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County6th of 87 in Minnesota by approvalsFIPS 27145
SBA loans in Stearns 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 339 loans to businesses in Stearns County, Minnesota, in FY2021 to FY2025, worth $168M: 281 under 7(a) and 58 under 504.
That is 75.8 approvals per 1,000 business establishments (4,474 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 6th of 87 Minnesota counties with approvals. In FY2025 there were 55, down 13% on FY2024.
47 lenders had approvals here; the most active were Midwest Business Finance Corporation (51), Falcon National Bank (48) and Magnifi Financial CU (42). 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 Stearns County
By number of approvals to businesses in the county, FY2021–FY2025; 47 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 51 | $39.0M | 15.0% | |
| 2 | Falcon National BankFoley, MN | 48 | $24.7M | 14.2% | |
| 3 | Magnifi Financial CUMelrose, MN | 42 | $12.9M | 12.4% | |
| 4 | BankVistaSartell, MN | 36 | $11.5M | 10.6% | |
| 5 | Old National BankEvansville, IN | 13 | $9.4M | 3.8% | |
| 6 | Minnwest BankRedwood Falls, MN | 13 | $7.2M | 3.8% | |
| 7 | Stearns Bank National AssociationSaint Cloud, MN | 12 | $11.4M | 3.5% | |
| 8 | St Cloud Financial Credit UnionSartell, MN | 12 | $7.6M | 3.5% | |
| 9 | Granite BankCold Spring, MN | 11 | $3.5M | 3.2% | |
| 10 | Sentry BankSaint Joseph, MN | 11 | $2.8M | 3.2% | |
| 11 | Kensington BankKensington, MN | 10 | $2.6M | 2.9% | |
| 12 | U.S. Bank, National AssociationCincinnati, OH | 7 | $2.1M | 2.1% | |
| 13 | Frandsen Bank and TrustArden Hills, MN | 7 | $1.7M | 2.1% | |
| 14 | The Huntington National BankColumbus, OH | 5 | $294K | 1.5% | |
| 15 | Amplio Economic Development CorporationArden Hills, MN · CDC | 4 | $2.3M | 1.2% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 30 | 8.8% | |
| 2 | Offices of Other Health PractitionersNAICS 6213 | 16 | 4.7% | |
| 3 | Home Health Care ServicesNAICS 6216 | 12 | 3.5% | |
| 4 | Personal Care ServicesNAICS 8121 | 11 | 3.2% | |
| 5 | General Freight TruckingNAICS 4841 | 10 | 2.9% | |
| 6 | Other Wood Product ManufacturingNAICS 3219 | 9 | 2.7% | |
| 7 | Other Specialty Trade ContractorsNAICS 2389 | 8 | 2.4% | |
| 8 | Other Amusement and Recreation IndustriesNAICS 7139 | 8 | 2.4% | |
| 9 | Services to Buildings and DwellingsNAICS 5617 | 8 | 2.4% | |
| 10 | Building Equipment ContractorsNAICS 2382 | 8 | 2.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 59 | 17.4% | |
| 2 | Accommodation and Food Services | 45 | 13.3% | |
| 3 | Health Care and Social Assistance | 43 | 12.7% | |
| 4 | Manufacturing | 40 | 11.8% | |
| 5 | Construction | 28 | 8.3% | |
| 6 | Transportation and Warehousing | 22 | 6.5% | |
| 7 | Other Services (except Public Administration) | 20 | 5.9% | |
| 8 | Professional, Scientific, and Technical Services | 17 | 5.0% |
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* | 31 | $12.1M | $150K | 4 | $2.1M | 35 | 316 |
| FY2025 | 43 | $17.5M | $189K | 12 | $9.3M | 55 | 1,015 |
| FY2024 | 51 | $19.7M | $150K | 12 | $10.4M | 63 | 463 |
| FY2023 | 53 | $19.0M | $213K | 5 | $2.9M | 58 | 648 |
| FY2022 | 53 | $19.2M | $145K | 16 | $14.6M | 69 | 981 |
| FY2021 | 81 | $49.5M | $347K | 13 | $5.7M | 94 | 1,182 |
| FY2020 | 57 | $24.3M | $164K | 11 | $10.4M | 68 | 949 |
| FY2019 | 43 | $10.9M | $108K | 14 | $8.6M | 57 | 621 |
| FY2018 | 48 | $11.3M | $105K | 6 | $3.5M | 54 | 789 |
| FY2017 | 67 | $22.5M | $136K | 12 | $5.7M | 79 | 941 |
| FY2016 | 63 | $21.9M | $85K | 12 | $8.7M | 75 | 760 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 333 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Stearns County | Minnesota | United States |
|---|---|---|---|
| Approvals | 339 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 75.8 | 62.4 | 41.0 |
| Median 7(a) approval | $200K | $170K | $190K |
| Median 504 approval | $512K | $545K | $657K |
| Average approval | $495K | $497K | $573K |
| 504 share of approvals | 17.1% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 12.7 | 11.7 | 10.5 |
| Share of state approvals | 3.5% | 100.0% | — |
Approval sizes
- $50,000 or less13.9%47
- $50,001 to $150,00021.8%74
- $150,001 to $350,00023.6%80
- $350,001 to $1 million28.3%96
- $1 million to $2 million7.7%26
- Over $2 million4.7%16
Age of the businesses
- Existing, more than 2 years old52.2%177
- New business, 2 years or less17.7%60
- Startup, loan funds will open the business16.5%56
- Change of ownership13.6%46
Questions and answers
Which lenders make the most SBA loans in Stearns County?
By approvals in FY2021 to FY2025: Midwest Business Finance Corporation (51), Falcon National Bank (48), Magnifi Financial CU (42), BankVista (36), Old National Bank (13). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Stearns County?
The median 7(a) approval was $200K and the median 504 approval $512K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Stearns County?
Restaurants and Other Eating Places (30); Offices of Other Health Practitioners (16); Home Health Care Services (12); Personal Care Services (11); General Freight Trucking (10).
Is SBA lending in Stearns County rising?
Approvals in the three latest complete fiscal years total 176, against 231 in the three before: falling (-24%).
How does Stearns County compare with the rest of Minnesota?
75.8 approvals per 1,000 establishments against 62.4 statewide, and 339 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