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County38th of 87 in Minnesota by approvalsFIPS 27159
SBA loans in Wadena 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 34 loans to businesses in Wadena County, Minnesota, in FY2021 to FY2025, worth $13.0M: 32 under 7(a) and 2 under 504.
That is 85.2 approvals per 1,000 business establishments (399 establishments in 2023), above the Minnesota figure of 62.4 and above the national 41.0.
It ranks 38th of 87 Minnesota counties with approvals. In FY2025 there were 4.
11 lenders had approvals here; the most active were Wadena State Bank (20), My Kind of Bank National Association (3) and Old National Bank (3). The most common industry was automotive repair and maintenance.
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 Wadena County
By number of approvals to businesses in the county, FY2021–FY2025; 11 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Wadena State BankWadena, MN | 20 | $6.5M | 58.8% | |
| 2 | My Kind of Bank National AssociationOttertail, MN | 3 | $2.2M | 8.8% | |
| 3 | Old National BankEvansville, IN | 3 | $900K | 8.8% | |
| 4 | Falcon National BankFoley, MN | 1 | — | 2.9% | |
| 5 | Magnifi Financial CUMelrose, MN | 1 | — | 2.9% | |
| 6 | Dakota Business LendingFargo, ND · CDC | 1 | — | 2.9% | |
| 7 | Midwest Business Finance CorporationSt. Cloud, MN · CDC | 1 | — | 2.9% | |
| 8 | Mid Minnesota Federal Credit UnionBaxter, MN | 1 | — | 2.9% | |
| 9 | Northeast BankLewiston, ME | 1 | — | 2.9% | |
| 10 | Community First BankMenahga, MN | 1 | — | 2.9% | |
| 11 | The Citizens National Bank of Park RapidsPark Rapids, MN | 1 | — | 2.9% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Automotive Repair and MaintenanceNAICS 8111 | 4 | 11.8% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 4 | 11.8% | |
| 3 | Death Care ServicesNAICS 8122 | 3 | 8.8% | |
| 4 | Utility System ConstructionNAICS 2371 | 2 | 5.9% | |
| 5 | Other Specialty Trade ContractorsNAICS 2389 | 2 | 5.9% | |
| 6 | Cattle Ranching and FarmingNAICS 1121 | 2 | 5.9% | |
| 7 | Automobile DealersNAICS 4411 | 2 | 5.9% | |
| 8 | Bakeries and Tortilla ManufacturingNAICS 3118 | 2 | 5.9% | |
| 9 | Beverage ManufacturingNAICS 3121 | 2 | 5.9% | |
| 10 | Clay Product and Refractory ManufacturingNAICS 3271 | 2 | 5.9% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 7 | 20.6% | |
| 2 | Manufacturing | 6 | 17.6% | |
| 3 | Construction | 5 | 14.7% | |
| 4 | Accommodation and Food Services | 5 | 14.7% | |
| 5 | Agriculture, Forestry, Fishing and Hunting | 3 | 8.8% | |
| 6 | Retail Trade | 3 | 8.8% | |
| 7 | Health Care and Social Assistance | 2 | 5.9% | |
| 8 | Wholesale Trade | 1 | 2.9% |
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* | 0 | — | — | 0 | — | 0 | 0 |
| FY2025 | 4 | $2.8M | $158K | 0 | — | 4 | 13 |
| FY2024 | 5 | $2.6M | $350K | 0 | — | 5 | 50 |
| FY2023 | 6 | $2.6M | $130K | 1 | — | 7 | 98 |
| FY2022 | 3 | $1.3M | $300K | 1 | — | 4 | 28 |
| FY2021 | 14 | $2.9M | $138K | 0 | — | 14 | 268 |
| FY2020 | 17 | $5.3M | $222K | 0 | — | 17 | 405 |
| FY2019 | 2 | — | — | 0 | — | 2 | 5 |
| FY2018 | 5 | $6.8M | $975K | 0 | — | 5 | 174 |
| FY2017 | 6 | $5.6M | $110K | 0 | — | 6 | 277 |
| FY2016 | 3 | $1.8M | $300K | 1 | — | 4 | 72 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 34 approvals.
Against Minnesota and the country
| FY2021–FY2025 | Wadena County | Minnesota | United States |
|---|---|---|---|
| Approvals | 34 | 9,634 | 342,825 |
| Approvals per 1,000 establishments | 85.2 | 62.4 | 41.0 |
| Median 7(a) approval | $178K | $170K | $190K |
| Median 504 approval | — | $545K | $657K |
| Average approval | $383K | $497K | $573K |
| 504 share of approvals | 5.9% | 14.8% | 11.0% |
| Jobs supported per approval, as reported | 13.4 | 11.7 | 10.5 |
| Share of state approvals | 0.4% | 100.0% | — |
Approval sizes
- $50,000 or less11.8%4
- $50,001 to $150,00032.4%11
- $150,001 to $350,00032.4%11
- $350,001 to $1 million14.7%5
- $1 million to $2 million5.9%2
- Over $2 million2.9%1
Age of the businesses
- Existing, more than 2 years old55.9%19
- New business, 2 years or less26.5%9
- Startup, loan funds will open the business17.6%6
Questions and answers
Which lenders make the most SBA loans in Wadena County?
By approvals in FY2021 to FY2025: Wadena State Bank (20), My Kind of Bank National Association (3), Old National Bank (3), Falcon National Bank (1), Magnifi Financial CU (1). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Wadena County?
The median 7(a) approval was $178K; the Minnesota 7(a) median was $170K.
Which industries get the most SBA loans in Wadena County?
Automotive Repair and Maintenance (4); Restaurants and Other Eating Places (4); Death Care Services (3); Utility System Construction (2); Other Specialty Trade Contractors (2).
Is SBA lending in Wadena County rising?
Approvals in the three latest complete fiscal years total 16, against 35 in the three before: falling (-54%).
How does Wadena County compare with the rest of Minnesota?
85.2 approvals per 1,000 establishments against 62.4 statewide, and 34 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