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County9th of 87 in Minnesota by approvalsFIPS 27137
SBA loans in St. Louis 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 249 loans to businesses in St. Louis County, Minnesota, in FY2021 to FY2025, worth $114M: 214 under 7(a) and 35 under 504.
That is 46.5 approvals per 1,000 business establishments (5,360 establishments in 2023), below the Minnesota figure of 62.4 and close to the national 41.0.
It ranks 9th of 87 Minnesota counties with approvals. In FY2025 there were 43, up 10% on FY2024.
45 lenders had approvals here; the most active were Northeast Entrepreneur Fund, Inc. (46), Frandsen Bank and Trust (29) and Midwest Business Finance Corporation (21). 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 St. Louis County
By number of approvals to businesses in the county, FY2021–FY2025; 45 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Northeast Entrepreneur Fund, Inc.Duluth, MN | 46 | $4.1M | 18.5% | |
| 2 | Frandsen Bank and TrustArden Hills, MN | 29 | $19.2M | 11.6% | |
| 3 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 21 | $15.4M | 8.4% | |
| 4 | U.S. Bank, National AssociationCincinnati, OH | 15 | $1.3M | 6.0% | |
| 5 | Members Cooperative Credit UnionDuluth, MN | 13 | $2.4M | 5.2% | |
| 6 | Old National BankEvansville, IN | 12 | $7.5M | 4.8% | |
| 7 | The Huntington National BankColumbus, OH | 7 | $5.3M | 2.8% | |
| 8 | North Shore Bank of CommerceDuluth, MN | 7 | $4.9M | 2.8% | |
| 9 | National Bank of CommerceSuperior, WI | 7 | $1.6M | 2.8% | |
| 10 | Wells Fargo Bank National AssociationSioux Falls, SD | 7 | $93K | 2.8% | |
| 11 | Amplio Economic Development CorporationArden Hills, MN · CDC | 6 | $4.6M | 2.4% | |
| 12 | BankVistaSartell, MN | 5 | $2.4M | 2.0% | |
| 13 | Park State BankDuluth, MN | 5 | $2.0M | 2.0% | |
| 14 | Byline BankChicago, IL | 5 | $1.5M | 2.0% | |
| 15 | Choice Financial GroupFargo, ND | 5 | $1.2M | 2.0% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 27 | 10.8% | |
| 2 | Traveler AccommodationNAICS 7211 | 13 | 5.2% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 10 | 4.0% | |
| 4 | Offices of Other Health PractitionersNAICS 6213 | 10 | 4.0% | |
| 5 | Commercial and Industrial Machinery and Equipment Rental and LeasingNAICS 5324 | 6 | 2.4% | |
| 6 | Other Miscellaneous Store RetailersNAICS 4539 | 6 | 2.4% | |
| 7 | Beverage ManufacturingNAICS 3121 | 6 | 2.4% | |
| 8 | Residential Building ConstructionNAICS 2361 | 6 | 2.4% | |
| 9 | Continuing Care Retirement Communities and Assisted Living Facilities for the ElderlyNAICS 6233 | 5 | 2.0% | |
| 10 | Automotive Repair and MaintenanceNAICS 8111 | 5 | 2.0% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 48 | 19.3% | |
| 2 | Retail Trade | 37 | 14.9% | |
| 3 | Health Care and Social Assistance | 31 | 12.4% | |
| 4 | Construction | 22 | 8.8% | |
| 5 | Manufacturing | 19 | 7.6% | |
| 6 | Transportation and Warehousing | 14 | 5.6% | |
| 7 | Professional, Scientific, and Technical Services | 14 | 5.6% | |
| 8 | Other Services (except Public Administration) | 12 | 4.8% |
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* | 18 | $13.9M | $500K | 9 | $5.4M | 27 | 179 |
| FY2025 | 34 | $17.0M | $202K | 9 | $8.6M | 43 | 571 |
| FY2024 | 37 | $14.6M | $283K | 2 | — | 39 | 329 |
| FY2023 | 24 | $8.0M | $128K | 6 | $3.3M | 30 | 500 |
| FY2022 | 32 | $21.1M | $316K | 10 | $6.7M | 42 | 311 |
| FY2021 | 87 | $28.1M | $105K | 8 | $5.2M | 95 | 868 |
| FY2020 | 70 | $14.8M | $105K | 12 | $8.5M | 82 | 786 |
| FY2019 | 65 | $16.3M | $133K | 7 | $3.1M | 72 | 721 |
| FY2018 | 53 | $13.0M | $125K | 9 | $3.8M | 62 | 649 |
| FY2017 | 41 | $12.8M | $150K | 8 | $7.0M | 49 | 744 |
| FY2016 | 34 | $8.1M | $117K | 7 | $3.9M | 41 | 484 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 306 approvals.
Against Minnesota and the country
| FY2021–FY2025 | St. Louis County | Minnesota | United States |
|---|---|---|---|
| Approvals | 249 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 46.5 | 62.4 | 41.0 |
| Median 7(a) approval | $175K | $170K | $190K |
| Median 504 approval | $535K | $545K | $657K |
| Average approval | $457K | $497K | $573K |
| 504 share of approvals | 14.1% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 10.4 | 11.7 | 10.5 |
| Share of state approvals | 2.6% | 100.0% | — |
Approval sizes
- $50,000 or less15.3%38
- $50,001 to $150,00025.3%63
- $150,001 to $350,00024.9%62
- $350,001 to $1 million25.7%64
- $1 million to $2 million4.4%11
- Over $2 million4.4%11
Age of the businesses
- Existing, more than 2 years old46.6%116
- New business, 2 years or less20.5%51
- Startup, loan funds will open the business17.7%44
- Change of ownership15.3%38
Questions and answers
Which lenders make the most SBA loans in St. Louis County?
By approvals in FY2021 to FY2025: Northeast Entrepreneur Fund, Inc. (46), Frandsen Bank and Trust (29), Midwest Business Finance Corporation (21), U.S. Bank, National Association (15), Members Cooperative Credit Union (13). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in St. Louis County?
The median 7(a) approval was $175K and the median 504 approval $535K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in St. Louis County?
Restaurants and Other Eating Places (27); Traveler Accommodation (13); Other Amusement and Recreation Industries (10); Offices of Other Health Practitioners (10); Commercial and Industrial Machinery and Equipment Rental and Leasing (6).
Is SBA lending in St. Louis County rising?
Approvals in the three latest complete fiscal years total 112, against 219 in the three before: falling (-49%).
How does St. Louis County compare with the rest of Minnesota?
46.5 approvals per 1,000 establishments against 62.4 statewide, and 249 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