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County19th of 87 in Minnesota by approvalsFIPS 27085
SBA loans in McLeod 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 McLeod County, Minnesota, in FY2021 to FY2025, worth $25.4M: 85 under 7(a) and 13 under 504.
That is 102.5 approvals per 1,000 business establishments (956 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 19th of 87 Minnesota counties with approvals. In FY2025 there were 25, up 79% on FY2024.
20 lenders had approvals here; the most active were Citizens Bank & Trust Co (57), Midwest Business Finance Corporation (9) and U.S. Bank, National Association (8). 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 McLeod County
By number of approvals to businesses in the county, FY2021–FY2025; 20 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Citizens Bank & Trust CoHutchinson, MN | 57 | $9.0M | 58.2% | |
| 2 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 9 | $4.8M | 9.2% | |
| 3 | U.S. Bank, National AssociationCincinnati, OH | 8 | $358K | 8.2% | |
| 4 | Falcon National BankFoley, MN | 4 | $1.8M | 4.1% | |
| 5 | BANKWESTRockford, MN | 2 | — | 2.0% | |
| 6 | Dakota Business LendingFargo, ND · CDC | 2 | — | 2.0% | |
| 7 | United Prairie BankMountain Lake, MN | 2 | — | 2.0% | |
| 8 | Pine River State BankPine River, MN | 2 | — | 2.0% | |
| 9 | First National Bank MinnesotaSaint Peter, MN | 1 | — | 1.0% | |
| 10 | Byline BankChicago, IL | 1 | — | 1.0% | |
| 11 | Frandsen Bank and TrustArden Hills, MN | 1 | — | 1.0% | |
| 12 | Millennium BankDes Plaines, IL | 1 | — | 1.0% | |
| 13 | Wells Fargo Bank National AssociationSioux Falls, SD | 1 | — | 1.0% | |
| 14 | MidCountry BankBloomington, MN | 1 | — | 1.0% | |
| 15 | CorTrust Bank National AssociationMitchell, SD | 1 | — | 1.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 7 | 7.1% | |
| 2 | Offices of Other Health PractitionersNAICS 6213 | 6 | 6.1% | |
| 3 | Other Miscellaneous ManufacturingNAICS 3399 | 6 | 6.1% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 6 | 6.1% | |
| 5 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 5 | 5.1% | |
| 6 | Automotive Repair and MaintenanceNAICS 8111 | 4 | 4.1% | |
| 7 | Management of Companies and EnterprisesNAICS 5511 | 3 | 3.1% | |
| 8 | Offices of DentistsNAICS 6212 | 3 | 3.1% | |
| 9 | Lessors of Real EstateNAICS 5311 | 3 | 3.1% | |
| 10 | Outpatient Care CentersNAICS 6214 | 3 | 3.1% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 16 | 16.3% | |
| 2 | Construction | 14 | 14.3% | |
| 3 | Health Care and Social Assistance | 13 | 13.3% | |
| 4 | Manufacturing | 11 | 11.2% | |
| 5 | Accommodation and Food Services | 9 | 9.2% | |
| 6 | Other Services (except Public Administration) | 8 | 8.2% | |
| 7 | Professional, Scientific, and Technical Services | 7 | 7.1% | |
| 8 | Real Estate and Rental and Leasing | 5 | 5.1% |
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 | $1.5M | $25K | 1 | — | 5 | 16 |
| FY2025 | 23 | $2.7M | $50K | 2 | — | 25 | 178 |
| FY2024 | 12 | $2.3M | $105K | 2 | — | 14 | 67 |
| FY2023 | 11 | $2.7M | $95K | 2 | — | 13 | 83 |
| FY2022 | 12 | $3.7M | $75K | 3 | $3.2M | 15 | 124 |
| FY2021 | 27 | $8.2M | $125K | 4 | $1.2M | 31 | 432 |
| FY2020 | 14 | $2.1M | $70K | 3 | $1.0M | 17 | 176 |
| FY2019 | 13 | $2.6M | $150K | 3 | $1.7M | 16 | 113 |
| FY2018 | 16 | $4.4M | $88K | 7 | $3.5M | 23 | 141 |
| FY2017 | 17 | $4.3M | $112K | 4 | $1.5M | 21 | 131 |
| FY2016 | 12 | $1.7M | $61K | 2 | — | 14 | 113 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 91 approvals.
Against Minnesota and the country
| FY2021–FY2025 | McLeod County | Minnesota | United States |
|---|---|---|---|
| Approvals | 98 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 102.5 | 62.4 | 41.0 |
| Median 7(a) approval | $95K | $170K | $190K |
| Median 504 approval | $213K | $545K | $657K |
| Average approval | $260K | $497K | $573K |
| 504 share of approvals | 13.3% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 9.0 | 11.7 | 10.5 |
| Share of state approvals | 1.0% | 100.0% | — |
Approval sizes
- $50,000 or less34.7%34
- $50,001 to $150,00031.6%31
- $150,001 to $350,00013.3%13
- $350,001 to $1 million14.3%14
- $1 million to $2 million5.1%5
- Over $2 million1.0%1
Age of the businesses
- Existing, more than 2 years old54.1%53
- New business, 2 years or less19.4%19
- Startup, loan funds will open the business18.4%18
- Change of ownership8.2%8
Questions and answers
Which lenders make the most SBA loans in McLeod County?
By approvals in FY2021 to FY2025: Citizens Bank & Trust Co (57), Midwest Business Finance Corporation (9), U.S. Bank, National Association (8), Falcon National Bank (4), BANKWEST (2). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in McLeod County?
The median 7(a) approval was $95K and the median 504 approval $213K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in McLeod County?
Restaurants and Other Eating Places (7); Offices of Other Health Practitioners (6); Other Miscellaneous Manufacturing (6); Building Equipment Contractors (6); Other Professional, Scientific, and Technical Services (5).
Is SBA lending in McLeod County rising?
Approvals in the three latest complete fiscal years total 52, against 63 in the three before: falling (-17%).
How does McLeod County compare with the rest of Minnesota?
102.5 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