FY20181 Oct 2017 – 30 Sep 2018
SBA loans in Minnesota, FY2018
That fiscal year's approvals by lender and by county.
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 FY2018 (1 October 2017 to 30 September 2018) SBA approved 1,776 loans in Minnesota: 1,504 under 7(a) and 272 under 504, worth $610M.
That is about level with FY2017, when there were 1,908 approvals worth $681M.
Minnesota accounted for 2.7% of the 66,228 approvals nationwide that year. 162 lenders had at least one approval in the state; Wells Fargo Bank National Association had the most, 130.
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.
Approvals by lender
The 40 lenders with the most approvals to Minnesota businesses in FY2018, of 162 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2017 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Wells Fargo Bank National Association | 7(a) | 130 | $47.5M | 7.3% | 209 | -79 |
| 2 | U.S. Bank, National Association | 7(a) | 130 | $17.1M | 7.3% | 135 | -5 |
| 3 | Midwest Business Finance Corporation | 504 | 108 | $47.4M | 6.1% | 118 | -10 |
| 4 | Old National Bank | 7(a) | 106 | $33.1M | 6.0% | 143 | -37 |
| 5 | Sunrise Banks National Association | 7(a) | 61 | $11.3M | 3.4% | 49 | +12 |
| 6 | Twin Cities-Metro Certified Development Company | 504 | 59 | $46.2M | 3.3% | 73 | -14 |
| 7 | BankVista | 7(a) | 59 | $23.9M | 3.3% | 46 | +13 |
| 8 | 21st Century Bank | 7(a) | 54 | $14.8M | 3.0% | 50 | +4 |
| 9 | Choice Financial Group | 7(a) | 48 | $22.6M | 2.7% | 40 | +8 |
| 10 | Amplio Economic Development Corporation | 504 | 45 | $32.7M | 2.5% | 39 | +6 |
| 11 | Associated Bank National Association | 7(a) | 40 | $2.9M | 2.3% | 17 | +23 |
| 12 | Frandsen Bank and Trust | 7(a) | 39 | $8.9M | 2.2% | 30 | +9 |
| 13 | Highland Bank | 7(a) | 38 | $16.4M | 2.1% | 36 | +2 |
| 14 | Northeast Entrepreneur Fund, Inc. | 7(a) | 29 | $4.0M | 1.6% | 18 | +11 |
| 15 | Stearns Bank National Association | 7(a) | 27 | $6.9M | 1.5% | 34 | -7 |
| 16 | Central Minnesota Development Company | 504 | 26 | $20.3M | 1.5% | 16 | +10 |
| 17 | Platinum Bank | 7(a) | 24 | $20.5M | 1.4% | 29 | -5 |
| 18 | Southeastern Minnesota 504 Development Corporation | 504 | 24 | $15.0M | 1.4% | 20 | +4 |
| 19 | Woodlands National Bank | 7(a) | 21 | $5.0M | 1.2% | 21 | 0 |
| 20 | Bravera Bank | 7(a) | 21 | $2.9M | 1.2% | 29 | -8 |
| 21 | Granite Bank | 7(a) | 20 | $4.3M | 1.1% | 22 | -2 |
| 22 | Magnifi Financial CU | 7(a) | 18 | $7.3M | 1.0% | 9 | +9 |
| 23 | Minnwest Bank | 7(a) | 17 | $7.6M | 1.0% | 17 | 0 |
| 24 | BayFirst National Bank | 7(a) | 17 | $4.0M | 1.0% | 13 | +4 |
| 25 | Security Bank USA | 7(a) | 17 | $3.7M | 1.0% | 16 | +1 |
| 26 | BankCherokee | 7(a) | 17 | $1.5M | 1.0% | 11 | +6 |
| 27 | Red River State Bank | 7(a) | 15 | $5.5M | 0.8% | 2 | +13 |
| 28 | Falcon National Bank | 7(a) | 15 | $2.9M | 0.8% | 17 | -2 |
| 29 | Minnstar Bank National Association | 7(a) | 13 | $1.4M | 0.7% | 9 | +4 |
| 30 | Celtic Bank Corporation | 7(a) | 12 | $3.4M | 0.7% | 13 | -1 |
| 31 | Metropolitan Economic Development Association | 7(a) | 12 | $1.6M | 0.7% | 0 | new |
| 32 | First Citizens Bank | 7(a) | 12 | $1.4M | 0.7% | 7 | +5 |
| 33 | Nicolet National Bank | 7(a) | 11 | $4.6M | 0.6% | 16 | -5 |
| 34 | UMB Bank, National Association | 7(a) | 11 | $4.0M | 0.6% | 16 | -5 |
| 35 | United Midwest Savings Bank National Association | 7(a) | 11 | $1.4M | 0.6% | 2 | +9 |
| 36 | Premier Bank | 7(a) | 11 | $1.1M | 0.6% | 13 | -2 |
| 37 | First Western Bank & Trust | 7(a) | 11 | $721K | 0.6% | 2 | +9 |
| 38 | Live Oak Banking Company | 7(a) | 10 | $13.0M | 0.6% | 16 | -6 |
| 39 | Kensington Bank | 7(a) | 10 | $7.7M | 0.6% | 9 | +1 |
| 40 | Byline Bank | 7(a) | 10 | $7.5M | 0.6% | 6 | +4 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2017 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 467 | $164M | 26.3% | 461 | +6 |
| 2 | Ramsey County | 165 | $47.6M | 9.3% | 195 | -30 |
| 3 | Dakota County | 138 | $45.6M | 7.8% | 147 | -9 |
| 4 | Anoka County | 102 | $42.4M | 5.7% | 127 | -25 |
| 5 | Washington County | 75 | $35.1M | 4.2% | 79 | -4 |
| 6 | St. Louis County | 62 | $16.8M | 3.5% | 49 | +13 |
| 7 | Stearns County | 54 | $14.8M | 3.0% | 79 | -25 |
| 8 | Carver County | 47 | $28.1M | 2.6% | 52 | -5 |
| 9 | Scott County | 44 | $9.0M | 2.5% | 48 | -4 |
| 10 | Sherburne County | 40 | $13.1M | 2.3% | 50 | -10 |
| 11 | Wright County | 38 | $13.8M | 2.1% | 56 | -18 |
| 12 | Blue Earth County | 33 | $8.6M | 1.9% | 34 | -1 |
| 13 | Olmsted County | 27 | $10.5M | 1.5% | 28 | -1 |
| 14 | Beltrami County | 25 | $7.8M | 1.4% | 13 | +12 |
| 15 | Crow Wing County | 25 | $5.7M | 1.4% | 30 | -5 |
| 16 | Kandiyohi County | 24 | $14.4M | 1.4% | 29 | -5 |
| 17 | McLeod County | 23 | $7.9M | 1.3% | 21 | +2 |
| 18 | Clay County | 20 | $4.2M | 1.1% | 17 | +3 |
| 19 | Itasca County | 16 | $3.5M | 0.9% | 7 | +9 |
| 20 | Benton County | 16 | $3.9M | 0.9% | 17 | -1 |
| 21 | Chisago County | 16 | $3.3M | 0.9% | 11 | +5 |
| 22 | Rice County | 16 | $4.4M | 0.9% | 13 | +3 |
| 23 | Polk County | 16 | $3.0M | 0.9% | 14 | +2 |
| 24 | Otter Tail County | 14 | $4.5M | 0.8% | 14 | 0 |
| 25 | Douglas County | 12 | $4.1M | 0.7% | 17 | -5 |
| 26 | Winona County | 12 | $4.9M | 0.7% | 16 | -4 |
| 27 | Brown County | 12 | $3.0M | 0.7% | 3 | +9 |
| 28 | Nicollet County | 12 | $9.2M | 0.7% | 8 | +4 |
| 29 | Isanti County | 12 | $5.3M | 0.7% | 8 | +4 |
| 30 | Steele County | 11 | $3.2M | 0.6% | 10 | +1 |
| 31 | Norman County | 11 | $4.1M | 0.6% | 3 | +8 |
| 32 | Morrison County | 11 | $2.3M | 0.6% | 8 | +3 |
| 33 | Lyon County | 10 | $3.6M | 0.6% | 13 | -3 |
| 34 | Carlton County | 10 | $1.8M | 0.6% | 6 | +4 |
| 35 | Mille Lacs County | 10 | $3.1M | 0.6% | 10 | 0 |
| 36 | Kanabec County | 10 | $1.6M | 0.6% | 8 | +2 |
| 37 | Freeborn County | 9 | $1.8M | 0.5% | 7 | +2 |
| 38 | Meeker County | 8 | $6.7M | 0.5% | 11 | -3 |
| 39 | Le Sueur County | 8 | $3.6M | 0.5% | 5 | +3 |
| 40 | Aitkin County | 8 | $918K | 0.5% | 11 | -3 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2018 against FY2017
| Minnesota | FY2018 | FY2017 |
|---|---|---|
| 7(a) approvals | 1,504 | 1,632 |
| 7(a) dollars | $444M | $519M |
| Median 7(a) approval | $125K | $125K |
| 504 approvals | 272 | 276 |
| 504 dollars | $166M | $163M |
| Jobs supported, as reported | 18,275 | 20,056 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2018?
Wells Fargo Bank National Association (130), U.S. Bank, National Association (130), Midwest Business Finance Corporation (108), Old National Bank (106), Sunrise Banks National Association (61). 162 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2018?
1,776: 1,504 under 7(a) worth $444M and 272 under 504 worth $166M.
Which Minnesota counties had the most SBA approvals in FY2018?
Hennepin County (467), Ramsey County (165), Dakota County (138), Anoka County (102), Washington County (75).
When does FY2018 start and end?
The federal fiscal year 2018 runs from 1 October 2017 to 30 September 2018.
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