FY20191 Oct 2018 – 30 Sep 2019
SBA loans in Minnesota, FY2019
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 FY2019 (1 October 2018 to 30 September 2019) SBA approved 1,711 loans in Minnesota: 1,445 under 7(a) and 266 under 504, worth $678M.
That is about level with FY2018, when there were 1,776 approvals worth $610M.
Minnesota accounted for 2.9% of the 58,006 approvals nationwide that year. 165 lenders had at least one approval in the state; U.S. Bank, National Association had the most, 208.
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 FY2019, of 165 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2018 | Change |
|---|---|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 7(a) | 208 | $29.5M | 12.2% | 130 | +78 |
| 2 | Wells Fargo Bank National Association | 7(a) | 135 | $33.3M | 7.9% | 130 | +5 |
| 3 | Midwest Business Finance Corporation | 504 | 104 | $55.8M | 6.1% | 108 | -4 |
| 4 | Old National Bank | 7(a) | 95 | $42.8M | 5.6% | 106 | -11 |
| 5 | Twin Cities-Metro Certified Development Company | 504 | 66 | $63.9M | 3.9% | 59 | +7 |
| 6 | 21st Century Bank | 7(a) | 54 | $28.3M | 3.2% | 54 | 0 |
| 7 | BankVista | 7(a) | 52 | $25.0M | 3.0% | 59 | -7 |
| 8 | Sunrise Banks National Association | 7(a) | 50 | $13.3M | 2.9% | 61 | -11 |
| 9 | Northeast Entrepreneur Fund, Inc. | 7(a) | 46 | $6.1M | 2.7% | 29 | +17 |
| 10 | Amplio Economic Development Corporation | 504 | 44 | $40.3M | 2.6% | 45 | -1 |
| 11 | Security Bank USA | 7(a) | 44 | $5.1M | 2.6% | 17 | +27 |
| 12 | Choice Financial Group | 7(a) | 39 | $16.0M | 2.3% | 48 | -9 |
| 13 | Falcon National Bank | 7(a) | 37 | $16.8M | 2.2% | 15 | +22 |
| 14 | Highland Bank | 7(a) | 29 | $7.0M | 1.7% | 38 | -9 |
| 15 | Stearns Bank National Association | 7(a) | 27 | $6.7M | 1.6% | 27 | 0 |
| 16 | Frandsen Bank and Trust | 7(a) | 22 | $7.5M | 1.3% | 39 | -17 |
| 17 | Live Oak Banking Company | 7(a) | 21 | $39.0M | 1.2% | 10 | +11 |
| 18 | Associated Bank National Association | 7(a) | 21 | $2.5M | 1.2% | 40 | -19 |
| 19 | BayFirst National Bank | 7(a) | 20 | $5.0M | 1.2% | 17 | +3 |
| 20 | Platinum Bank | 7(a) | 19 | $14.9M | 1.1% | 24 | -5 |
| 21 | Southeastern Minnesota 504 Development Corporation | 504 | 18 | $10.4M | 1.1% | 24 | -6 |
| 22 | Byline Bank | 7(a) | 17 | $22.3M | 1.0% | 10 | +7 |
| 23 | Minnwest Bank | 7(a) | 16 | $8.3M | 0.9% | 17 | -1 |
| 24 | Woodlands National Bank | 7(a) | 15 | $6.6M | 0.9% | 21 | -6 |
| 25 | Members Cooperative Credit Union | 7(a) | 15 | $3.2M | 0.9% | 7 | +8 |
| 26 | BankCherokee | 7(a) | 15 | $2.3M | 0.9% | 17 | -2 |
| 27 | Premier Bank Minnesota | 7(a) | 14 | $2.0M | 0.8% | 9 | +5 |
| 28 | WBD, Inc. | 504 | 13 | $5.2M | 0.8% | 5 | +8 |
| 29 | Northeast Bank | 7(a) | 13 | $3.2M | 0.8% | 5 | +8 |
| 30 | Central Minnesota Development Company | 504 | 12 | $8.9M | 0.7% | 26 | -14 |
| 31 | First Citizens Bank | 7(a) | 12 | $2.2M | 0.7% | 12 | 0 |
| 32 | Bravera Bank | 7(a) | 12 | $1.2M | 0.7% | 21 | -9 |
| 33 | Northeast Bank | 7(a) | 10 | $1.4M | 0.6% | 9 | +1 |
| 34 | Ultima Bank Minnesota | 7(a) | 10 | $1.3M | 0.6% | 8 | +2 |
| 35 | Newtek Small Business Finance, Inc. | 7(a) | 9 | $13.6M | 0.5% | 6 | +3 |
| 36 | United Prairie Bank | 7(a) | 9 | $1.7M | 0.5% | 10 | -1 |
| 37 | Pioneer Bank | 7(a) | 8 | $7.3M | 0.5% | 10 | -2 |
| 38 | Coulee Bank | 7(a) | 8 | $3.7M | 0.5% | 6 | +2 |
| 39 | VisionBank | 7(a) | 8 | $1.3M | 0.5% | 10 | -2 |
| 40 | Celtic Bank Corporation | 7(a) | 8 | $1.2M | 0.5% | 12 | -4 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2018 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 458 | $197M | 26.8% | 467 | -9 |
| 2 | Ramsey County | 150 | $56.0M | 8.8% | 165 | -15 |
| 3 | Dakota County | 136 | $62.1M | 7.9% | 138 | -2 |
| 4 | Anoka County | 110 | $61.8M | 6.4% | 102 | +8 |
| 5 | Washington County | 84 | $33.4M | 4.9% | 75 | +9 |
| 6 | St. Louis County | 72 | $19.4M | 4.2% | 62 | +10 |
| 7 | Stearns County | 57 | $19.5M | 3.3% | 54 | +3 |
| 8 | Scott County | 57 | $17.4M | 3.3% | 44 | +13 |
| 9 | Beltrami County | 54 | $14.6M | 3.2% | 25 | +29 |
| 10 | Carver County | 33 | $19.1M | 1.9% | 47 | -14 |
| 11 | Wright County | 32 | $12.0M | 1.9% | 38 | -6 |
| 12 | Crow Wing County | 30 | $11.4M | 1.8% | 25 | +5 |
| 13 | Sherburne County | 27 | $10.7M | 1.6% | 40 | -13 |
| 14 | Blue Earth County | 25 | $4.1M | 1.5% | 33 | -8 |
| 15 | Olmsted County | 20 | $12.0M | 1.2% | 27 | -7 |
| 16 | Douglas County | 19 | $5.0M | 1.1% | 12 | +7 |
| 17 | Clay County | 18 | $6.2M | 1.1% | 20 | -2 |
| 18 | Benton County | 16 | $6.6M | 0.9% | 16 | 0 |
| 19 | McLeod County | 16 | $4.3M | 0.9% | 23 | -7 |
| 20 | Becker County | 15 | $6.4M | 0.9% | 3 | +12 |
| 21 | Itasca County | 13 | $1.8M | 0.8% | 16 | -3 |
| 22 | Kanabec County | 13 | $2.2M | 0.8% | 10 | +3 |
| 23 | Morrison County | 13 | $8.4M | 0.8% | 11 | +2 |
| 24 | Kandiyohi County | 11 | $4.0M | 0.6% | 24 | -13 |
| 25 | Waseca County | 11 | $1,000K | 0.6% | 2 | +9 |
| 26 | Rice County | 11 | $8.1M | 0.6% | 16 | -5 |
| 27 | Otter Tail County | 11 | $3.3M | 0.6% | 14 | -3 |
| 28 | Carlton County | 10 | $1.8M | 0.6% | 10 | 0 |
| 29 | Isanti County | 10 | $4.1M | 0.6% | 12 | -2 |
| 30 | Hubbard County | 10 | $1.4M | 0.6% | 4 | +6 |
| 31 | Steele County | 9 | $3.0M | 0.5% | 11 | -2 |
| 32 | Mille Lacs County | 8 | $1.7M | 0.5% | 10 | -2 |
| 33 | Chisago County | 8 | $1.1M | 0.5% | 16 | -8 |
| 34 | Goodhue County | 8 | $3.7M | 0.5% | 6 | +2 |
| 35 | Polk County | 8 | $2.8M | 0.5% | 16 | -8 |
| 36 | Aitkin County | 8 | $961K | 0.5% | 8 | 0 |
| 37 | Clearwater County | 8 | $3.7M | 0.5% | 4 | +4 |
| 38 | Lyon County | 7 | $1.7M | 0.4% | 10 | -3 |
| 39 | Cass County | 7 | $1.8M | 0.4% | 7 | 0 |
| 40 | Winona County | 7 | $5.0M | 0.4% | 12 | -5 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2019 against FY2018
| Minnesota | FY2019 | FY2018 |
|---|---|---|
| 7(a) approvals | 1,445 | 1,504 |
| 7(a) dollars | $490M | $444M |
| Median 7(a) approval | $125K | $125K |
| 504 approvals | 266 | 272 |
| 504 dollars | $188M | $166M |
| Jobs supported, as reported | 17,109 | 18,275 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2019?
U.S. Bank, National Association (208), Wells Fargo Bank National Association (135), Midwest Business Finance Corporation (104), Old National Bank (95), Twin Cities-Metro Certified Development Company (66). 165 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2019?
1,711: 1,445 under 7(a) worth $490M and 266 under 504 worth $188M.
Which Minnesota counties had the most SBA approvals in FY2019?
Hennepin County (458), Ramsey County (150), Dakota County (136), Anoka County (110), Washington County (84).
When does FY2019 start and end?
The federal fiscal year 2019 runs from 1 October 2018 to 30 September 2019.
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