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County23rd of 87 in Minnesota by approvalsFIPS 27131
SBA loans in Rice 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 Rice County, Minnesota, received 77 SBA loan approvals worth $43.4M in FY2021 to FY2025 (60 7(a), 17 504).
That is 48.1 approvals per 1,000 business establishments (1,600 establishments in 2023), below the Minnesota figure of 62.4 and above the national 41.0.
It ranks 23rd of 87 Minnesota counties with approvals. In FY2025 there were 14, down 26% on FY2024.
30 lenders had approvals here; the most active were Southeastern Minnesota 504 Development Corporation (6), Highland Bank (5) and Amplio Economic Development Corporation (5). 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 Rice County
By number of approvals to businesses in the county, FY2021–FY2025; 30 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Southeastern Minnesota 504 Development CorporationRochester, MN · CDC | 6 | $4.3M | 7.8% | |
| 2 | Highland BankSt. Paul, MN | 5 | $4.5M | 6.5% | |
| 3 | Amplio Economic Development CorporationArden Hills, MN · CDC | 5 | $2.0M | 6.5% | |
| 4 | The State Bank of FaribaultFaribault, MN | 5 | $1.1M | 6.5% | |
| 5 | Community Resource BankNorthfield, MN | 5 | $528K | 6.5% | |
| 6 | Live Oak Banking CompanyWilmington, NC | 4 | $6.5M | 5.2% | |
| 7 | BankVistaSartell, MN | 4 | $2.8M | 5.2% | |
| 8 | Frandsen Bank and TrustArden Hills, MN | 4 | $1.6M | 5.2% | |
| 9 | Merchants Bank, National AssociationWinona, MN | 4 | $967K | 5.2% | |
| 10 | U.S. Bank, National AssociationCincinnati, OH | 4 | $336K | 5.2% | |
| 11 | Old National BankEvansville, IN | 3 | $4.0M | 3.9% | |
| 12 | Twin Cities-Metro Certified Development CompanyVadnais Heights, MN · CDC | 3 | $2.2M | 3.9% | |
| 13 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 3 | $2.1M | 3.9% | |
| 14 | Village BankSaint Francis, MN | 3 | $823K | 3.9% | |
| 15 | Platinum BankOakdale, MN | 2 | — | 2.6% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 6 | 7.8% | |
| 2 | Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse FacilitiesNAICS 6232 | 5 | 6.5% | |
| 3 | Machine Shops; Turned Product; and Screw, Nut, and Bolt ManufacturingNAICS 3327 | 5 | 6.5% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 5 | 6.5% | |
| 5 | Automotive Repair and MaintenanceNAICS 8111 | 4 | 5.2% | |
| 6 | Services to Buildings and DwellingsNAICS 5617 | 4 | 5.2% | |
| 7 | General Freight TruckingNAICS 4841 | 4 | 5.2% | |
| 8 | Business Support ServicesNAICS 5614 | 4 | 5.2% | |
| 9 | Lessors of Real EstateNAICS 5311 | 3 | 3.9% | |
| 10 | Clothing and Clothing Accessories RetailersNAICS 4581 | 3 | 3.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 13 | 16.9% | |
| 2 | Manufacturing | 12 | 15.6% | |
| 3 | Health Care and Social Assistance | 8 | 10.4% | |
| 4 | Accommodation and Food Services | 8 | 10.4% | |
| 5 | Construction | 8 | 10.4% | |
| 6 | Administrative and Support and Waste Management and Remediation Services | 8 | 10.4% | |
| 7 | Other Services (except Public Administration) | 5 | 6.5% | |
| 8 | Real Estate and Rental and Leasing | 4 | 5.2% |
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 | $6.4M | $500K | 3 | $6.4M | 12 | 301 |
| FY2025 | 10 | $2.0M | $100K | 4 | $3.5M | 14 | 99 |
| FY2024 | 16 | $9.1M | $192K | 3 | $1.8M | 19 | 525 |
| FY2023 | 13 | $10.1M | $395K | 2 | — | 15 | 146 |
| FY2022 | 9 | $1.8M | $125K | 5 | $3.0M | 14 | 182 |
| FY2021 | 12 | $9.9M | $371K | 3 | $1.1M | 15 | 173 |
| FY2020 | 10 | $3.6M | $275K | 4 | $651K | 14 | 121 |
| FY2019 | 8 | $723K | $53K | 3 | $7.4M | 11 | 121 |
| FY2018 | 11 | $2.9M | $150K | 5 | $1.5M | 16 | 255 |
| FY2017 | 7 | $1.0M | $150K | 6 | $4.7M | 13 | 61 |
| FY2016 | 22 | $7.7M | $121K | 3 | $1.3M | 25 | 348 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 79 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Rice County | Minnesota | United States |
|---|---|---|---|
| Approvals | 77 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 48.1 | 62.4 | 41.0 |
| Median 7(a) approval | $239K | $170K | $190K |
| Median 504 approval | $418K | $545K | $657K |
| Average approval | $564K | $497K | $573K |
| 504 share of approvals | 22.1% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 14.6 | 11.7 | 10.5 |
| Share of state approvals | 0.8% | 100.0% | — |
Approval sizes
- $50,000 or less13.0%10
- $50,001 to $150,00018.2%14
- $150,001 to $350,00024.7%19
- $350,001 to $1 million28.6%22
- $1 million to $2 million7.8%6
- Over $2 million7.8%6
Age of the businesses
- Existing, more than 2 years old45.5%35
- New business, 2 years or less23.4%18
- Startup, loan funds will open the business13.0%10
- Change of ownership18.2%14
Questions and answers
Which lenders make the most SBA loans in Rice County?
By approvals in FY2021 to FY2025: Southeastern Minnesota 504 Development Corporation (6), Highland Bank (5), Amplio Economic Development Corporation (5), The State Bank of Faribault (5), Community Resource Bank (5). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Rice County?
The median 7(a) approval was $239K and the median 504 approval $418K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Rice County?
Restaurants and Other Eating Places (6); Residential Intellectual and Developmental Disability, Mental Health, and Substance Abuse Facilities (5); Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing (5); Building Equipment Contractors (5); Automotive Repair and Maintenance (4).
Is SBA lending in Rice County rising?
Approvals in the three latest complete fiscal years total 48, against 43 in the three before: rising (+12%).
How does Rice County compare with the rest of Minnesota?
48.1 approvals per 1,000 establishments against 62.4 statewide, and 77 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