Lenders › The Bank of Elk River
7(a) lenderElk River, MinnesotaFDIC-insured bank426th of 2,184 by approvals
The Bank of Elk River
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.
The Bank of Elk River (Elk River, Minnesota) is an FDIC-insured bank in the SBA 7(a) program, 426th of 2,184 by approvals in FY2021 to FY2025: 66 loans worth $42.7M.
In FY2025, the latest complete fiscal year, it had 6 approvals totalling $1.3M, down 54% on FY2024 (13). FY2026 to 30 Jun 2026 adds 13 more.
The median approval was $250K, against $190K for the 7(a) program as a whole; 31.8% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 1 state or territory and 10 counties, led by Minnesota (100.0%). The largest industry group was health care and social assistance at 18.2% of approvals, and 21.2% of approvals were to franchise businesses.
Of 72 disbursed loans approved in FY2010 to FY2021, SBA records 4 as charged off (5.6%), 46 as paid in full and 22 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* | 13 | $3.3M | $237K | $253K | 101 |
| FY2025 | 6 | $1.3M | $250K | $220K | 33 |
| FY2024 | 13 | $8.2M | $150K | $630K | 217 |
| FY2023 | 8 | $7.8M | $292K | $975K | 30 |
| FY2022 | 14 | $5.1M | $250K | $366K | 174 |
| FY2021 | 25 | $20.3M | $266K | $811K | 557 |
| FY2020 | 10 | $4.3M | $250K | $434K | 76 |
| FY2019 | 5 | $723K | $103K | $145K | 29 |
| FY2018 | 5 | $5.6M | $120K | $1.1M | 93 |
| FY2017 | 9 | $5.6M | $285K | $625K | 275 |
| FY2016 | 5 | $5.9M | $514K | $1.2M | 96 |
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 34 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 | 78 | 18,934 | 639,905 |
| Cancelled or never disbursed | 6 | 2,040 | 79,313 |
| Disbursed loans | 72 | 16,894 | 560,592 |
| Paid in full | 46 | 13,664 | 435,813 |
| Charged off | 4 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 22 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 5.6% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 0.6% | 2.4% | 2.5% |
| Dollars charged off | $252K | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 22 | 7 | 0 | — | 2.8% |
| FY2020 | 10 | 4 | 2 | — | 4.0% |
| FY2019 | 5 | 4 | 0 | — | 6.7% |
| FY2018 | 5 | 5 | 0 | — | 7.9% |
| FY2017 | 9 | 7 | 0 | — | 7.7% |
| FY2016 | 4 | 4 | 0 | — | 7.2% |
| FY2015 | 2 | 2 | 0 | — | 6.9% |
| FY2014 | 0 | 0 | 0 | — | 6.4% |
| FY2013 | 6 | 5 | 1 | — | 6.0% |
| FY2012 | 3 | 3 | 0 | — | 6.3% |
| FY2011 | 2 | 2 | 0 | — | 6.9% |
| FY2010 | 4 | 3 | 1 | — | 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 | $250K | $190K |
| Average approval | $647K | $518K |
| Approvals of $150,000 or less | 31.8% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 19.7% | 34.3% |
| Approvals to franchise businesses | 21.2% | 11.5% |
| Jobs supported per approval, as reported | 15.3 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 5.6% | 6.6% |
States served
| # | State of the business (1 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 66 | $42.7M | 100.0% |
In Minnesota the lender accounts for 0.8% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (10 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Sherburne County, MN | 21 | $8.7M | 31.8% | |
| 2 | Anoka County, MN | 17 | $14.1M | 25.8% | |
| 3 | Hennepin County, MN | 10 | $7.4M | 15.2% | |
| 4 | Ramsey County, MN | 4 | $4.8M | 6.1% | |
| 5 | Wright County, MN | 4 | $707K | 6.1% | |
| 6 | Itasca County, MN | 3 | $3.6M | 4.5% | |
| 7 | Stearns County, MN | 3 | $1.6M | 4.5% | |
| 8 | Benton County, MN | 2 | — | 3.0% | |
| 9 | Dakota County, MN | 1 | — | 1.5% | |
| 10 | Le Sueur County, MN | 1 | — | 1.5% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Health Care and Social Assistance | 12 | 18.2% | |
| 2 | Manufacturing | 11 | 16.7% | |
| 3 | Retail Trade | 10 | 15.2% | |
| 4 | Other Services (except Public Administration) | 9 | 13.6% | |
| 5 | Construction | 8 | 12.1% | |
| 6 | Administrative and Support and Waste Management and Remediation Services | 7 | 10.6% | |
| 7 | Professional, Scientific, and Technical Services | 3 | 4.5% | |
| 8 | Educational Services | 2 | 3.0% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Offices of Other Health PractitionersNAICS 6213 | 8 | 12.1% | |
| 2 | Automotive Repair and MaintenanceNAICS 8111 | 6 | 9.1% | |
| 3 | Machine Shops; Turned Product; and Screw, Nut, and Bolt ManufacturingNAICS 3327 | 5 | 7.6% | |
| 4 | Other Specialty Trade ContractorsNAICS 2389 | 5 | 7.6% | |
| 5 | Building Material and Supplies DealersNAICS 4441 | 4 | 6.1% | |
| 6 | Services to Buildings and DwellingsNAICS 5617 | 3 | 4.5% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 3 | 4.5% | |
| 8 | Other Fabricated Metal Product ManufacturingNAICS 3329 | 2 | 3.0% | |
| 9 | Nursing Care Facilities (Skilled Nursing Facilities)NAICS 6231 | 2 | 3.0% | |
| 10 | Other Miscellaneous ManufacturingNAICS 3399 | 2 | 3.0% |
Approval sizes
- $50,000 or less7.6%5
- $50,001 to $150,00024.2%16
- $150,001 to $350,00031.8%21
- $350,001 to $1 million21.2%14
- $1 million to $2 million6.1%4
- Over $2 million9.1%6
Loan terms
- 5 years or less6.1%4
- Over 5 to 10 years86.4%57
- Over 10 to 20 years3.0%2
- Over 20 years4.5%3
Age of the businesses
- Existing, more than 2 years old54.5%36
- New business, 2 years or less7.6%5
- Startup, loan funds will open the business12.1%8
- Change of ownership25.8%17
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 40 | 60.6% | |
| 2 | SBA Express Program | 21 | 31.8% | |
| 3 | 7a General | 4 | 6.1% | |
| 4 | Working Capital CAPLine | 1 | 1.5% |
Franchise share
14 of 66 approvals in FY2021–FY2025 (21.2%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | HealthSource Chiropractic | 5 | 7.6% | |
| 2 | The UPS Store | 3 | 4.5% | |
| 3 | Tommy's Express Car Wash | 2 | 3.0% | |
| 4 | Spherion General Staffing | 1 | 1.5% | |
| 5 | Buff City Soap | 1 | 1.5% | |
| 6 | Hardware Hank | 1 | 1.5% | |
| 7 | DOJO Karate | 1 | 1.5% |
Questions and answers
How many SBA loans does The Bank of Elk River make?
SBA approved 6 7(a) loans through The Bank of Elk River in FY2025, worth $1.3M, and 66 over FY2021 to FY2025. That ranks 426th of 2,184 active 7(a) lenders by number of approvals.
How large are The Bank of Elk River's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $250K and the average $647K. The program-wide median was $190K.
What is The Bank of Elk River's charge-off rate?
Of 72 disbursed loans approved in FY2010 to FY2021, SBA records 4 as charged off (5.6%), 46 as paid in full and 22 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 The Bank of Elk River lend to most?
By number of approvals in FY2021 to FY2025: offices of other health practitioners (8); automotive repair and maintenance (6); machine shops; turned product; and screw, nut, and bolt manufacturing (5); other specialty trade contractors (5).
Where does The Bank of Elk River make SBA loans?
In 1 state or territory. Minnesota 66. In Minnesota it accounts for 0.8% of all 7(a) approvals.
Is The Bank of Elk River's SBA lending rising?
Approvals in the three latest complete fiscal years total 27, against 49 in the three before: falling (-45%).
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