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County25th of 87 in Minnesota by approvalsFIPS 27119
SBA loans in Polk 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 65 loans to businesses in Polk County, Minnesota, in FY2021 to FY2025, worth $19.9M: 62 under 7(a) and 3 under 504.
That is 88.7 approvals per 1,000 business establishments (733 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 25th of 87 Minnesota counties with approvals. In FY2025 there were 2.
12 lenders had approvals here; the most active were Ultima Bank Minnesota (32), Red River State Bank (11) and Old National Bank (6). The most common industry was oilseed and grain farming.
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 Polk County
By number of approvals to businesses in the county, FY2021–FY2025; 12 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Ultima Bank MinnesotaWinger, MN | 32 | $6.6M | 49.2% | |
| 2 | Red River State BankHalstad, MN | 11 | $1.4M | 16.9% | |
| 3 | Old National BankEvansville, IN | 6 | $3.8M | 9.2% | |
| 4 | Frandsen Bank and TrustArden Hills, MN | 4 | $2.1M | 6.2% | |
| 5 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 3 | $1.8M | 4.6% | |
| 6 | Unity BankAugusta, WI | 2 | — | 3.1% | |
| 7 | Bank ForwardFargo, ND | 2 | — | 3.1% | |
| 8 | Stearns Bank National AssociationSaint Cloud, MN | 1 | — | 1.5% | |
| 9 | Ameris BankAtlanta, GA | 1 | — | 1.5% | |
| 10 | U.S. Bank, National AssociationCincinnati, OH | 1 | — | 1.5% | |
| 11 | Bravera BankDickinson, ND | 1 | — | 1.5% | |
| 12 | Readycap Lending, LLCBerkeley Heights, NJ | 1 | — | 1.5% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Oilseed and Grain FarmingNAICS 1111 | 10 | 15.4% | |
| 2 | Cattle Ranching and FarmingNAICS 1121 | 8 | 12.3% | |
| 3 | Services to Buildings and DwellingsNAICS 5617 | 6 | 9.2% | |
| 4 | General Freight TruckingNAICS 4841 | 4 | 6.2% | |
| 5 | Restaurants and Other Eating PlacesNAICS 7225 | 3 | 4.6% | |
| 6 | Residential Building ConstructionNAICS 2361 | 3 | 4.6% | |
| 7 | Other Miscellaneous ManufacturingNAICS 3399 | 3 | 4.6% | |
| 8 | Traveler AccommodationNAICS 7211 | 2 | 3.1% | |
| 9 | Agencies, Brokerages, and Other Insurance Related ActivitiesNAICS 5242 | 2 | 3.1% | |
| 10 | Building Equipment ContractorsNAICS 2382 | 2 | 3.1% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Agriculture, Forestry, Fishing and Hunting | 19 | 29.2% | |
| 2 | Construction | 9 | 13.8% | |
| 3 | Retail Trade | 7 | 10.8% | |
| 4 | Administrative and Support and Waste Management and Remediation Services | 7 | 10.8% | |
| 5 | Manufacturing | 6 | 9.2% | |
| 6 | Accommodation and Food Services | 5 | 7.7% | |
| 7 | Transportation and Warehousing | 4 | 6.2% | |
| 8 | Finance and Insurance | 3 | 4.6% |
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 | $2.9M | $778K | 0 | — | 4 | 32 |
| FY2025 | 1 | — | — | 1 | — | 2 | 3 |
| FY2024 | 6 | $4.3M | $468K | 1 | — | 7 | 40 |
| FY2023 | 7 | $2.8M | $300K | 0 | — | 7 | 60 |
| FY2022 | 6 | $796K | $138K | 0 | — | 6 | 26 |
| FY2021 | 42 | $10.3M | $76K | 1 | — | 43 | 191 |
| FY2020 | 21 | $10.7M | $235K | 1 | — | 22 | 228 |
| FY2019 | 7 | $1.5M | $183K | 1 | — | 8 | 87 |
| FY2018 | 12 | $2.2M | $119K | 4 | $850K | 16 | 64 |
| FY2017 | 14 | $4.4M | $245K | 0 | — | 14 | 252 |
| FY2016 | 21 | $6.0M | $75K | 2 | — | 23 | 276 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 83 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Polk County | Minnesota | United States |
|---|---|---|---|
| Approvals | 65 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 88.7 | 62.4 | 41.0 |
| Median 7(a) approval | $100K | $170K | $190K |
| Median 504 approval | $577K | $545K | $657K |
| Average approval | $307K | $497K | $573K |
| 504 share of approvals | 4.6% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 4.9 | 11.7 | 10.5 |
| Share of state approvals | 0.7% | 100.0% | — |
Approval sizes
- $50,000 or less38.5%25
- $50,001 to $150,00018.5%12
- $150,001 to $350,00016.9%11
- $350,001 to $1 million20.0%13
- $1 million to $2 million4.6%3
- Over $2 million1.5%1
Age of the businesses
- Existing, more than 2 years old61.5%40
- New business, 2 years or less20.0%13
- Startup, loan funds will open the business12.3%8
- Change of ownership6.2%4
Questions and answers
Which lenders make the most SBA loans in Polk County?
By approvals in FY2021 to FY2025: Ultima Bank Minnesota (32), Red River State Bank (11), Old National Bank (6), Frandsen Bank and Trust (4), Midwest Business Finance Corporation (3). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Polk County?
The median 7(a) approval was $100K and the median 504 approval $577K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Polk County?
Oilseed and Grain Farming (10); Cattle Ranching and Farming (8); Services to Buildings and Dwellings (6); General Freight Trucking (4); Restaurants and Other Eating Places (3).
Is SBA lending in Polk County rising?
Approvals in the three latest complete fiscal years total 16, against 71 in the three before: falling (-77%).
How does Polk County compare with the rest of Minnesota?
88.7 approvals per 1,000 establishments against 62.4 statewide, and 65 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