% | |
| 2 | Cattle Ranching and FarmingNAICS 1121 | 5 | 9.1% | |
| 3 | Miscellaneous Durable Goods Merchant WholesalersNAICS 4239 | 5 | 9.1% | |
| 4 | Restaurants and Other Eating PlacesNAICS 7225 | 4 | 7.3% | |
| 5 | Other Personal ServicesNAICS 8129 | 3 | 5.5% | |
| 6 | Death Care ServicesNAICS 8122 | 2 | 3.6% | |
| 7 | Legal ServicesNAICS 5411 | 2 | 3.6% | |
| 8 | Traveler AccommodationNAICS 7211 | 2 | 3.6% | |
| 9 | Other Amusement and Recreation IndustriesNAICS 7139 | 2 | 3.6% | |
| 10 | Services to Buildings and DwellingsNAICS 5617 | 2 | 3.6% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 10 | 18.2% | |
| 2 | Accommodation and Food Services | 7 | 12.7% | |
| 3 | Retail Trade | 6 | 10.9% | |
| 4 | Wholesale Trade | 6 | 10.9% | |
| 5 | Agriculture, Forestry, Fishing and Hunting | 5 | 9.1% | |
| 6 | Real Estate and Rental and Leasing | 4 | 7.3% | |
| 7 | Construction | 4 | 7.3% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 3 | 5.5% |
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 | — | — | 2 | — | 3 | 7 |
| FY2025 | 9 | $1.6M | $100K | 1 | — | 10 | 57 |
| FY2024 | 9 | $2.6M | $170K | 0 | — | 9 | 23 |
| FY2023 | 10 | $1.3M | $77K | 3 | $589K | 13 | 72 |
| FY2022 | 4 | $1.9M | $105K | 2 | — | 6 | 25 |
| FY2021 | 17 | $3.2M | $90K | 0 | — | 17 | 87 |
| FY2020 | 14 | $1.3M | $42K | 4 | $1.3M | 18 | 58 |
| FY2019 | 8 | $610K | $61K | 2 | — | 10 | 37 |
| FY2018 | 3 | $285K | $25K | 1 | — | 4 | 63 |
| FY2017 | 3 | $1.5M | $121K | 3 | $597K | 6 | 30 |
| FY2016 | 3 | $214K | $70K | 0 | — | 3 | 29 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 41 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Hubbard County | Minnesota | United States |
|---|---|---|---|
| Approvals | 55 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 87.3 | 62.4 | 41.0 |
| Median 7(a) approval | $100K | $170K | $190K |
| Median 504 approval | $219K | $545K | $657K |
| Average approval | $225K | $497K | $573K |
| 504 share of approvals | 10.9% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 4.8 | 11.7 | 10.5 |
| Share of state approvals | 0.6% | 100.0% | — |
Approval sizes
- $50,000 or less23.6%13
- $50,001 to $150,00032.7%18
- $150,001 to $350,00029.1%16
- $350,001 to $1 million12.7%7
- $1 million to $2 million1.8%1
Age of the businesses
- Existing, more than 2 years old36.4%20
- New business, 2 years or less20.0%11
- Startup, loan funds will open the business25.5%14
- Change of ownership18.2%10
Questions and answers
Which lenders make the most SBA loans in Hubbard County?
By approvals in FY2021 to FY2025: The Citizens National Bank of Park Rapids (13), Security Bank USA (12), Midwest Business Finance Corporation (5), Ultima Bank Minnesota (5), Old National Bank (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Hubbard County?
The median 7(a) approval was $100K and the median 504 approval $219K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Hubbard County?
Automotive Repair and Maintenance (5); Cattle Ranching and Farming (5); Miscellaneous Durable Goods Merchant Wholesalers (5); Restaurants and Other Eating Places (4); Other Personal Services (3).
Is SBA lending in Hubbard County rising?
Approvals in the three latest complete fiscal years total 32, against 41 in the three before: falling (-22%).
How does Hubbard County compare with the rest of Minnesota?
87.3 approvals per 1,000 establishments against 62.4 statewide, and 55 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