Lenders › Midwest Business Finance Corporation
504 CDCSt. Cloud, Minnesotacertified development company16th of 182 by approvals
Midwest Business Finance Corporation
SBA 504 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.
In FY2021 to FY2025 SBA approved 616 504 loans, worth $486M, through Midwest Business Finance Corporation of St. Cloud, Minnesota, a certified development company (CDC) that makes SBA 504 loans. By number of approvals that is 16th among 182 active CDCs.
In FY2025, the latest complete fiscal year, it had 97 approvals totalling $101M, up 9% on FY2024 (89). FY2026 to 30 Jun 2026 adds 58 more.
The median approval was $506K, against $657K for the 504 program as a whole; 6.8% of its approvals were for $150,000 or less (program: 4.6%).
Its loans went to businesses in 6 states and territories and 92 counties, led by Minnesota (90.6%), North Dakota (5.5%) and Wisconsin (1.9%). The largest industry group was accommodation and food services at 21.6% of approvals, and 7.8% of approvals were to franchise businesses.
Of 1,316 disbursed loans approved in FY2010 to FY2021, SBA records 16 as charged off (1.2%), 606 as paid in full and 694 still outstanding; the 504 program figure for the same approval years is 1.2%, 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* | 58 | $48.1M | $507K | $829K | 496 |
| FY2025 | 97 | $101M | $719K | $1.0M | 1,065 |
| FY2024 | 89 | $73.7M | $562K | $828K | 707 |
| FY2023 | 90 | $71.8M | $445K | $798K | 821 |
| FY2022 | 171 | $132M | $518K | $775K | 1,912 |
| FY2021 | 169 | $107M | $410K | $634K | 1,550 |
| FY2020 | 130 | $74.8M | $400K | $576K | 971 |
| FY2019 | 115 | $64.0M | $392K | $557K | 828 |
| FY2018 | 119 | $54.0M | $346K | $454K | 709 |
| FY2017 | 126 | $65.0M | $334K | $516K | 743 |
| FY2016 | 124 | $70.3M | $342K | $567K | 1,065 |
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 614 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 | 504 program |
|---|---|---|---|
| Approvals in these years | 1,480 | 3,436 | 85,591 |
| Cancelled or never disbursed | 164 | 324 | 12,514 |
| Disbursed loans | 1,316 | 3,112 | 73,077 |
| Paid in full | 606 | 1,446 | 35,491 |
| Charged off | 16 | 40 | 905 |
| Still outstanding (status exempt from disclosure) | 694 | 1,626 | 36,681 |
| Charged off, share of disbursed loans | 1.2% | 1.3% | 1.2% |
| Dollars charged off, share of disbursed dollars | 0.8% | 0.8% | 0.9% |
| Dollars charged off | $5.9M | $15.4M | $499M |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 504 program, same year |
|---|---|---|---|---|---|
| FY2021 | 145 | 19 | 0 | 0.0% | 0.1% |
| FY2020 | 115 | 22 | 0 | 0.0% | 0.1% |
| FY2019 | 104 | 28 | 1 | 1.0% | 0.3% |
| FY2018 | 108 | 32 | 0 | 0.0% | 0.4% |
| FY2017 | 112 | 41 | 1 | 0.9% | 0.8% |
| FY2016 | 113 | 56 | 3 | 2.7% | 1.0% |
| FY2015 | 98 | 51 | 2 | 2.0% | 1.2% |
| FY2014 | 91 | 53 | 1 | 1.1% | 1.3% |
| FY2013 | 103 | 68 | 2 | 1.9% | 1.4% |
| FY2012 | 133 | 92 | 1 | 0.8% | 2.0% |
| FY2011 | 100 | 72 | 3 | 3.0% | 2.1% |
| FY2010 | 94 | 72 | 2 | 2.1% | 3.4% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 504 program
| FY2021–FY2025 | This lender | 504 program |
|---|---|---|
| Median approval | $506K | $657K |
| Average approval | $789K | $1.0M |
| Approvals of $150,000 or less | 6.8% | 4.6% |
| Approvals to startups and businesses 2 years old or less | 23.9% | 14.4% |
| Approvals to franchise businesses | 7.8% | 9.0% |
| Jobs supported per approval, as reported | 9.8 | 10.1 |
| Charged off, loans approved FY2010–FY2021 | 1.2% | 1.2% |
States served
| # | State of the business (6 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 558 | $422M | 90.6% | |
| 2 | North Dakota | 34 | $31.6M | 5.5% | |
| 3 | Wisconsin | 12 | $23.6M | 1.9% | |
| 4 | South Dakota | 7 | $7.1M | 1.1% | |
| 5 | Iowa | 4 | $965K | 0.6% | |
| 6 | Arizona | 1 | — | 0.2% |
In Minnesota the lender accounts for 39.0% of all 504 approvals in FY2021–FY2025.
Counties served
| # | County of the business (92 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 63 | $56.5M | 10.2% | |
| 2 | Stearns County, MN | 51 | $39.0M | 8.3% | |
| 3 | Crow Wing County, MN | 38 | $33.2M | 6.2% | |
| 4 | Wright County, MN | 27 | $25.7M | 4.4% | |
| 5 | Ramsey County, MN | 24 | $16.4M | 3.9% | |
| 6 | Sherburne County, MN | 23 | $17.7M | 3.7% | |
| 7 | Cass County, ND | 21 | $18.6M | 3.4% | |
| 8 | St. Louis County, MN | 21 | $15.4M | 3.4% | |
| 9 | Dakota County, MN | 19 | $17.5M | 3.1% | |
| 10 | Anoka County, MN | 18 | $13.9M | 2.9% | |
| 11 | Cass County, MN | 17 | $12.6M | 2.8% | |
| 12 | Itasca County, MN | 17 | $7.9M | 2.8% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 133 | 21.6% | |
| 2 | Manufacturing | 105 | 17.0% | |
| 3 | Retail Trade | 77 | 12.5% | |
| 4 | Health Care and Social Assistance | 71 | 11.5% | |
| 5 | Other Services (except Public Administration) | 57 | 9.3% | |
| 6 | Construction | 44 | 7.1% | |
| 7 | Professional, Scientific, and Technical Services | 23 | 3.7% | |
| 8 | Real Estate and Rental and Leasing | 21 | 3.4% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | RV (Recreational Vehicle) Parks and Recreational CampsNAICS 7212 | 48 | 7.8% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 46 | 7.5% | |
| 3 | Traveler AccommodationNAICS 7211 | 30 | 4.9% | |
| 4 | Automotive Repair and MaintenanceNAICS 8111 | 26 | 4.2% | |
| 5 | Other Personal ServicesNAICS 8129 | 18 | 2.9% | |
| 6 | Continuing Care Retirement Communities and Assisted Living Facilities for the ElderlyNAICS 6233 | 17 | 2.8% | |
| 7 | Other Amusement and Recreation IndustriesNAICS 7139 | 16 | 2.6% | |
| 8 | Lessors of Real EstateNAICS 5311 | 15 | 2.4% | |
| 9 | Other Fabricated Metal Product ManufacturingNAICS 3329 | 14 | 2.3% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 13 | 2.1% |
Approval sizes
- $50,000 or less0.2%1
- $50,001 to $150,0006.7%41
- $150,001 to $350,00027.3%168
- $350,001 to $1 million41.7%257
- $1 million to $2 million17.0%105
- Over $2 million7.1%44
Loan terms
- Over 5 to 10 years4.5%28
- Over 10 to 20 years28.7%177
- Over 20 years66.7%411
Age of the businesses
- Existing, more than 2 years old68.5%422
- New business, 2 years or less1.5%9
- Startup, loan funds will open the business22.4%138
- Change of ownership7.6%47
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accredited Lenders Program | 540 | 87.7% | |
| 2 | 504 Refinancing Program | 35 | 5.7% | |
| 3 | 504 Basic | 28 | 4.5% | |
| 4 | ALP Express | 13 | 2.1% |
Franchise share
48 of 616 approvals in FY2021–FY2025 (7.8%) carried an SBA franchise code; across the 504 program the share is 9.0%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Dairy Queen Operating Agreement | 3 | 0.5% | |
| 2 | Taco John's | 3 | 0.5% | |
| 3 | AmericInn by Wyndham | 2 | 0.3% | |
| 4 | Ford Motor Company Dealer Sales and Service Agreement | 2 | 0.3% | |
| 5 | Super 8 by Wyndhan | 2 | 0.3% | |
| 6 | Econo Lodge | 2 | 0.3% | |
| 7 | Farstad Oil, Inc. | 2 | 0.3% | |
| 8 | Green Mill Restaurant and Bar | 1 | 0.2% |
Third-party lenders in its 504 projects
A 504 project pairs the CDC's loan with a larger loan from a bank or other lender. Banks and credit unions named on five or more of this CDC's projects in FY2021–FY2025:
| # | Third-party lender | Projects | Share | |
|---|---|---|---|---|
| 1 | BankVista | 43 | 7.0% | |
| 2 | Old National Bank | 33 | 5.4% | |
| 3 | National Bank of Commerce | 22 | 3.6% | |
| 4 | Vision Bank | 22 | 3.6% | |
| 5 | Frandsen Bank and Trust | 21 | 3.4% | |
| 6 | Sentry Bank | 19 | 3.1% | |
| 7 | Bell Bank | 17 | 2.8% | |
| 8 | The Bank of Elk River | 16 | 2.6% | |
| 9 | Deerwood Bank | 14 | 2.3% | |
| 10 | Minnwest Bank | 12 | 1.9% |
Questions and answers
How many SBA loans does Midwest Business Finance Corporation make?
SBA approved 97 504 loans through Midwest Business Finance Corporation in FY2025, worth $101M, and 616 over FY2021 to FY2025. That ranks 16th of 182 active CDCs by number of approvals.
How large are Midwest Business Finance Corporation's typical SBA loans?
The median 504 approval in FY2021 to FY2025 was $506K and the average $789K. The program-wide median was $657K.
What is Midwest Business Finance Corporation's charge-off rate?
Of 1,316 disbursed loans approved in FY2010 to FY2021, SBA records 16 as charged off (1.2%), 606 as paid in full and 694 still outstanding; the 504 program figure for the same approval years is 1.2%, 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 Midwest Business Finance Corporation lend to most?
By number of approvals in FY2021 to FY2025: rv (recreational vehicle) parks and recreational camps (48); restaurants and other eating places (46); traveler accommodation (30); automotive repair and maintenance (26).
Where does Midwest Business Finance Corporation make SBA loans?
In 6 states and territories. Minnesota 558, North Dakota 34, Wisconsin 12, South Dakota 7, Iowa 4. In Minnesota it accounts for 39.0% of all 504 approvals.
Is Midwest Business Finance Corporation's SBA lending rising?
Approvals in the three latest complete fiscal years total 276, against 470 in the three before: falling (-41%).
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