Lenders › Choice Financial Group
7(a) lenderFargo, North DakotaFDIC-insured bank191st of 2,184 by approvals
Choice Financial Group
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.
Choice Financial Group (Fargo, North Dakota) is an FDIC-insured bank in the SBA 7(a) program, 191st of 2,184 by approvals in FY2021 to FY2025: 203 loans worth $101M.
In FY2025, the latest complete fiscal year, it had 28 approvals totalling $14.6M, down 47% on FY2024 (53). FY2026 to 30 Jun 2026 adds 14 more.
The median approval was $316K, against $190K for the 7(a) program as a whole; 27.1% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 6 states and territories and 28 counties, led by Minnesota (80.8%), North Dakota (14.3%) and Arizona (2.0%). The largest industry group was manufacturing at 20.7% of approvals, and 15.3% of approvals were to franchise businesses.
Of 558 disbursed loans approved in FY2010 to FY2021, SBA records 8 as charged off (1.4%), 509 as paid in full and 41 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below 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* | 14 | $5.6M | $255K | $401K | 190 |
| FY2025 | 28 | $14.6M | $250K | $520K | 578 |
| FY2024 | 53 | $21.6M | $250K | $408K | 698 |
| FY2023 | 48 | $22.0M | $300K | $459K | 956 |
| FY2022 | 40 | $20.1M | $333K | $503K | 818 |
| FY2021 | 34 | $22.9M | $465K | $673K | 746 |
| FY2020 | 31 | $26.2M | $330K | $844K | 669 |
| FY2019 | 52 | $25.0M | $200K | $482K | 720 |
| FY2018 | 66 | $31.6M | $175K | $478K | 996 |
| FY2017 | 64 | $24.2M | $128K | $378K | 714 |
| FY2016 | 66 | $19.6M | $125K | $298K | 1,133 |
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 279 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 | Minnesota | 7(a) program |
|---|---|---|---|
| Approvals in these years | 666 | 18,934 | 639,905 |
| Cancelled or never disbursed | 108 | 2,040 | 79,313 |
| Disbursed loans | 558 | 16,894 | 560,592 |
| Paid in full | 509 | 13,664 | 435,813 |
| Charged off | 8 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 41 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 1.4% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 0.2% | 2.4% | 2.5% |
| Dollars charged off | $626K | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 27 | 12 | 0 | — | 2.8% |
| FY2020 | 27 | 19 | 0 | — | 4.0% |
| FY2019 | 46 | 37 | 1 | 2.2% | 6.7% |
| FY2018 | 55 | 52 | 0 | 0.0% | 7.9% |
| FY2017 | 57 | 54 | 0 | 0.0% | 7.7% |
| FY2016 | 59 | 56 | 1 | 1.7% | 7.2% |
| FY2015 | 58 | 58 | 0 | 0.0% | 6.9% |
| FY2014 | 49 | 48 | 1 | 2.0% | 6.4% |
| FY2013 | 46 | 45 | 1 | 2.2% | 6.0% |
| FY2012 | 30 | 30 | 0 | 0.0% | 6.3% |
| FY2011 | 61 | 57 | 2 | 3.3% | 6.9% |
| FY2010 | 43 | 41 | 2 | 4.7% | 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 | $316K | $190K |
| Average approval | $498K | $518K |
| Approvals of $150,000 or less | 27.1% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 34.0% | 34.3% |
| Approvals to franchise businesses | 15.3% | 11.5% |
| Jobs supported per approval, as reported | 18.7 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 1.4% | 6.6% |
States served
| # | State of the business (6 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 164 | $85.2M | 80.8% | |
| 2 | North Dakota | 29 | $9.2M | 14.3% | |
| 3 | Arizona | 4 | $4.7M | 2.0% | |
| 4 | Wisconsin | 3 | $774K | 1.5% | |
| 5 | South Dakota | 2 | — | 1.0% | |
| 6 | Colorado | 1 | — | 0.5% |
In Minnesota the lender accounts for 2.0% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (28 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 67 | $33.1M | 33.0% | |
| 2 | Ramsey County, MN | 23 | $14.7M | 11.3% | |
| 3 | Dakota County, MN | 20 | $6.5M | 9.9% | |
| 4 | Cass County, ND | 18 | $6.0M | 8.9% | |
| 5 | Washington County, MN | 13 | $9.0M | 6.4% | |
| 6 | Anoka County, MN | 9 | $4.0M | 4.4% | |
| 7 | Wright County, MN | 6 | $4.9M | 3.0% | |
| 8 | Stark County, ND | 6 | $1.4M | 3.0% | |
| 9 | St. Louis County, MN | 5 | $1.2M | 2.5% | |
| 10 | Maricopa County, AZ | 4 | $4.7M | 2.0% | |
| 11 | Carver County, MN | 4 | $548K | 2.0% | |
| 12 | Stearns County, MN | 3 | $1.1M | 1.5% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Manufacturing | 42 | 20.7% | |
| 2 | Accommodation and Food Services | 23 | 11.3% | |
| 3 | Arts, Entertainment, and Recreation | 18 | 8.9% | |
| 4 | Wholesale Trade | 16 | 7.9% | |
| 5 | Construction | 15 | 7.4% | |
| 6 | Other Services (except Public Administration) | 14 | 6.9% | |
| 7 | Professional, Scientific, and Technical Services | 12 | 5.9% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 11 | 5.4% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 22 | 10.8% | |
| 2 | Other Amusement and Recreation IndustriesNAICS 7139 | 17 | 8.4% | |
| 3 | Personal Care ServicesNAICS 8121 | 8 | 3.9% | |
| 4 | Other Specialty Trade ContractorsNAICS 2389 | 7 | 3.4% | |
| 5 | Miscellaneous Durable Goods Merchant WholesalersNAICS 4239 | 6 | 3.0% | |
| 6 | Other Schools and InstructionNAICS 6116 | 6 | 3.0% | |
| 7 | General Freight TruckingNAICS 4841 | 5 | 2.5% | |
| 8 | Printing and Related Support ActivitiesNAICS 3231 | 5 | 2.5% | |
| 9 | Pharmaceutical and Medicine ManufacturingNAICS 3254 | 4 | 2.0% | |
| 10 | Beverage ManufacturingNAICS 3121 | 4 | 2.0% |
Approval sizes
- $50,000 or less7.9%16
- $50,001 to $150,00019.2%39
- $150,001 to $350,00029.1%59
- $350,001 to $1 million33.5%68
- $1 million to $2 million6.4%13
- Over $2 million3.9%8
Loan terms
- 5 years or less10.8%22
- Over 5 to 10 years81.3%165
- Over 10 to 20 years3.9%8
- Over 20 years3.9%8
Age of the businesses
- Existing, more than 2 years old58.1%118
- New business, 2 years or less12.8%26
- Startup, loan funds will open the business21.2%43
- Change of ownership7.9%16
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 128 | 63.1% | |
| 2 | SBA Express Program | 59 | 29.1% | |
| 3 | 7a General | 4 | 2.0% | |
| 4 | Working Capital CAPLine | 4 | 2.0% | |
| 5 | 7(a) WCP | 3 | 1.5% | |
| 6 | 7a with EWCP | 3 | 1.5% |
Franchise share
31 of 203 approvals in FY2021–FY2025 (15.3%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Burn Boot Camp Fitness | 5 | 2.5% | |
| 2 | Paul Davis Restoration | 4 | 2.0% | |
| 3 | Jimmy John's | 3 | 1.5% | |
| 4 | Paris Baguette | 2 | 1.0% | |
| 5 | Amazing Lash Studio | 2 | 1.0% | |
| 6 | Superior Fence & Rail | 2 | 1.0% | |
| 7 | Papa Murphy's Take 'N' Bake Pizza | 2 | 1.0% | |
| 8 | Hounds Town USA | 1 | 0.5% |
Questions and answers
How many SBA loans does Choice Financial Group make?
SBA approved 28 7(a) loans through Choice Financial Group in FY2025, worth $14.6M, and 203 over FY2021 to FY2025. That ranks 191st of 2,184 active 7(a) lenders by number of approvals.
How large are Choice Financial Group's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $316K and the average $498K. The program-wide median was $190K.
What is Choice Financial Group's charge-off rate?
Of 558 disbursed loans approved in FY2010 to FY2021, SBA records 8 as charged off (1.4%), 509 as paid in full and 41 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below 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 Choice Financial Group lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (22); other amusement and recreation industries (17); personal care services (8); other specialty trade contractors (7).
Where does Choice Financial Group make SBA loans?
In 6 states and territories. Minnesota 164, North Dakota 29, Arizona 4, Wisconsin 3, South Dakota 2. In Minnesota it accounts for 2.0% of all 7(a) approvals.
Is Choice Financial Group's SBA lending rising?
Approvals in the three latest complete fiscal years total 129, against 105 in the three before: rising (+23%).
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