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County35th of 87 in Minnesota by approvalsFIPS 27103
SBA loans in Nicollet 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 38 loans to businesses in Nicollet County, Minnesota, in FY2021 to FY2025, worth $21.9M: 31 under 7(a) and 7 under 504.
That is 55.5 approvals per 1,000 business establishments (685 establishments in 2023), close to the Minnesota figure of 62.4 and above the national 41.0.
It ranks 35th of 87 Minnesota counties with approvals. In FY2025 there were 8.
19 lenders had approvals here; the most active were ProGrowth Bank (5), Southeastern Minnesota 504 Development Corporation (4) and BankVista (4). The most common industry was personal care services.
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 Nicollet County
By number of approvals to businesses in the county, FY2021–FY2025; 19 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | ProGrowth BankNicollet, MN | 5 | $740K | 13.2% | |
| 2 | Southeastern Minnesota 504 Development CorporationRochester, MN · CDC | 4 | $3.3M | 10.5% | |
| 3 | BankVistaSartell, MN | 4 | $1.5M | 10.5% | |
| 4 | Pioneer BankMapleton, MN | 4 | $638K | 10.5% | |
| 5 | Old National BankEvansville, IN | 3 | $6.4M | 7.9% | |
| 6 | Frandsen Bank and TrustArden Hills, MN | 2 | — | 5.3% | |
| 7 | Readycap Lending, LLCBerkeley Heights, NJ | 2 | — | 5.3% | |
| 8 | Minnstar Bank National AssociationLake Crystal, MN | 2 | — | 5.3% | |
| 9 | U.S. Bank, National AssociationCincinnati, OH | 2 | — | 5.3% | |
| 10 | Dakota Business FinanceSioux Falls, SD · CDC | 1 | — | 2.6% | |
| 11 | Newtek Bank, National AssociationMiami, FL | 1 | — | 2.6% | |
| 12 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 1 | — | 2.6% | |
| 13 | First National Bank MinnesotaSaint Peter, MN | 1 | — | 2.6% | |
| 14 | Magnifi Financial CUMelrose, MN | 1 | — | 2.6% | |
| 15 | Profinium IncTruman, MN | 1 | — | 2.6% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Personal Care ServicesNAICS 8121 | 3 | 7.9% | |
| 2 | Home Health Care ServicesNAICS 6216 | 3 | 7.9% | |
| 3 | Other Personal ServicesNAICS 8129 | 3 | 7.9% | |
| 4 | General Freight TruckingNAICS 4841 | 3 | 7.9% | |
| 5 | Support Activities for Animal ProductionNAICS 1152 | 2 | 5.3% | |
| 6 | Traveler AccommodationNAICS 7211 | 2 | 5.3% | |
| 7 | Automotive Repair and MaintenanceNAICS 8111 | 2 | 5.3% | |
| 8 | Machine Shops; Turned Product; and Screw, Nut, and Bolt ManufacturingNAICS 3327 | 2 | 5.3% | |
| 9 | Building Finishing ContractorsNAICS 2383 | 2 | 5.3% | |
| 10 | Remediation and Other Waste Management ServicesNAICS 5629 | 1 | 2.6% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 8 | 21.1% | |
| 2 | Health Care and Social Assistance | 6 | 15.8% | |
| 3 | Agriculture, Forestry, Fishing and Hunting | 4 | 10.5% | |
| 4 | Manufacturing | 4 | 10.5% | |
| 5 | Accommodation and Food Services | 3 | 7.9% | |
| 6 | Transportation and Warehousing | 3 | 7.9% | |
| 7 | Construction | 3 | 7.9% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 2 | 5.3% |
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* | 6 | $4.9M | $303K | 1 | — | 7 | 110 |
| FY2025 | 5 | $2.5M | $350K | 3 | $3.3M | 8 | 41 |
| FY2024 | 4 | $4.3M | $345K | 0 | — | 4 | 42 |
| FY2023 | 2 | — | — | 0 | — | 2 | 14 |
| FY2022 | 8 | $3.4M | $192K | 2 | — | 10 | 137 |
| FY2021 | 12 | $4.7M | $188K | 2 | — | 14 | 100 |
| FY2020 | 10 | $6.7M | $160K | 3 | $1.5M | 13 | 226 |
| FY2019 | 3 | $2.7M | $133K | 0 | — | 3 | 41 |
| FY2018 | 10 | $3.3M | $125K | 2 | — | 12 | 103 |
| FY2017 | 6 | $735K | $90K | 2 | — | 8 | 44 |
| FY2016 | 8 | $1.3M | $95K | 4 | $2.1M | 12 | 109 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 48 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Nicollet County | Minnesota | United States |
|---|---|---|---|
| Approvals | 38 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 55.5 | 62.4 | 41.0 |
| Median 7(a) approval | $225K | $170K | $190K |
| Median 504 approval | $711K | $545K | $657K |
| Average approval | $576K | $497K | $573K |
| 504 share of approvals | 18.4% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 8.8 | 11.7 | 10.5 |
| Share of state approvals | 0.4% | 100.0% | — |
Approval sizes
- $50,000 or less13.2%5
- $50,001 to $150,00026.3%10
- $150,001 to $350,00021.1%8
- $350,001 to $1 million21.1%8
- $1 million to $2 million13.2%5
- Over $2 million5.3%2
Age of the businesses
- Existing, more than 2 years old65.8%25
- New business, 2 years or less7.9%3
- Startup, loan funds will open the business15.8%6
- Change of ownership10.5%4
Questions and answers
Which lenders make the most SBA loans in Nicollet County?
By approvals in FY2021 to FY2025: ProGrowth Bank (5), Southeastern Minnesota 504 Development Corporation (4), BankVista (4), Pioneer Bank (4), Old National Bank (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Nicollet County?
The median 7(a) approval was $225K and the median 504 approval $711K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Nicollet County?
Personal Care Services (3); Home Health Care Services (3); Other Personal Services (3); General Freight Trucking (3); Support Activities for Animal Production (2).
Is SBA lending in Nicollet County rising?
Approvals in the three latest complete fiscal years total 14, against 37 in the three before: falling (-62%).
How does Nicollet County compare with the rest of Minnesota?
55.5 approvals per 1,000 establishments against 62.4 statewide, and 38 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