Lenders › Alerus Financial, National Association
7(a) lenderGrand Forks, North DakotaFDIC-insured bank206th of 2,184 by approvals
Alerus Financial, National Association
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
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.
Alerus Financial, National Association (Grand Forks, North Dakota) is an FDIC-insured bank in the SBA 7(a) program, 206th of 2,184 by approvals in FY2021 to FY2025: 187 loans worth $171M.
In FY2025, the latest complete fiscal year, it had 33 approvals totalling $35.9M, up 14% on FY2024 (29). FY2026 to 30 Jun 2026 adds 19 more.
The median approval was $525K, against $190K for the 7(a) program as a whole; 11.8% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 10 states and territories and 41 counties, led by Arizona (42.8%), Minnesota (35.3%) and North Dakota (10.2%). The largest industry group was retail trade at 17.6% of approvals, and 17.1% of approvals were to franchise businesses.
Of 378 disbursed loans approved in FY2010 to FY2021, SBA records 23 as charged off (6.1%), 284 as paid in full and 71 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is close to it.
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. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 19 | $12.1M | $380K | $637K | 143 |
| FY2025 | 33 | $35.9M | $500K | $1.1M | 713 |
| FY2024 | 29 | $26.5M | $730K | $914K | 374 |
| FY2023 | 32 | $25.0M | $379K | $780K | 535 |
| FY2022 | 34 | $32.9M | $599K | $969K | 487 |
| FY2021 | 59 | $50.8M | $637K | $861K | 1,139 |
| FY2020 | 23 | $11.6M | $438K | $504K | 158 |
| FY2019 | 14 | $10.9M | $561K | $779K | 119 |
| FY2018 | 18 | $11.9M | $480K | $658K | 264 |
| FY2017 | 24 | $24.8M | $392K | $1.0M | 181 |
| FY2016 | 30 | $24.7M | $627K | $825K | 258 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 109 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Arizona | 7(a) program |
|---|---|---|---|
| Approvals in these years | 415 | 12,990 | 639,905 |
| Cancelled or never disbursed | 37 | 1,486 | 79,313 |
| Disbursed loans | 378 | 11,504 | 560,592 |
| Paid in full | 284 | 8,917 | 435,813 |
| Charged off | 23 | 692 | 36,891 |
| Still outstanding (status exempt from disclosure) | 71 | 1,895 | 87,888 |
| Charged off, share of disbursed loans | 6.1% | 6.0% | 6.6% |
| Dollars charged off, share of disbursed dollars | 2.1% | 1.9% | 2.5% |
| Dollars charged off | $6.5M | $110M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 56 | 19 | 0 | 0.0% | 2.8% |
| FY2020 | 22 | 8 | 1 | — | 4.0% |
| FY2019 | 14 | 8 | 0 | — | 6.7% |
| FY2018 | 17 | 12 | 0 | — | 7.9% |
| FY2017 | 20 | 19 | 0 | — | 7.7% |
| FY2016 | 28 | 25 | 1 | — | 7.2% |
| FY2015 | 25 | 20 | 2 | — | 6.9% |
| FY2014 | 32 | 30 | 2 | 6.3% | 6.4% |
| FY2013 | 44 | 41 | 3 | 6.8% | 6.0% |
| FY2012 | 45 | 39 | 5 | 11.1% | 6.3% |
| FY2011 | 46 | 38 | 5 | 10.9% | 6.9% |
| FY2010 | 29 | 25 | 4 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $525K | $190K |
| Average approval | $915K | $518K |
| Approvals of $150,000 or less | 11.8% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 35.8% | 34.3% |
| Approvals to franchise businesses | 17.1% | 11.5% |
| Jobs supported per approval, as reported | 17.4 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 6.1% | 6.6% |
States served
| # | State of the business (10 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Arizona | 80 | $71.5M | 42.8% | |
| 2 | Minnesota | 66 | $57.9M | 35.3% | |
| 3 | North Dakota | 19 | $22.7M | 10.2% | |
| 4 | Wisconsin | 10 | $12.6M | 5.3% | |
| 5 | Utah | 5 | $3.1M | 2.7% | |
| 6 | Colorado | 2 | — | 1.1% | |
| 7 | Iowa | 2 | — | 1.1% | |
| 8 | California | 1 | — | 0.5% | |
| 9 | Illinois | 1 | — | 0.5% | |
| 10 | Tennessee | 1 | — | 0.5% |
In Arizona the lender accounts for 1.3% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (41 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Maricopa County, AZ | 72 | $63.4M | 38.5% | |
| 2 | Hennepin County, MN | 28 | $16.4M | 15.0% | |
| 3 | Cass County, ND | 12 | $5.0M | 6.4% | |
| 4 | Olmsted County, MN | 10 | $14.0M | 5.3% | |
| 5 | Anoka County, MN | 7 | $9.2M | 3.7% | |
| 6 | Grand Forks County, ND | 5 | $12.7M | 2.7% | |
| 7 | Ramsey County, MN | 5 | $5.9M | 2.7% | |
| 8 | Salt Lake County, UT | 3 | $1.6M | 1.6% | |
| 9 | Washington County, MN | 3 | $740K | 1.6% | |
| 10 | Carver County, MN | 3 | $563K | 1.6% | |
| 11 | St. Croix County, WI | 2 | — | 1.1% | |
| 12 | Dakota County, MN | 2 | — | 1.1% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Retail Trade | 33 | 17.6% | |
| 2 | Health Care and Social Assistance | 26 | 13.9% | |
| 3 | Other Services (except Public Administration) | 25 | 13.4% | |
| 4 | Accommodation and Food Services | 21 | 11.2% | |
| 5 | Construction | 16 | 8.6% | |
| 6 | Professional, Scientific, and Technical Services | 15 | 8.0% | |
| 7 | Manufacturing | 14 | 7.5% | |
| 8 | Wholesale Trade | 10 | 5.3% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 19 | 10.2% | |
| 2 | Personal Care ServicesNAICS 8121 | 15 | 8.0% | |
| 3 | Offices of Other Health PractitionersNAICS 6213 | 9 | 4.8% | |
| 4 | Building Equipment ContractorsNAICS 2382 | 8 | 4.3% | |
| 5 | Gasoline StationsNAICS 4471 | 7 | 3.7% | |
| 6 | Continuing Care Retirement Communities and Assisted Living Facilities for the ElderlyNAICS 6233 | 6 | 3.2% | |
| 7 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 5 | 2.7% | |
| 8 | Grocery StoresNAICS 4451 | 5 | 2.7% | |
| 9 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 2.1% | |
| 10 | Other Personal ServicesNAICS 8129 | 4 | 2.1% |
Approval sizes
- $50,000 or less2.1%4
- $50,001 to $150,0009.6%18
- $150,001 to $350,00018.2%34
- $350,001 to $1 million40.6%76
- $1 million to $2 million16.0%30
- Over $2 million13.4%25
Loan terms
- 5 years or less0.5%1
- Over 5 to 10 years62.6%117
- Over 10 to 20 years7.5%14
- Over 20 years29.4%55
Age of the businesses
- Existing, more than 2 years old40.6%76
- New business, 2 years or less24.1%45
- Startup, loan funds will open the business11.8%22
- Change of ownership23.0%43
- Not answered0.5%1
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 153 | 81.8% | |
| 2 | SBA Express Program | 20 | 10.7% | |
| 3 | Working Capital CAPLine | 7 | 3.7% | |
| 4 | 7a General | 6 | 3.2% | |
| 5 | 7a with EWCP | 1 | 0.5% |
Franchise share
32 of 187 approvals in FY2021–FY2025 (17.1%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Hello Sugar, Brazilian Wax and Sugar Salon | 9 | 4.8% | |
| 2 | Urban Wok | 3 | 1.6% | |
| 3 | Arco | 3 | 1.6% | |
| 4 | Culver's ButterBurgers & Frozen Custard | 2 | 1.1% | |
| 5 | Qamaria Coffee | 2 | 1.1% | |
| 6 | The Flying Locksmiths | 2 | 1.1% | |
| 7 | Perspire Sauna Studio | 2 | 1.1% | |
| 8 | Hardware Hank | 1 | 0.5% |
Questions and answers
How many SBA loans does Alerus Financial, National Association make?
SBA approved 33 7(a) loans through Alerus Financial, National Association in FY2025, worth $35.9M, and 187 over FY2021 to FY2025. That ranks 206th of 2,184 active 7(a) lenders by number of approvals.
How large are Alerus Financial, National Association's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $525K and the average $915K. The program-wide median was $190K.
What is Alerus Financial, National Association's charge-off rate?
Of 378 disbursed loans approved in FY2010 to FY2021, SBA records 23 as charged off (6.1%), 284 as paid in full and 71 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is close to it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Alerus Financial, National Association lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (19); personal care services (15); offices of other health practitioners (9); building equipment contractors (8).
Where does Alerus Financial, National Association make SBA loans?
In 10 states and territories. Arizona 80, Minnesota 66, North Dakota 19, Wisconsin 10, Utah 5. In Arizona it accounts for 1.3% of all 7(a) approvals.
Is Alerus Financial, National Association's SBA lending rising?
Approvals in the three latest complete fiscal years total 94, against 116 in the three before: falling (-19%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
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. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error