FY20201 Oct 2019 – 30 Sep 2020
SBA loans in Minnesota, FY2020
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 FY2020 (1 October 2019 to 30 September 2020) SBA approved 1,848 loans in Minnesota: 1,571 under 7(a) and 277 under 504, worth $764M.
That is up 8% on FY2019, when there were 1,711 approvals worth $678M.
Minnesota accounted for 3.7% of the 49,417 approvals nationwide that year. 180 lenders had at least one approval in the state; U.S. Bank, National Association had the most, 182.
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 FY2020, of 180 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2019 | Change |
|---|---|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 7(a) | 182 | $18.3M | 9.8% | 208 | -26 |
| 2 | Midwest Business Finance Corporation | 504 | 123 | $71.9M | 6.7% | 104 | +19 |
| 3 | BankVista | 7(a) | 76 | $50.5M | 4.1% | 52 | +24 |
| 4 | 21st Century Bank | 7(a) | 71 | $30.4M | 3.8% | 54 | +17 |
| 5 | Wells Fargo Bank National Association | 7(a) | 71 | $20.6M | 3.8% | 135 | -64 |
| 6 | Northeast Entrepreneur Fund, Inc. | 7(a) | 62 | $6.6M | 3.4% | 46 | +16 |
| 7 | Twin Cities-Metro Certified Development Company | 504 | 58 | $41.0M | 3.1% | 66 | -8 |
| 8 | Old National Bank | 7(a) | 56 | $41.6M | 3.0% | 95 | -39 |
| 9 | Security Bank USA | 7(a) | 49 | $4.1M | 2.7% | 44 | +5 |
| 10 | Sunrise Banks National Association | 7(a) | 46 | $13.1M | 2.5% | 50 | -4 |
| 11 | Amplio Economic Development Corporation | 504 | 45 | $23.6M | 2.4% | 44 | +1 |
| 12 | Ultima Bank Minnesota | 7(a) | 44 | $8.2M | 2.4% | 10 | +34 |
| 13 | Falcon National Bank | 7(a) | 41 | $30.3M | 2.2% | 37 | +4 |
| 14 | Frandsen Bank and Trust | 7(a) | 39 | $15.6M | 2.1% | 22 | +17 |
| 15 | United Prairie Bank | 7(a) | 36 | $10.9M | 1.9% | 9 | +27 |
| 16 | Granite Bank | 7(a) | 36 | $9.6M | 1.9% | 8 | +28 |
| 17 | Platinum Bank | 7(a) | 34 | $28.7M | 1.8% | 19 | +15 |
| 18 | Magnifi Financial CU | 7(a) | 31 | $9.3M | 1.7% | 7 | +24 |
| 19 | Minnwest Bank | 7(a) | 30 | $10.9M | 1.6% | 16 | +14 |
| 20 | Choice Financial Group | 7(a) | 26 | $23.3M | 1.4% | 39 | -13 |
| 21 | Highland Bank | 7(a) | 23 | $6.9M | 1.2% | 29 | -6 |
| 22 | Village Bank | 7(a) | 22 | $19.1M | 1.2% | 7 | +15 |
| 23 | Byline Bank | 7(a) | 21 | $21.4M | 1.1% | 17 | +4 |
| 24 | BankCherokee | 7(a) | 21 | $4.6M | 1.1% | 15 | +6 |
| 25 | Northeast Bank | 7(a) | 20 | $2.1M | 1.1% | 13 | +7 |
| 26 | Southeastern Minnesota 504 Development Corporation | 504 | 19 | $11.4M | 1.0% | 18 | +1 |
| 27 | First Western Bank & Trust | 7(a) | 19 | $1.6M | 1.0% | 4 | +15 |
| 28 | Wadena State Bank | 7(a) | 18 | $6.0M | 1.0% | 2 | +16 |
| 29 | Pioneer Bank | 7(a) | 17 | $10.5M | 0.9% | 8 | +9 |
| 30 | Red River State Bank | 7(a) | 17 | $3.2M | 0.9% | 5 | +12 |
| 31 | WBD, Inc. | 504 | 15 | $11.5M | 0.8% | 13 | +2 |
| 32 | Citizens Bank & Trust Co | 7(a) | 15 | $1.7M | 0.8% | 7 | +8 |
| 33 | Central Minnesota Development Company | 504 | 13 | $6.2M | 0.7% | 12 | +1 |
| 34 | First Citizens Bank | 7(a) | 12 | $1.7M | 0.6% | 12 | 0 |
| 35 | Woodlands National Bank | 7(a) | 11 | $7.0M | 0.6% | 15 | -4 |
| 36 | Nicolet National Bank | 7(a) | 11 | $6.2M | 0.6% | 5 | +6 |
| 37 | CorTrust Bank National Association | 7(a) | 11 | $4.0M | 0.6% | 5 | +6 |
| 38 | Bravera Bank | 7(a) | 11 | $1.6M | 0.6% | 12 | -1 |
| 39 | Sentry Bank | 7(a) | 10 | $937K | 0.5% | 6 | +4 |
| 40 | The Bank of Elk River | 7(a) | 9 | $3.6M | 0.5% | 5 | +4 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2019 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 411 | $190M | 22.2% | 458 | -47 |
| 2 | Ramsey County | 135 | $69.2M | 7.3% | 150 | -15 |
| 3 | Anoka County | 122 | $64.7M | 6.6% | 110 | +12 |
| 4 | Dakota County | 105 | $53.5M | 5.7% | 136 | -31 |
| 5 | Washington County | 88 | $33.8M | 4.8% | 84 | +4 |
| 6 | St. Louis County | 82 | $23.2M | 4.4% | 72 | +10 |
| 7 | Stearns County | 68 | $34.6M | 3.7% | 57 | +11 |
| 8 | Beltrami County | 64 | $9.6M | 3.5% | 54 | +10 |
| 9 | Crow Wing County | 44 | $17.2M | 2.4% | 30 | +14 |
| 10 | Sherburne County | 42 | $23.6M | 2.3% | 27 | +15 |
| 11 | Scott County | 39 | $12.8M | 2.1% | 57 | -18 |
| 12 | Carver County | 36 | $16.0M | 1.9% | 33 | +3 |
| 13 | Wright County | 35 | $21.0M | 1.9% | 32 | +3 |
| 14 | Douglas County | 30 | $5.7M | 1.6% | 19 | +11 |
| 15 | Blue Earth County | 28 | $11.1M | 1.5% | 25 | +3 |
| 16 | Benton County | 27 | $8.3M | 1.5% | 16 | +11 |
| 17 | Kandiyohi County | 25 | $11.8M | 1.4% | 11 | +14 |
| 18 | Chisago County | 23 | $10.4M | 1.2% | 8 | +15 |
| 19 | Otter Tail County | 23 | $10.7M | 1.2% | 11 | +12 |
| 20 | Polk County | 22 | $10.9M | 1.2% | 8 | +14 |
| 21 | Steele County | 21 | $4.8M | 1.1% | 9 | +12 |
| 22 | Clay County | 19 | $11.6M | 1.0% | 18 | +1 |
| 23 | Isanti County | 18 | $6.8M | 1.0% | 10 | +8 |
| 24 | Hubbard County | 18 | $2.6M | 1.0% | 10 | +8 |
| 25 | McLeod County | 17 | $3.1M | 0.9% | 16 | +1 |
| 26 | Wadena County | 17 | $5.3M | 0.9% | 2 | +15 |
| 27 | Olmsted County | 16 | $5.7M | 0.9% | 20 | -4 |
| 28 | Itasca County | 15 | $1.5M | 0.8% | 13 | +2 |
| 29 | Rice County | 14 | $4.3M | 0.8% | 11 | +3 |
| 30 | Norman County | 13 | $3.0M | 0.7% | 4 | +9 |
| 31 | Nicollet County | 13 | $8.2M | 0.7% | 3 | +10 |
| 32 | Cass County | 12 | $1.8M | 0.6% | 7 | +5 |
| 33 | Kanabec County | 12 | $4.5M | 0.6% | 13 | -1 |
| 34 | Morrison County | 12 | $2.4M | 0.6% | 13 | -1 |
| 35 | Carlton County | 11 | $3.5M | 0.6% | 10 | +1 |
| 36 | Le Sueur County | 10 | $8.2M | 0.5% | 2 | +8 |
| 37 | Pine County | 9 | $1.7M | 0.5% | 5 | +4 |
| 38 | Freeborn County | 9 | $5.1M | 0.5% | 2 | +7 |
| 39 | Clearwater County | 9 | $931K | 0.5% | 8 | +1 |
| 40 | Winona County | 8 | $1.3M | 0.4% | 7 | +1 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2020 against FY2019
| Minnesota | FY2020 | FY2019 |
|---|---|---|
| 7(a) approvals | 1,571 | 1,445 |
| 7(a) dollars | $596M | $490M |
| Median 7(a) approval | $149K | $125K |
| 504 approvals | 277 | 266 |
| 504 dollars | $168M | $188M |
| Jobs supported, as reported | 20,577 | 17,109 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2020?
U.S. Bank, National Association (182), Midwest Business Finance Corporation (123), BankVista (76), 21st Century Bank (71), Wells Fargo Bank National Association (71). 180 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2020?
1,848: 1,571 under 7(a) worth $596M and 277 under 504 worth $168M.
Which Minnesota counties had the most SBA approvals in FY2020?
Hennepin County (411), Ramsey County (135), Anoka County (122), Dakota County (105), Washington County (88).
When does FY2020 start and end?
The federal fiscal year 2020 runs from 1 October 2019 to 30 September 2020.
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