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County30th of 87 in Minnesota by approvalsFIPS 27095
SBA loans in Mille Lacs 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 Mille Lacs County, Minnesota, received 44 SBA loan approvals worth $21.2M in FY2021 to FY2025 (36 7(a), 8 504).
That is 59.3 approvals per 1,000 business establishments (742 establishments in 2023), close to the Minnesota figure of 62.4 and above the national 41.0.
It ranks 30th of 87 Minnesota counties with approvals. In FY2025 there were 8.
20 lenders had approvals here; the most active were The First National Bank of Milaca (8), Midwest Business Finance Corporation (4) and Old National Bank (4). 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 Mille Lacs County
By number of approvals to businesses in the county, FY2021–FY2025; 20 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The First National Bank of MilacaMilaca, MN | 8 | $3.4M | 18.2% | |
| 2 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 4 | $3.3M | 9.1% | |
| 3 | Old National BankEvansville, IN | 4 | $2.4M | 9.1% | |
| 4 | U.S. Bank, National AssociationCincinnati, OH | 4 | $427K | 9.1% | |
| 5 | Woodlands National BankHinckley, MN | 3 | $1.3M | 6.8% | |
| 6 | Bravera BankDickinson, ND | 3 | $900K | 6.8% | |
| 7 | Newtek Small Business Finance, Inc.Lake Success, NY | 2 | — | 4.5% | |
| 8 | First Bank & TrustBrookings, SD | 2 | — | 4.5% | |
| 9 | Central Minnesota Development CompanyAndover, MN · CDC | 2 | — | 4.5% | |
| 10 | First Citizens BankMason City, IA | 2 | — | 4.5% | |
| 11 | Twin Cities-Metro Certified Development CompanyVadnais Heights, MN · CDC | 1 | — | 2.3% | |
| 12 | Newtek Bank, National AssociationMiami, FL | 1 | — | 2.3% | |
| 13 | Merchants Bank, National AssociationWinona, MN | 1 | — | 2.3% | |
| 14 | WBD, Inc.Madison, WI · CDC | 1 | — | 2.3% | |
| 15 | United Prairie BankMountain Lake, MN | 1 | — | 2.3% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Automotive Repair and MaintenanceNAICS 8111 | 6 | 13.6% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 5 | 11.4% | |
| 3 | Building Material and Supplies DealersNAICS 4441 | 3 | 6.8% | |
| 4 | Continuing Care Retirement Communities and Assisted Living Facilities for the ElderlyNAICS 6233 | 2 | 4.5% | |
| 5 | Support Activities for Road TransportationNAICS 4884 | 2 | 4.5% | |
| 6 | Lumber and Other Construction Materials Merchant WholesalersNAICS 4233 | 2 | 4.5% | |
| 7 | Professional and Commercial Equipment and Supplies Merchant WholesalersNAICS 4234 | 2 | 4.5% | |
| 8 | Lessors of Real EstateNAICS 5311 | 2 | 4.5% | |
| 9 | Building Finishing ContractorsNAICS 2383 | 2 | 4.5% | |
| 10 | Agencies, Brokerages, and Other Insurance Related ActivitiesNAICS 5242 | 1 | 2.3% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 7 | 15.9% | |
| 2 | Accommodation and Food Services | 6 | 13.6% | |
| 3 | Health Care and Social Assistance | 5 | 11.4% | |
| 4 | Construction | 5 | 11.4% | |
| 5 | Wholesale Trade | 4 | 9.1% | |
| 6 | Retail Trade | 4 | 9.1% | |
| 7 | Agriculture, Forestry, Fishing and Hunting | 3 | 6.8% | |
| 8 | Transportation and Warehousing | 2 | 4.5% |
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 | — | — | 1 | — | 2 | 6 |
| FY2025 | 6 | $2.7M | $179K | 2 | — | 8 | 143 |
| FY2024 | 3 | $1.1M | $261K | 3 | $3.5M | 6 | 61 |
| FY2023 | 7 | $1.8M | $160K | 0 | — | 7 | 50 |
| FY2022 | 11 | $6.8M | $503K | 0 | — | 11 | 118 |
| FY2021 | 9 | $2.3M | $215K | 3 | $1.7M | 12 | 116 |
| FY2020 | 7 | $2.3M | $205K | 0 | — | 7 | 31 |
| FY2019 | 6 | $896K | $65K | 2 | — | 8 | 63 |
| FY2018 | 10 | $3.1M | $110K | 0 | — | 10 | 146 |
| FY2017 | 7 | $1.0M | $122K | 3 | $1.1M | 10 | 62 |
| FY2016 | 9 | $2.7M | $80K | 0 | — | 9 | 64 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 44 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Mille Lacs County | Minnesota | United States |
|---|---|---|---|
| Approvals | 44 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 59.3 | 62.4 | 41.0 |
| Median 7(a) approval | $238K | $170K | $190K |
| Median 504 approval | $610K | $545K | $657K |
| Average approval | $482K | $497K | $573K |
| 504 share of approvals | 18.2% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 11.1 | 11.7 | 10.5 |
| Share of state approvals | 0.5% | 100.0% | — |
Approval sizes
- $50,000 or less13.6%6
- $50,001 to $150,00015.9%7
- $150,001 to $350,00025.0%11
- $350,001 to $1 million31.8%14
- $1 million to $2 million13.6%6
Age of the businesses
- Existing, more than 2 years old56.8%25
- New business, 2 years or less11.4%5
- Startup, loan funds will open the business9.1%4
- Change of ownership20.5%9
- Not answered2.3%1
Questions and answers
Which lenders make the most SBA loans in Mille Lacs County?
By approvals in FY2021 to FY2025: The First National Bank of Milaca (8), Midwest Business Finance Corporation (4), Old National Bank (4), U.S. Bank, National Association (4), Woodlands National Bank (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Mille Lacs County?
The median 7(a) approval was $238K and the median 504 approval $610K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Mille Lacs County?
Automotive Repair and Maintenance (6); Restaurants and Other Eating Places (5); Building Material and Supplies Dealers (3); Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (2); Support Activities for Road Transportation (2).
Is SBA lending in Mille Lacs County rising?
Approvals in the three latest complete fiscal years total 21, against 30 in the three before: falling (-30%).
How does Mille Lacs County compare with the rest of Minnesota?
59.3 approvals per 1,000 establishments against 62.4 statewide, and 44 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