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County12th of 87 in Minnesota by approvalsFIPS 27109
SBA loans in Olmsted 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 137 loans to businesses in Olmsted County, Minnesota, in FY2021 to FY2025, worth $94.8M: 102 under 7(a) and 35 under 504.
That is 36.5 approvals per 1,000 business establishments (3,754 establishments in 2023), below the Minnesota figure of 62.4 and close to the national 41.0.
It ranks 12th of 87 Minnesota counties with approvals. In FY2025 there were 31, up 11% on FY2024.
39 lenders had approvals here; the most active were Southeastern Minnesota 504 Development Corporation (29), Old National Bank (13) and Minnwest Bank (11). 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 Olmsted County
By number of approvals to businesses in the county, FY2021–FY2025; 39 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Southeastern Minnesota 504 Development CorporationRochester, MN · CDC | 29 | $22.4M | 21.2% | |
| 2 | Old National BankEvansville, IN | 13 | $10.5M | 9.5% | |
| 3 | Minnwest BankRedwood Falls, MN | 11 | $10.7M | 8.0% | |
| 4 | Alerus Financial, National AssociationGrand Forks, ND | 10 | $14.0M | 7.3% | |
| 5 | The Huntington National BankColumbus, OH | 7 | $1.2M | 5.1% | |
| 6 | Coulee BankLa Crosse, WI | 7 | $1.1M | 5.1% | |
| 7 | Platinum BankOakdale, MN | 4 | $3.8M | 2.9% | |
| 8 | Eagle Rock BankRochester, MN | 4 | $1.8M | 2.9% | |
| 9 | U.S. Bank, National AssociationCincinnati, OH | 4 | $927K | 2.9% | |
| 10 | Foresight BankPlainview, MN | 4 | $537K | 2.9% | |
| 11 | BankVistaSartell, MN | 3 | $1.5M | 2.2% | |
| 12 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 3 | $1.4M | 2.2% | |
| 13 | Merchants Bank, National AssociationWinona, MN | 3 | $1.0M | 2.2% | |
| 14 | Premier Bank MinnesotaHastings, MN | 3 | $400K | 2.2% | |
| 15 | First Security BankByron, MN | 2 | — | 1.5% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 15 | 10.9% | |
| 2 | Offices of Other Health PractitionersNAICS 6213 | 12 | 8.8% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 9 | 6.6% | |
| 4 | Specialized Freight TruckingNAICS 4842 | 7 | 5.1% | |
| 5 | Child Day Care ServicesNAICS 6244 | 6 | 4.4% | |
| 6 | Personal Care ServicesNAICS 8121 | 6 | 4.4% | |
| 7 | Automotive Repair and MaintenanceNAICS 8111 | 5 | 3.6% | |
| 8 | Other Schools and InstructionNAICS 6116 | 4 | 2.9% | |
| 9 | Lessors of Real EstateNAICS 5311 | 4 | 2.9% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 2.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 19 | 13.9% | |
| 2 | Health Care and Social Assistance | 19 | 13.9% | |
| 3 | Other Services (except Public Administration) | 17 | 12.4% | |
| 4 | Construction | 14 | 10.2% | |
| 5 | Transportation and Warehousing | 14 | 10.2% | |
| 6 | Retail Trade | 13 | 9.5% | |
| 7 | Arts, Entertainment, and Recreation | 10 | 7.3% | |
| 8 | Manufacturing | 8 | 5.8% |
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* | 9 | $5.5M | $587K | 5 | $4.6M | 14 | 207 |
| FY2025 | 23 | $26.1M | $880K | 8 | $7.4M | 31 | 414 |
| FY2024 | 25 | $9.5M | $125K | 3 | $2.0M | 28 | 209 |
| FY2023 | 15 | $6.3M | $264K | 5 | $2.2M | 20 | 249 |
| FY2022 | 20 | $12.0M | $349K | 3 | $3.1M | 23 | 269 |
| FY2021 | 19 | $15.0M | $450K | 16 | $11.4M | 35 | 792 |
| FY2020 | 14 | $4.5M | $234K | 2 | — | 16 | 171 |
| FY2019 | 17 | $9.4M | $167K | 3 | $2.6M | 20 | 167 |
| FY2018 | 19 | $3.7M | $99K | 8 | $6.8M | 27 | 180 |
| FY2017 | 21 | $7.5M | $100K | 7 | $5.2M | 28 | 142 |
| FY2016 | 32 | $9.2M | $144K | 3 | $825K | 35 | 281 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 126 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Olmsted County | Minnesota | United States |
|---|---|---|---|
| Approvals | 137 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 36.5 | 62.4 | 41.0 |
| Median 7(a) approval | $329K | $170K | $190K |
| Median 504 approval | $500K | $545K | $657K |
| Average approval | $692K | $497K | $573K |
| 504 share of approvals | 25.5% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 14.1 | 11.7 | 10.5 |
| Share of state approvals | 1.4% | 100.0% | — |
Approval sizes
- $50,000 or less11.7%16
- $50,001 to $150,00015.3%21
- $150,001 to $350,00025.5%35
- $350,001 to $1 million27.0%37
- $1 million to $2 million10.2%14
- Over $2 million10.2%14
Age of the businesses
- Existing, more than 2 years old50.4%69
- New business, 2 years or less10.2%14
- Startup, loan funds will open the business27.0%37
- Change of ownership12.4%17
Questions and answers
Which lenders make the most SBA loans in Olmsted County?
By approvals in FY2021 to FY2025: Southeastern Minnesota 504 Development Corporation (29), Old National Bank (13), Minnwest Bank (11), Alerus Financial, National Association (10), The Huntington National Bank (7). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Olmsted County?
The median 7(a) approval was $329K and the median 504 approval $500K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Olmsted County?
Restaurants and Other Eating Places (15); Offices of Other Health Practitioners (12); Other Amusement and Recreation Industries (9); Specialized Freight Trucking (7); Child Day Care Services (6).
Is SBA lending in Olmsted County rising?
Approvals in the three latest complete fiscal years total 79, against 74 in the three before: broadly level (+7%).
How does Olmsted County compare with the rest of Minnesota?
36.5 approvals per 1,000 establishments against 62.4 statewide, and 137 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