SBA Ledger

States › Minnesota

State2.8% of US approvals289 lenders active

SBA loans in Minnesota

7(a) and 504 approvals by fiscal year, the lenders behind them, and where in the state they went. Pick a fiscal year for that year's lenders and counties.

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.

Businesses in Minnesota received 9,634 SBA loan approvals worth $4.79bn in FY2021 to FY2025, 8,205 of them 7(a) loans and 1,429 504 loans.

That is 62.4 approvals for every 1,000 business establishments in the state, against 41.0 nationally, and 2.8% of all approvals in the country (11th of 54 states and territories).

In FY2025 there were 1,822 approvals totalling $937M, about level with FY2024. The median 7(a) approval over the five years was $170K and the median 504 approval $545K.

289 lenders had at least one approval in the state; by number of 7(a) approvals the most active were U.S. Bank, National Association (938), The Huntington National Bank (610) and BankVista (452).

Of 7(a) loans approved in FY2010 to FY2021 and disbursed, SBA records 4.6% as charged off, against 6.6% nationally.

1,822approvals, FY20259,634 in FY2021–FY2025
$937Mapproved, FY2025$4.79bn in FY2021–FY2025
62.4approvals per 1,000 establishments, FY2021–FY2025US: 41.0
$170Kmedian 7(a) approvalUS: $190K
4.6%7(a) loans approved FY2010–FY2021 charged offUS: 6.6%

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.

Most active 7(a) lenders in Minnesota

Ranked by number of approvals to businesses in the state, FY2021–FY2025. The column of bars shows each lender's approvals here in every fiscal year; the charged-off column is the lender's nationwide figure.

#LenderApprovals in MN, FY2021–25DollarsShareMedian approval, all statesFY2016–26Charged off, FY2010–21 loans
1U.S. Bank, National AssociationCincinnati, OH938$177M11.4%$45K6.2%
2The Huntington National BankColumbus, OH610$134M7.4%$92K5.7%
3BankVistaSartell, MN452$211M5.5%$250K6.6%
4Old National BankEvansville, IN403$346M4.9%$500K4.7%
5Wells Fargo Bank National AssociationSioux Falls, SD259$34.9M3.2%$15K7.9%
6Frandsen Bank and TrustArden Hills, MN221$126M2.7%$344K1.0%
7Platinum BankOakdale, MN189$179M2.3%$500K2.8%
8Falcon National BankFoley, MN166$97.2M2.0%$400K2.1%
9Choice Financial GroupFargo, ND164$85.2M2.0%$316K1.4%
10Highland BankSt. Paul, MN152$50.5M1.9%$150K4.9%
11Granite BankCold Spring, MN148$36.0M1.8%$140K3.0%
1221st Century BankLoretto, MN144$59.0M1.8%$292K3.2%
13Sunrise Banks National AssociationSaint Paul, MN141$49.7M1.7%$145K3.1%
14Minnwest BankRedwood Falls, MN135$88.3M1.6%$350K3.9%
15Hiawatha National BankHager City, WI133$75.4M1.6%$200K3.8%
16Northeast BankLewiston, ME115$16.6M1.4%$106K12.8%
17Ultima Bank MinnesotaWinger, MN114$32.9M1.4%$139K1.5%
18Village BankSaint Francis, MN108$81.5M1.3%$446K5.5%
19Security Bank USABemidji, MN106$13.4M1.3%$52K0.9%
20Bravera BankDickinson, ND104$18.2M1.3%$76K4.2%
21First Bank & TrustBrookings, SD103$84.9M1.3%$400K2.7%
22Magnifi Financial CUMelrose, MN101$28.8M1.2%$202K2.9%
23Bell BankFargo, ND90$66.9M1.1%$398K3.4%
24First Resource BankLino Lakes, MN89$47.1M1.1%$256K10.9%
25Newtek Bank, National AssociationMiami, FL85$41.4M1.0%$225K—
26BayFirst National BankSaint Petersburg, FL85$13.8M1.0%$150K19.2%
27Northeast BankMinneapolis, MN75$37.9M0.9%$250K1.4%
28Northeast Entrepreneur Fund, Inc.Duluth, MN73$7.2M0.9%$53K0.0%
29Readycap Lending, LLCBerkeley Heights, NJ72$14.8M0.9%$138K4.3%
30Live Oak Banking CompanyWilmington, NC71$106M0.9%$850K2.2%
31BankCherokeeSaint Paul, MN69$31.0M0.8%$200K4.0%
32Citizens Bank & Trust CoHutchinson, MN68$10.8M0.8%$85K1.5%
33United Prairie BankMountain Lake, MN67$21.5M0.8%$250K1.4%
34Alerus Financial, National AssociationGrand Forks, ND66$57.9M0.8%$525K6.1%
35The Bank of Elk RiverElk River, MN66$42.7M0.8%$250K5.6%
36Byline BankChicago, IL60$53.2M0.7%$806K9.5%
37Associated Bank National AssociationGreen Bay, WI60$51.0M0.7%$282K4.6%
38Stearns Bank National AssociationSaint Cloud, MN57$39.4M0.7%$266K9.9%
39First Western Bank & TrustMinot, ND55$18.6M0.7%$162K1.0%
40Drake BankSaint Paul, MN51$29.8M0.6%$303K5.9%

504 certified development companies

#LenderApprovals in MN, FY2021–25DollarsShareMedian approval, all statesFY2016–26Charged off, FY2010–21 loans
1Midwest Business Finance CorporationSt. Cloud, MN · 504 CDC558$422M39.0%$506K1.2%
2Twin Cities-Metro Certified Development CompanyVadnais Heights, MN · 504 CDC316$333M22.1%$716K2.1%
3Amplio Economic Development CorporationArden Hills, MN · 504 CDC229$155M16.0%$455K0.6%
4Central Minnesota Development CompanyAndover, MN · 504 CDC112$110M7.8%$604K0.5%
5WBD, Inc.Madison, WI · 504 CDC80$76.8M5.6%$616K1.2%
6Southeastern Minnesota 504 Development CorporationRochester, MN · 504 CDC76$58.7M5.3%$577K1.0%
7Dakota Business LendingFargo, ND · 504 CDC32$27.6M2.2%$458K1.6%
8Dakota Business FinanceSioux Falls, SD · 504 CDC19$10.0M1.3%$466K1.1%
9Lake Agassiz Certified Development CompanyFargo, ND · 504 CDC5$2.5M0.3%$458K2.8%
10South Dakota Development CorporationSioux Falls, SD · 504 CDC1—0.1%$664K6.1%
11Small Business Growth CorporationSpringfield, IL · 504 CDC1—0.1%$609K1.4%

Fiscal-year ledger

Fiscal year7(a) approvals7(a) dollarsMedian 7(a)504 approvals504 dollarsAll approvalsJobs supported, as reported
FY2026*767$379M$212K156$147M92311,539
FY20251,584$687M$150K238$250M1,82220,847
FY20241,616$687M$150K195$160M1,81120,704
FY20231,563$614M$150K217$182M1,78019,441
FY20221,489$629M$172K375$327M1,86423,536
FY20211,953$969M$220K404$281M2,35728,179
FY20201,571$596M$149K277$168M1,84820,577
FY20191,445$490M$125K266$188M1,71117,109
FY20181,504$444M$125K272$166M1,77618,275
FY20171,632$519M$125K276$163M1,90820,056
FY20161,674$506M$100K275$179M1,94922,496

7(a) approvals504 approvals

919293949596979899000102030405060708091011121314151617181920212223242526
SBA approvals in Minnesota by fiscal year, FY1991 to FY2026.

Counties

Approvals in FY2021–FY2025 set against the Census Bureau's count of business establishments. Counties with at least 30 approvals have their own page.

#CountyApprovalsDollarsEstablishmentsPer 1,000 establishmentsBy fiscal year
1Hennepin County2,651$1.33bn40,48665.5
2Ramsey County942$477M13,67768.9
3Anoka County738$398M8,43887.5
4Dakota County715$439M10,96465.2
5Washington County453$198M6,54269.2
6Stearns County339$168M4,47475.8
7Scott County282$127M3,65577.2
8Wright County252$130M3,68068.5
9St. Louis County249$114M5,36046.5
10Sherburne County219$95.7M2,25197.3
11Carver County177$88.2M2,71465.2
12Olmsted County137$94.8M3,75436.5
13Beltrami County132$35.3M1,250105.6
14Crow Wing County129$96.6M2,28356.5
15Blue Earth County120$60.8M1,99260.2
16Otter Tail County105$38.5M1,73060.7
17Clay County99$46.0M1,30675.8
18Kandiyohi County98$35.5M1,41669.2
19McLeod County98$25.4M956102.5
20Douglas County88$50.1M1,39463.1
21Benton County82$48.1M97584.1
22Chisago County79$39.9M1,35858.2
23Rice County77$43.4M1,60048.1
24Cass County70$27.6M89178.6
25Polk County65$19.9M73388.7
26Itasca County59$27.2M1,17550.2
27Isanti County56$28.2M1,00455.8
28Hubbard County55$12.4M63087.3
29Goodhue County48$18.3M1,29437.1
30Mille Lacs County44$21.2M74259.3
31Steele County44$11.1M1,02443.0
32Pine County43$14.0M62768.6
33Becker County40$11.7M95641.8
34Morrison County38$20.3M93340.7
35Nicollet County38$21.9M68555.5
36Carlton County37$23.1M70852.3
37Winona County35$22.2M1,14530.6
38Wadena County34$13.0M39985.2
39Kanabec County33$9.3M314105.1
40Le Sueur County29$12.4M72240.2
41Lake County28$15.2M34082.4
42Freeborn County26$10.1M75534.4
43Fillmore County25$6.5M57743.3
44Waseca County24$11.1M42656.3
45Norman County24$9.4M175137.1
46Aitkin County24$9.4M41557.8
47Clearwater County24$8.9M202118.8
48Mower County24$16.6M80030.0
49Meeker County23$9.1M60638.0
50Dodge County22$7.1M42751.5
51Todd County22$14.9M57938.0
52Lyon County21$11.4M81425.8
53Martin County18$5.0M59730.2
54Brown County15$3.2M78619.1
55Rock County15$3.6M27953.8
56Mahnomen County15$2.8M98153.1
57Pope County15$6.3M32346.4
58Swift County14$4.7M30146.5
59Faribault County14$5.8M37936.9
60Lake of the Woods County14$9.5M15490.9
61Pennington County13$10.7M36535.6
62Wabasha County13$4.7M55623.4
63Murray County13$3.5M26948.3
64Cook County13$5.0M29244.5
65Houston County11$8.2M39427.9
66Stevens County10$9.6M31831.4
67Nobles County10$6.5M57417.4
68Koochiching County9$7.1M36724.5
69Renville County9$9.0M47419.0
70Sibley County9$3.7M35925.1
71Marshall County8$7.2M25930.9
72Chippewa County8$4.0M37221.5
73Watonwan County8$2.7M28028.6
74Cottonwood County7$2.4M32521.5
75Roseau County7$11.1M42916.3
76Yellow Medicine County7$6.5M32421.6
77Jackson County7$2.3M30423.0
78Redwood County6$1.8M50911.8
79Big Stone County5$4.2M17828.1
80Lincoln County5$766K18327.3
81Pipestone County4$2.0M31212.8
82Grant County4$6.2M20619.4
83Kittson County3$863K14420.8
84Red Lake County3$766K8933.7
85Traverse County3$6.1M12124.8
86Lac qui Parle County2—19710.2
87Wilkin County1—1456.9

Industries

#Industry group (NAICS 4-digit)ApprovalsDollarsShare
1Restaurants and Other Eating PlacesNAICS 7225767$354M8.0%
2Offices of Other Health PractitionersNAICS 6213336$85.3M3.5%
3Services to Buildings and DwellingsNAICS 5617312$95.3M3.2%
4Automotive Repair and MaintenanceNAICS 8111307$168M3.2%
5Personal Care ServicesNAICS 8121286$75.0M3.0%
6Other Amusement and Recreation IndustriesNAICS 7139273$155M2.8%
7Building Equipment ContractorsNAICS 2382270$129M2.8%
8Other Specialty Trade ContractorsNAICS 2389236$122M2.4%
9Residential Building ConstructionNAICS 2361218$62.0M2.3%
10Management, Scientific, and Technical Consulting ServicesNAICS 5416191$45.3M2.0%
11General Freight TruckingNAICS 4841187$50.5M1.9%
12Building Finishing ContractorsNAICS 2383185$42.2M1.9%
13Other Personal ServicesNAICS 8129164$71.5M1.7%
14Foundation, Structure, and Building Exterior ContractorsNAICS 2381151$44.5M1.6%
15Other Professional, Scientific, and Technical ServicesNAICS 5419138$104M1.4%

Sectors

#NAICS sectorApprovalsShare
1Construction1,18112.3%
2Retail Trade1,14311.9%
3Accommodation and Food Services1,07611.2%
4Manufacturing98910.3%
5Health Care and Social Assistance97610.1%
6Other Services (except Public Administration)9189.5%
7Professional, Scientific, and Technical Services7657.9%
8Administrative and Support and Waste Management and Remediation Services4975.2%
9Transportation and Warehousing4785.0%
10Wholesale Trade4184.3%

Franchise brands

#BrandApprovalsShare
1Nautical Bowls280.3%
2The UPS Store240.2%
3Scooter's Coffee160.2%
4Jimmy John's140.1%
5Subway140.1%
6MGM Wine & Spirits130.1%
7Snap Fitness130.1%
8Burn Boot Camp Fitness110.1%
9Culver's ButterBurgers & Frozen Custard100.1%
10Budget Blinds90.1%

How earlier loans turned out

Minnesota, 7(a)4.6%
United States, 7(a)6.6%
Minnesota, 5041.3%
United States, 5041.2%
Share of disbursed loans approved FY2010–FY2021 that SBA records as charged off, by program.
Loans approved FY2010–FY2021MN 7(a)US 7(a)MN 504US 504
Approvals in these years18,934639,9053,43685,591
Cancelled or never disbursed2,04079,31332412,514
Disbursed loans16,894560,5923,11273,077
Paid in full13,664435,8131,44635,491
Charged off77836,89140905
Still outstanding (status exempt from disclosure)2,45287,8881,62636,681
Charged off, share of disbursed loans4.6%6.6%1.3%1.2%
Dollars charged off, share of disbursed dollars2.4%2.5%0.8%0.9%
Dollars charged off$131M$5.70bn$15.4M$499M

Approval sizes

Age of the businesses

Against the country

FY2021–FY2025MinnesotaUnited States
Approvals per 1,000 establishments62.441.0
Median 7(a) approval$170K$190K
Median 504 approval$545K$657K
504 share of approvals14.8%11.0%
Jobs supported per approval, as reported11.710.5
Approvals, change on FY2016–FY20205%10%

Questions and answers

Which lenders make the most SBA loans in Minnesota?

By 7(a) approvals in FY2021 to FY2025: U.S. Bank, National Association (938), The Huntington National Bank (610), BankVista (452), Old National Bank (403), Wells Fargo Bank National Association (259). For 504 loans: Midwest Business Finance Corporation (558), Twin Cities-Metro Certified Development Company (316), Amplio Economic Development Corporation (229). Volume says how active a lender is, nothing about terms or service.

How large are typical SBA loans in Minnesota?

The median 7(a) approval was $170K and the median 504 approval $545K; the average across both programs was $497K.

Which industries get the most SBA loans in Minnesota?

Restaurants and Other Eating Places (767); Offices of Other Health Practitioners (336); Services to Buildings and Dwellings (312); Automotive Repair and Maintenance (307); Personal Care Services (286).

Which Minnesota counties receive the most SBA loans?

Hennepin County (2,651), Ramsey County (942), Anoka County (738), Dakota County (715), Washington County (453), by approvals in FY2021 to FY2025.

Is SBA lending in Minnesota rising?

Approvals in the three latest complete fiscal years total 5,413, against 6,069 in the three before: falling (-11%).

What share of SBA loans in Minnesota are charged off?

Of 7(a) loans approved in FY2010 to FY2021 and disbursed, 4.6% are recorded as charged off (national: 6.6%); for 504 loans the figure is 1.3% (national: 1.2%). Newer loans are left out because most have not had time to reach either outcome.

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