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County16th of 87 in Minnesota by approvalsFIPS 27111
SBA loans in Otter Tail 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 Otter Tail County, Minnesota, received 105 SBA loan approvals worth $38.5M in FY2021 to FY2025 (77 7(a), 28 504).
That is 60.7 approvals per 1,000 business establishments (1,730 establishments in 2023), close to the Minnesota figure of 62.4 and above the national 41.0.
It ranks 16th of 87 Minnesota counties with approvals. In FY2025 there were 8, down 47% on FY2024.
33 lenders had approvals here; the most active were United Community Bank (16), Midwest Business Finance Corporation (14) and My Kind of Bank National Association (10). 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 Otter Tail County
By number of approvals to businesses in the county, FY2021–FY2025; 33 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | United Community BankPerham, MN | 16 | $1.4M | 15.2% | |
| 2 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 14 | $6.5M | 13.3% | |
| 3 | My Kind of Bank National AssociationOttertail, MN | 10 | $1.5M | 9.5% | |
| 4 | Old National BankEvansville, IN | 9 | $3.8M | 8.6% | |
| 5 | Dakota Business LendingFargo, ND · CDC | 7 | $6.1M | 6.7% | |
| 6 | Wadena State BankWadena, MN | 6 | $1.5M | 5.7% | |
| 7 | Red River State BankHalstad, MN | 5 | $5.5M | 4.8% | |
| 8 | Magnifi Financial CUMelrose, MN | 4 | $1.0M | 3.8% | |
| 9 | Amplio Economic Development CorporationArden Hills, MN · CDC | 3 | $949K | 2.9% | |
| 10 | Bell BankFargo, ND | 3 | $738K | 2.9% | |
| 11 | Farmers and Merchants State Bank of New York Mills IncorporatedNew York Mills, MN | 3 | $505K | 2.9% | |
| 12 | Central Minnesota Development CompanyAndover, MN · CDC | 2 | — | 1.9% | |
| 13 | Farmers State Bank of UnderwoodUnderwood, MN | 2 | — | 1.9% | |
| 14 | Mid Minnesota Federal Credit UnionBaxter, MN | 2 | — | 1.9% | |
| 15 | Choice Financial GroupFargo, ND | 1 | — | 1.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 12 | 11.4% | |
| 2 | RV (Recreational Vehicle) Parks and Recreational CampsNAICS 7212 | 10 | 9.5% | |
| 3 | Automotive Repair and MaintenanceNAICS 8111 | 5 | 4.8% | |
| 4 | Sporting Goods, Hobby, and Musical Instrument StoresNAICS 4511 | 5 | 4.8% | |
| 5 | Oilseed and Grain FarmingNAICS 1111 | 4 | 3.8% | |
| 6 | General Freight TruckingNAICS 4841 | 4 | 3.8% | |
| 7 | Printing and Related Support ActivitiesNAICS 3231 | 4 | 3.8% | |
| 8 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 4 | 3.8% | |
| 9 | Home Health Care ServicesNAICS 6216 | 3 | 2.9% | |
| 10 | Utility System ConstructionNAICS 2371 | 3 | 2.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 25 | 23.8% | |
| 2 | Retail Trade | 20 | 19.0% | |
| 3 | Construction | 10 | 9.5% | |
| 4 | Other Services (except Public Administration) | 10 | 9.5% | |
| 5 | Manufacturing | 8 | 7.6% | |
| 6 | Health Care and Social Assistance | 8 | 7.6% | |
| 7 | Agriculture, Forestry, Fishing and Hunting | 7 | 6.7% | |
| 8 | Transportation and Warehousing | 6 | 5.7% |
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 | $7.9M | $2.0M | 2 | — | 6 | 151 |
| FY2025 | 7 | $1.5M | $72K | 1 | — | 8 | 64 |
| FY2024 | 12 | $1.0M | $63K | 3 | $1.1M | 15 | 83 |
| FY2023 | 15 | $3.3M | $150K | 5 | $1.4M | 20 | 196 |
| FY2022 | 19 | $3.5M | $114K | 8 | $8.4M | 27 | 137 |
| FY2021 | 24 | $12.6M | $231K | 11 | $5.5M | 35 | 317 |
| FY2020 | 18 | $8.0M | $128K | 5 | $2.8M | 23 | 171 |
| FY2019 | 11 | $3.3M | $200K | 0 | — | 11 | 120 |
| FY2018 | 8 | $1.5M | $56K | 6 | $3.1M | 14 | 62 |
| FY2017 | 12 | $5.8M | $148K | 2 | — | 14 | 100 |
| FY2016 | 13 | $1.5M | $100K | 1 | — | 14 | 156 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 76 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Otter Tail County | Minnesota | United States |
|---|---|---|---|
| Approvals | 105 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 60.7 | 62.4 | 41.0 |
| Median 7(a) approval | $154K | $170K | $190K |
| Median 504 approval | $355K | $545K | $657K |
| Average approval | $367K | $497K | $573K |
| 504 share of approvals | 26.7% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 7.6 | 11.7 | 10.5 |
| Share of state approvals | 1.1% | 100.0% | — |
Approval sizes
- $50,000 or less18.1%19
- $50,001 to $150,00018.1%19
- $150,001 to $350,00035.2%37
- $350,001 to $1 million22.9%24
- $1 million to $2 million2.9%3
- Over $2 million2.9%3
Age of the businesses
- Existing, more than 2 years old47.6%50
- New business, 2 years or less10.5%11
- Startup, loan funds will open the business29.5%31
- Change of ownership11.4%12
- Not answered1.0%1
Questions and answers
Which lenders make the most SBA loans in Otter Tail County?
By approvals in FY2021 to FY2025: United Community Bank (16), Midwest Business Finance Corporation (14), My Kind of Bank National Association (10), Old National Bank (9), Dakota Business Lending (7). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Otter Tail County?
The median 7(a) approval was $154K and the median 504 approval $355K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Otter Tail County?
Restaurants and Other Eating Places (12); RV (Recreational Vehicle) Parks and Recreational Camps (10); Automotive Repair and Maintenance (5); Sporting Goods, Hobby, and Musical Instrument Stores (5); Oilseed and Grain Farming (4).
Is SBA lending in Otter Tail County rising?
Approvals in the three latest complete fiscal years total 43, against 85 in the three before: falling (-49%).
How does Otter Tail County compare with the rest of Minnesota?
60.7 approvals per 1,000 establishments against 62.4 statewide, and 105 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