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County39th of 87 in Minnesota by approvalsFIPS 27065
SBA loans in Kanabec 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 Kanabec County, Minnesota, received 33 SBA loan approvals worth $9.3M in FY2021 to FY2025 (32 7(a), 1 504).
That is 105.1 approvals per 1,000 business establishments (314 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 39th of 87 Minnesota counties with approvals. In FY2025 there were 4.
11 lenders had approvals here; the most active were First Citizens Bank (20), Frandsen Bank and Trust (3) and U.S. Bank, National Association (2). The most common industry was general freight trucking.
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 Kanabec County
By number of approvals to businesses in the county, FY2021–FY2025; 11 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | First Citizens BankMason City, IA | 20 | $1.9M | 60.6% | |
| 2 | Frandsen Bank and TrustArden Hills, MN | 3 | $1.3M | 9.1% | |
| 3 | U.S. Bank, National AssociationCincinnati, OH | 2 | — | 6.1% | |
| 4 | Centerstone SBA Lending, Inc.Los Angeles, CA | 1 | — | 3.0% | |
| 5 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 1 | — | 3.0% | |
| 6 | Neighborhood National BankMora, MN | 1 | — | 3.0% | |
| 7 | Newtek Bank, National AssociationMiami, FL | 1 | — | 3.0% | |
| 8 | Falcon National BankFoley, MN | 1 | — | 3.0% | |
| 9 | Unity BankAugusta, WI | 1 | — | 3.0% | |
| 10 | Northeast Entrepreneur Fund, Inc.Duluth, MN | 1 | — | 3.0% | |
| 11 | Celtic Bank CorporationSalt Lake City, UT | 1 | — | 3.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | General Freight TruckingNAICS 4841 | 5 | 15.2% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 4 | 12.1% | |
| 3 | Death Care ServicesNAICS 8122 | 2 | 6.1% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 2 | 6.1% | |
| 5 | Automobile DealersNAICS 4411 | 2 | 6.1% | |
| 6 | Remediation and Other Waste Management ServicesNAICS 5629 | 2 | 6.1% | |
| 7 | Computer and Peripheral Equipment ManufacturingNAICS 3341 | 1 | 3.0% | |
| 8 | Technical and Trade SchoolsNAICS 6115 | 1 | 3.0% | |
| 9 | Architectural and Structural Metals ManufacturingNAICS 3323 | 1 | 3.0% | |
| 10 | Other Miscellaneous Store RetailersNAICS 4539 | 1 | 3.0% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 6 | 18.2% | |
| 2 | Accommodation and Food Services | 5 | 15.2% | |
| 3 | Transportation and Warehousing | 5 | 15.2% | |
| 4 | Retail Trade | 4 | 12.1% | |
| 5 | Other Services (except Public Administration) | 3 | 9.1% | |
| 6 | Manufacturing | 2 | 6.1% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 2 | 6.1% | |
| 8 | Educational Services | 1 | 3.0% |
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* | 2 | — | — | 0 | — | 2 | 3 |
| FY2025 | 4 | $1.7M | $441K | 0 | — | 4 | 12 |
| FY2024 | 2 | — | — | 0 | — | 2 | 93 |
| FY2023 | 4 | $198K | $50K | 0 | — | 4 | 11 |
| FY2022 | 10 | $1.3M | $98K | 1 | — | 11 | 36 |
| FY2021 | 12 | $2.3M | $78K | 0 | — | 12 | 39 |
| FY2020 | 11 | $4.2M | $100K | 1 | — | 12 | 57 |
| FY2019 | 13 | $2.2M | $57K | 0 | — | 13 | 119 |
| FY2018 | 9 | $963K | $95K | 1 | — | 10 | 23 |
| FY2017 | 7 | $1.0M | $128K | 1 | — | 8 | 32 |
| FY2016 | 6 | $596K | $83K | 1 | — | 7 | 33 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 50 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Kanabec County | Minnesota | United States |
|---|---|---|---|
| Approvals | 33 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 105.1 | 62.4 | 41.0 |
| Median 7(a) approval | $98K | $170K | $190K |
| Median 504 approval | — | $545K | $657K |
| Average approval | $282K | $497K | $573K |
| 504 share of approvals | 3.0% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 5.8 | 11.7 | 10.5 |
| Share of state approvals | 0.3% | 100.0% | — |
Approval sizes
- $50,000 or less30.3%10
- $50,001 to $150,00030.3%10
- $150,001 to $350,00018.2%6
- $350,001 to $1 million15.2%5
- $1 million to $2 million6.1%2
Age of the businesses
- Existing, more than 2 years old57.6%19
- New business, 2 years or less9.1%3
- Startup, loan funds will open the business15.2%5
- Change of ownership18.2%6
Questions and answers
Which lenders make the most SBA loans in Kanabec County?
By approvals in FY2021 to FY2025: First Citizens Bank (20), Frandsen Bank and Trust (3), U.S. Bank, National Association (2), Centerstone SBA Lending, Inc. (1), Midwest Business Finance Corporation (1). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Kanabec County?
The median 7(a) approval was $98K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Kanabec County?
General Freight Trucking (5); Restaurants and Other Eating Places (4); Death Care Services (2); Building Equipment Contractors (2); Automobile Dealers (2).
Is SBA lending in Kanabec County rising?
Approvals in the three latest complete fiscal years total 10, against 35 in the three before: falling (-71%).
How does Kanabec County compare with the rest of Minnesota?
105.1 approvals per 1,000 establishments against 62.4 statewide, and 33 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