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County26th of 87 in Minnesota by approvalsFIPS 27061
SBA loans in Itasca 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 Itasca County, Minnesota, received 59 SBA loan approvals worth $27.2M in FY2021 to FY2025 (37 7(a), 22 504).
That is 50.2 approvals per 1,000 business establishments (1,175 establishments in 2023), below the Minnesota figure of 62.4 and above the national 41.0.
It ranks 26th of 87 Minnesota counties with approvals. In FY2025 there were 6.
17 lenders had approvals here; the most active were Midwest Business Finance Corporation (17), Members Cooperative Credit Union (7) and Northeast Entrepreneur Fund, Inc. (6). The most common industry was rv (recreational vehicle) parks and recreational camps.
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 Itasca County
By number of approvals to businesses in the county, FY2021–FY2025; 17 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 17 | $7.9M | 28.8% | |
| 2 | Members Cooperative Credit UnionDuluth, MN | 7 | $623K | 11.9% | |
| 3 | Northeast Entrepreneur Fund, Inc.Duluth, MN | 6 | $1.1M | 10.2% | |
| 4 | Ultima Bank MinnesotaWinger, MN | 4 | $5.2M | 6.8% | |
| 5 | Park State BankDuluth, MN | 4 | $237K | 6.8% | |
| 6 | The Bank of Elk RiverElk River, MN | 3 | $3.6M | 5.1% | |
| 7 | U.S. Bank, National AssociationCincinnati, OH | 3 | $754K | 5.1% | |
| 8 | Frandsen Bank and TrustArden Hills, MN | 2 | — | 3.4% | |
| 9 | Amplio Economic Development CorporationArden Hills, MN · CDC | 2 | — | 3.4% | |
| 10 | BankVistaSartell, MN | 2 | — | 3.4% | |
| 11 | Twin Cities-Metro Certified Development CompanyVadnais Heights, MN · CDC | 2 | — | 3.4% | |
| 12 | Affinity Plus FCUSaint Paul, MN | 2 | — | 3.4% | |
| 13 | Readycap Lending, LLCBerkeley Heights, NJ | 1 | — | 1.7% | |
| 14 | WBD, Inc.Madison, WI · CDC | 1 | — | 1.7% | |
| 15 | Bank First, N.A.Manitowoc, WI | 1 | — | 1.7% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | RV (Recreational Vehicle) Parks and Recreational CampsNAICS 7212 | 8 | 13.6% | |
| 2 | Building Material and Supplies DealersNAICS 4441 | 5 | 8.5% | |
| 3 | Beer, Wine, and Liquor StoresNAICS 4453 | 4 | 6.8% | |
| 4 | Other Specialty Trade ContractorsNAICS 2389 | 3 | 5.1% | |
| 5 | Clothing StoresNAICS 4481 | 3 | 5.1% | |
| 6 | Commercial and Industrial Machinery and Equipment Rental and LeasingNAICS 5324 | 2 | 3.4% | |
| 7 | Offices of DentistsNAICS 6212 | 2 | 3.4% | |
| 8 | Lessors of Real EstateNAICS 5311 | 2 | 3.4% | |
| 9 | General Freight TruckingNAICS 4841 | 2 | 3.4% | |
| 10 | Services to Buildings and DwellingsNAICS 5617 | 2 | 3.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 19 | 32.2% | |
| 2 | Accommodation and Food Services | 12 | 20.3% | |
| 3 | Health Care and Social Assistance | 6 | 10.2% | |
| 4 | Construction | 5 | 8.5% | |
| 5 | Real Estate and Rental and Leasing | 4 | 6.8% | |
| 6 | Other Services (except Public Administration) | 3 | 5.1% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 3 | 5.1% | |
| 8 | Professional, Scientific, and Technical Services | 2 | 3.4% |
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* | 2 | — | — | 1 | — | 3 | 57 |
| FY2025 | 2 | — | — | 4 | $2.6M | 6 | 36 |
| FY2024 | 7 | $2.8M | $40K | 2 | — | 9 | 77 |
| FY2023 | 3 | $360K | $90K | 0 | — | 3 | 8 |
| FY2022 | 3 | $1.4M | $254K | 6 | $2.0M | 9 | 76 |
| FY2021 | 22 | $10.6M | $144K | 10 | $5.2M | 32 | 737 |
| FY2020 | 14 | $1.2M | $56K | 1 | — | 15 | 81 |
| FY2019 | 12 | $1.4M | $111K | 1 | — | 13 | 203 |
| FY2018 | 14 | $2.3M | $94K | 2 | — | 16 | 152 |
| FY2017 | 5 | $1.4M | $242K | 2 | — | 7 | 262 |
| FY2016 | 3 | $579K | $100K | 0 | — | 3 | 41 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 54 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Itasca County | Minnesota | United States |
|---|---|---|---|
| Approvals | 59 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 50.2 | 62.4 | 41.0 |
| Median 7(a) approval | $140K | $170K | $190K |
| Median 504 approval | $344K | $545K | $657K |
| Average approval | $461K | $497K | $573K |
| 504 share of approvals | 37.3% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 15.8 | 11.7 | 10.5 |
| Share of state approvals | 0.6% | 100.0% | — |
Approval sizes
- $50,000 or less16.9%10
- $50,001 to $150,00020.3%12
- $150,001 to $350,00032.2%19
- $350,001 to $1 million20.3%12
- $1 million to $2 million6.8%4
- Over $2 million3.4%2
Age of the businesses
- Existing, more than 2 years old47.5%28
- New business, 2 years or less20.3%12
- Startup, loan funds will open the business23.7%14
- Change of ownership8.5%5
Questions and answers
Which lenders make the most SBA loans in Itasca County?
By approvals in FY2021 to FY2025: Midwest Business Finance Corporation (17), Members Cooperative Credit Union (7), Northeast Entrepreneur Fund, Inc. (6), Ultima Bank Minnesota (4), Park State Bank (4). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Itasca County?
The median 7(a) approval was $140K and the median 504 approval $344K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Itasca County?
RV (Recreational Vehicle) Parks and Recreational Camps (8); Building Material and Supplies Dealers (5); Beer, Wine, and Liquor Stores (4); Other Specialty Trade Contractors (3); Clothing Stores (3).
Is SBA lending in Itasca County rising?
Approvals in the three latest complete fiscal years total 18, against 56 in the three before: falling (-68%).
How does Itasca County compare with the rest of Minnesota?
50.2 approvals per 1,000 establishments against 62.4 statewide, and 59 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