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County18th of 87 in Minnesota by approvalsFIPS 27067
SBA loans in Kandiyohi 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 98 loans to businesses in Kandiyohi County, Minnesota, in FY2021 to FY2025, worth $35.5M: 80 under 7(a) and 18 under 504.
That is 69.2 approvals per 1,000 business establishments (1,416 establishments in 2023), close to the Minnesota figure of 62.4 and above the national 41.0.
It ranks 18th of 87 Minnesota counties with approvals. In FY2025 there were 9, down 57% on FY2024.
23 lenders had approvals here; the most active were Midwest Business Finance Corporation (16), Lake Region Bank (16) and United Prairie Bank (12). The most common industry was building material and supplies dealers.
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 Kandiyohi County
By number of approvals to businesses in the county, FY2021–FY2025; 23 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 16 | $7.5M | 16.3% | |
| 2 | Lake Region BankNew London, MN | 16 | $1.5M | 16.3% | |
| 3 | United Prairie BankMountain Lake, MN | 12 | $4.2M | 12.2% | |
| 4 | United Minnesota BankNew London, MN | 9 | $2.1M | 9.2% | |
| 5 | Old National BankEvansville, IN | 7 | $5.7M | 7.1% | |
| 6 | Magnifi Financial CUMelrose, MN | 7 | $1.4M | 7.1% | |
| 7 | Kensington BankKensington, MN | 6 | $576K | 6.1% | |
| 8 | Bravera BankDickinson, ND | 5 | $341K | 5.1% | |
| 9 | Granite BankCold Spring, MN | 3 | $2.1M | 3.1% | |
| 10 | Heritage Bank, National AssociationSpicer, MN | 3 | $550K | 3.1% | |
| 11 | BankVistaSartell, MN | 2 | — | 2.0% | |
| 12 | Home State BankLitchfield, MN | 1 | — | 1.0% | |
| 13 | Shoreham BankWarwick, RI | 1 | — | 1.0% | |
| 14 | Enterprise Bank & TrustClayton, MO | 1 | — | 1.0% | |
| 15 | 21st Century BankLoretto, MN | 1 | — | 1.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Building Material and Supplies DealersNAICS 4441 | 6 | 6.1% | |
| 2 | Traveler AccommodationNAICS 7211 | 5 | 5.1% | |
| 3 | General Freight TruckingNAICS 4841 | 5 | 5.1% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 4 | 4.1% | |
| 5 | Restaurants and Other Eating PlacesNAICS 7225 | 4 | 4.1% | |
| 6 | Other Fabricated Metal Product ManufacturingNAICS 3329 | 4 | 4.1% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 4 | 4.1% | |
| 8 | Gasoline StationsNAICS 4471 | 3 | 3.1% | |
| 9 | Specialized Freight TruckingNAICS 4842 | 3 | 3.1% | |
| 10 | Other Personal ServicesNAICS 8129 | 3 | 3.1% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 20 | 20.4% | |
| 2 | Construction | 15 | 15.3% | |
| 3 | Accommodation and Food Services | 10 | 10.2% | |
| 4 | Transportation and Warehousing | 9 | 9.2% | |
| 5 | Manufacturing | 9 | 9.2% | |
| 6 | Other Services (except Public Administration) | 9 | 9.2% | |
| 7 | Agriculture, Forestry, Fishing and Hunting | 4 | 4.1% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 4 | 4.1% |
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* | 4 | $1.6M | $380K | 3 | $3.8M | 7 | 52 |
| FY2025 | 6 | $3.1M | $394K | 3 | $1.4M | 9 | 58 |
| FY2024 | 14 | $4.4M | $104K | 7 | $2.8M | 21 | 144 |
| FY2023 | 14 | $4.9M | $272K | 0 | — | 14 | 89 |
| FY2022 | 19 | $9.0M | $186K | 5 | $2.7M | 24 | 141 |
| FY2021 | 27 | $5.9M | $129K | 3 | $1.4M | 30 | 214 |
| FY2020 | 20 | $8.1M | $83K | 5 | $3.7M | 25 | 252 |
| FY2019 | 8 | $2.6M | $203K | 3 | $1.4M | 11 | 65 |
| FY2018 | 19 | $12.1M | $136K | 5 | $2.3M | 24 | 87 |
| FY2017 | 24 | $4.3M | $150K | 5 | $2.3M | 29 | 224 |
| FY2016 | 17 | $7.6M | $214K | 5 | $1.5M | 22 | 201 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 111 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Kandiyohi County | Minnesota | United States |
|---|---|---|---|
| Approvals | 98 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 69.2 | 62.4 | 41.0 |
| Median 7(a) approval | $158K | $170K | $190K |
| Median 504 approval | $363K | $545K | $657K |
| Average approval | $362K | $497K | $573K |
| 504 share of approvals | 18.4% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 6.6 | 11.7 | 10.5 |
| Share of state approvals | 1.0% | 100.0% | — |
Approval sizes
- $50,000 or less19.4%19
- $50,001 to $150,00023.5%23
- $150,001 to $350,00025.5%25
- $350,001 to $1 million24.5%24
- $1 million to $2 million5.1%5
- Over $2 million2.0%2
Age of the businesses
- Existing, more than 2 years old43.9%43
- New business, 2 years or less22.4%22
- Startup, loan funds will open the business19.4%19
- Change of ownership14.3%14
Questions and answers
Which lenders make the most SBA loans in Kandiyohi County?
By approvals in FY2021 to FY2025: Midwest Business Finance Corporation (16), Lake Region Bank (16), United Prairie Bank (12), United Minnesota Bank (9), Old National Bank (7). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Kandiyohi County?
The median 7(a) approval was $158K and the median 504 approval $363K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Kandiyohi County?
Building Material and Supplies Dealers (6); Traveler Accommodation (5); General Freight Trucking (5); Services to Buildings and Dwellings (4); Restaurants and Other Eating Places (4).
Is SBA lending in Kandiyohi County rising?
Approvals in the three latest complete fiscal years total 44, against 79 in the three before: falling (-44%).
How does Kandiyohi County compare with the rest of Minnesota?
69.2 approvals per 1,000 establishments against 62.4 statewide, and 98 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