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County31st of 87 in Minnesota by approvalsFIPS 27147
SBA loans in Steele 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 44 loans to businesses in Steele County, Minnesota, in FY2021 to FY2025, worth $11.1M: 41 under 7(a) and 3 under 504.
That is 43.0 approvals per 1,000 business establishments (1,024 establishments in 2023), below the Minnesota figure of 62.4 and close to the national 41.0.
It ranks 31st of 87 Minnesota counties with approvals. In FY2025 there were 2, down 80% on FY2024.
17 lenders had approvals here; the most active were United Prairie Bank (8), Community Bank Owatonna (5) and Frandsen Bank and Trust (4). The most common industry was building equipment contractors.
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 Steele County
By number of approvals to businesses in the county, FY2021–FY2025; 17 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | United Prairie BankMountain Lake, MN | 8 | $829K | 18.2% | |
| 2 | Community Bank OwatonnaOwatonna, MN | 5 | $450K | 11.4% | |
| 3 | Frandsen Bank and TrustArden Hills, MN | 4 | $1.1M | 9.1% | |
| 4 | Manufacturers Bank and Trust CompanyForest City, IA | 4 | $542K | 9.1% | |
| 5 | Wells Fargo Bank National AssociationSioux Falls, SD | 4 | $517K | 9.1% | |
| 6 | U.S. Bank, National AssociationCincinnati, OH | 4 | $91K | 9.1% | |
| 7 | The Huntington National BankColumbus, OH | 3 | $1.2M | 6.8% | |
| 8 | Arcadian BankHartland, MN | 2 | — | 4.5% | |
| 9 | Profinium IncTruman, MN | 2 | — | 4.5% | |
| 10 | Old National BankEvansville, IN | 1 | — | 2.3% | |
| 11 | Amplio Economic Development CorporationArden Hills, MN · CDC | 1 | — | 2.3% | |
| 12 | Northeast BankLewiston, ME | 1 | — | 2.3% | |
| 13 | Southeastern Minnesota 504 Development CorporationRochester, MN · CDC | 1 | — | 2.3% | |
| 14 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 1 | — | 2.3% | |
| 15 | United Midwest Savings Bank National AssociationDe Graff, OH | 1 | — | 2.3% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Building Equipment ContractorsNAICS 2382 | 5 | 11.4% | |
| 2 | Services to Buildings and DwellingsNAICS 5617 | 4 | 9.1% | |
| 3 | Automotive Repair and MaintenanceNAICS 8111 | 4 | 9.1% | |
| 4 | Restaurants and Other Eating PlacesNAICS 7225 | 3 | 6.8% | |
| 5 | Metalworking Machinery ManufacturingNAICS 3335 | 3 | 6.8% | |
| 6 | Sporting Goods, Hobby, and Musical Instrument RetailersNAICS 4591 | 3 | 6.8% | |
| 7 | Spectator SportsNAICS 7112 | 2 | 4.5% | |
| 8 | Specialty Food StoresNAICS 4452 | 2 | 4.5% | |
| 9 | Miscellaneous Durable Goods Merchant WholesalersNAICS 4239 | 2 | 4.5% | |
| 10 | Specialized Freight TruckingNAICS 4842 | 2 | 4.5% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 10 | 22.7% | |
| 2 | Other Services (except Public Administration) | 6 | 13.6% | |
| 3 | Construction | 6 | 13.6% | |
| 4 | Transportation and Warehousing | 4 | 9.1% | |
| 5 | Administrative and Support and Waste Management and Remediation Services | 4 | 9.1% | |
| 6 | Accommodation and Food Services | 3 | 6.8% | |
| 7 | Manufacturing | 3 | 6.8% | |
| 8 | Wholesale Trade | 3 | 6.8% |
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* | 3 | $1.5M | $548K | 1 | — | 4 | 37 |
| FY2025 | 2 | — | — | 0 | — | 2 | 11 |
| FY2024 | 10 | $2.2M | $159K | 0 | — | 10 | 53 |
| FY2023 | 8 | $1.9M | $96K | 1 | — | 9 | 54 |
| FY2022 | 5 | $360K | $50K | 2 | — | 7 | 40 |
| FY2021 | 16 | $5.8M | $130K | 0 | — | 16 | 149 |
| FY2020 | 21 | $4.8M | $125K | 0 | — | 21 | 142 |
| FY2019 | 6 | $1.6M | $111K | 3 | $1.4M | 9 | 94 |
| FY2018 | 10 | $3.0M | $103K | 1 | — | 11 | 91 |
| FY2017 | 9 | $3.5M | $315K | 1 | — | 10 | 88 |
| FY2016 | 8 | $966K | $63K | 1 | — | 9 | 25 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 60 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Steele County | Minnesota | United States |
|---|---|---|---|
| Approvals | 44 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 43.0 | 62.4 | 41.0 |
| Median 7(a) approval | $100K | $170K | $190K |
| Median 504 approval | $172K | $545K | $657K |
| Average approval | $252K | $497K | $573K |
| 504 share of approvals | 6.8% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 7.0 | 11.7 | 10.5 |
| Share of state approvals | 0.5% | 100.0% | — |
Approval sizes
- $50,000 or less31.8%14
- $50,001 to $150,00029.5%13
- $150,001 to $350,00022.7%10
- $350,001 to $1 million11.4%5
- $1 million to $2 million2.3%1
- Over $2 million2.3%1
Age of the businesses
- Existing, more than 2 years old43.2%19
- New business, 2 years or less25.0%11
- Startup, loan funds will open the business20.5%9
- Change of ownership11.4%5
Questions and answers
Which lenders make the most SBA loans in Steele County?
By approvals in FY2021 to FY2025: United Prairie Bank (8), Community Bank Owatonna (5), Frandsen Bank and Trust (4), Manufacturers Bank and Trust Company (4), Wells Fargo Bank National Association (4). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Steele County?
The median 7(a) approval was $100K and the median 504 approval $172K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Steele County?
Building Equipment Contractors (5); Services to Buildings and Dwellings (4); Automotive Repair and Maintenance (4); Restaurants and Other Eating Places (3); Metalworking Machinery Manufacturing (3).
Is SBA lending in Steele County rising?
Approvals in the three latest complete fiscal years total 21, against 44 in the three before: falling (-52%).
How does Steele County compare with the rest of Minnesota?
43.0 approvals per 1,000 establishments against 62.4 statewide, and 44 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