FY20211 Oct 2020 – 30 Sep 2021
SBA loans in Minnesota, FY2021
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 FY2021 (1 October 2020 to 30 September 2021) SBA approved 2,357 loans in Minnesota: 1,953 under 7(a) and 404 under 504, worth $1.25bn.
That is up 28% on FY2020, when there were 1,848 approvals worth $764M.
Minnesota accounted for 3.8% of the 61,532 approvals nationwide that year. 180 lenders had at least one approval in the state; Midwest Business Finance Corporation had the most, 156.
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 FY2021, of 180 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2020 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Midwest Business Finance Corporation | 504 | 156 | $95.2M | 6.6% | 123 | +33 |
| 2 | BankVista | 7(a) | 119 | $81.3M | 5.0% | 76 | +43 |
| 3 | U.S. Bank, National Association | 7(a) | 114 | $16.6M | 4.8% | 182 | -68 |
| 4 | Old National Bank | 7(a) | 111 | $95.5M | 4.7% | 56 | +55 |
| 5 | Twin Cities-Metro Certified Development Company | 504 | 83 | $73.3M | 3.5% | 58 | +25 |
| 6 | Ultima Bank Minnesota | 7(a) | 69 | $18.3M | 2.9% | 44 | +25 |
| 7 | Amplio Economic Development Corporation | 504 | 66 | $41.1M | 2.8% | 45 | +21 |
| 8 | Northeast Entrepreneur Fund, Inc. | 7(a) | 63 | $6.2M | 2.7% | 62 | +1 |
| 9 | United Prairie Bank | 7(a) | 61 | $20.8M | 2.6% | 36 | +25 |
| 10 | 21st Century Bank | 7(a) | 60 | $26.4M | 2.5% | 71 | -11 |
| 11 | Granite Bank | 7(a) | 54 | $17.4M | 2.3% | 36 | +18 |
| 12 | Wells Fargo Bank National Association | 7(a) | 54 | $8.3M | 2.3% | 71 | -17 |
| 13 | Minnwest Bank | 7(a) | 52 | $42.0M | 2.2% | 30 | +22 |
| 14 | Village Bank | 7(a) | 51 | $33.0M | 2.2% | 22 | +29 |
| 15 | Frandsen Bank and Trust | 7(a) | 46 | $21.7M | 2.0% | 39 | +7 |
| 16 | Falcon National Bank | 7(a) | 45 | $25.8M | 1.9% | 41 | +4 |
| 17 | Magnifi Financial CU | 7(a) | 45 | $12.6M | 1.9% | 31 | +14 |
| 18 | Red River State Bank | 7(a) | 41 | $24.3M | 1.7% | 17 | +24 |
| 19 | Sunrise Banks National Association | 7(a) | 41 | $20.4M | 1.7% | 46 | -5 |
| 20 | Security Bank USA | 7(a) | 40 | $3.9M | 1.7% | 49 | -9 |
| 21 | Platinum Bank | 7(a) | 39 | $48.7M | 1.7% | 34 | +5 |
| 22 | Southeastern Minnesota 504 Development Corporation | 504 | 37 | $28.2M | 1.6% | 19 | +18 |
| 23 | Central Minnesota Development Company | 504 | 34 | $25.8M | 1.4% | 13 | +21 |
| 24 | Choice Financial Group | 7(a) | 33 | $22.6M | 1.4% | 26 | +7 |
| 25 | Bravera Bank | 7(a) | 31 | $5.6M | 1.3% | 11 | +20 |
| 26 | Coulee Bank | 7(a) | 27 | $25.1M | 1.1% | 5 | +22 |
| 27 | Byline Bank | 7(a) | 27 | $25.0M | 1.1% | 21 | +6 |
| 28 | Highland Bank | 7(a) | 27 | $10.5M | 1.1% | 23 | +4 |
| 29 | Citizens Bank & Trust Co | 7(a) | 27 | $4.6M | 1.1% | 15 | +12 |
| 30 | The Bank of Elk River | 7(a) | 25 | $20.3M | 1.1% | 9 | +16 |
| 31 | BankCherokee | 7(a) | 22 | $9.5M | 0.9% | 21 | +1 |
| 32 | Northeast Bank | 7(a) | 20 | $9.5M | 0.8% | 20 | 0 |
| 33 | Wadena State Bank | 7(a) | 20 | $5.5M | 0.8% | 18 | +2 |
| 34 | Alerus Financial, National Association | 7(a) | 19 | $16.2M | 0.8% | 9 | +10 |
| 35 | WBD, Inc. | 504 | 18 | $12.0M | 0.8% | 15 | +3 |
| 36 | Woodlands National Bank | 7(a) | 17 | $5.5M | 0.7% | 11 | +6 |
| 37 | Pioneer Bank | 7(a) | 17 | $4.5M | 0.7% | 17 | 0 |
| 38 | Hiawatha National Bank | 7(a) | 16 | $19.4M | 0.7% | 6 | +10 |
| 39 | The Huntington National Bank | 7(a) | 16 | $8.2M | 0.7% | 6 | +10 |
| 40 | United Midwest Savings Bank National Association | 7(a) | 15 | $2.1M | 0.6% | 9 | +6 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2020 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 531 | $325M | 22.5% | 411 | +120 |
| 2 | Ramsey County | 211 | $129M | 9.0% | 135 | +76 |
| 3 | Anoka County | 158 | $96.5M | 6.7% | 122 | +36 |
| 4 | Dakota County | 135 | $96.2M | 5.7% | 105 | +30 |
| 5 | St. Louis County | 95 | $33.3M | 4.0% | 82 | +13 |
| 6 | Stearns County | 94 | $55.3M | 4.0% | 68 | +26 |
| 7 | Scott County | 78 | $32.8M | 3.3% | 39 | +39 |
| 8 | Washington County | 77 | $31.1M | 3.3% | 88 | -11 |
| 9 | Sherburne County | 57 | $28.7M | 2.4% | 42 | +15 |
| 10 | Wright County | 51 | $33.0M | 2.2% | 35 | +16 |
| 11 | Beltrami County | 50 | $11.4M | 2.1% | 64 | -14 |
| 12 | Crow Wing County | 46 | $34.4M | 2.0% | 44 | +2 |
| 13 | Polk County | 43 | $11.3M | 1.8% | 22 | +21 |
| 14 | Olmsted County | 35 | $26.4M | 1.5% | 16 | +19 |
| 15 | Carver County | 35 | $24.0M | 1.5% | 36 | -1 |
| 16 | Otter Tail County | 35 | $18.1M | 1.5% | 23 | +12 |
| 17 | Itasca County | 32 | $15.8M | 1.4% | 15 | +17 |
| 18 | McLeod County | 31 | $9.4M | 1.3% | 17 | +14 |
| 19 | Kandiyohi County | 30 | $7.2M | 1.3% | 25 | +5 |
| 20 | Cass County | 30 | $7.7M | 1.3% | 12 | +18 |
| 21 | Blue Earth County | 27 | $10.1M | 1.1% | 28 | -1 |
| 22 | Benton County | 27 | $15.9M | 1.1% | 27 | 0 |
| 23 | Douglas County | 25 | $11.6M | 1.1% | 30 | -5 |
| 24 | Chisago County | 23 | $11.8M | 1.0% | 23 | 0 |
| 25 | Clay County | 23 | $10.3M | 1.0% | 19 | +4 |
| 26 | Hubbard County | 17 | $3.2M | 0.7% | 18 | -1 |
| 27 | Steele County | 16 | $5.8M | 0.7% | 21 | -5 |
| 28 | Morrison County | 16 | $8.6M | 0.7% | 12 | +4 |
| 29 | Rice County | 15 | $11.0M | 0.6% | 14 | +1 |
| 30 | Norman County | 14 | $6.2M | 0.6% | 13 | +1 |
| 31 | Nicollet County | 14 | $6.8M | 0.6% | 13 | +1 |
| 32 | Wadena County | 14 | $2.9M | 0.6% | 17 | -3 |
| 33 | Lake County | 13 | $3.8M | 0.6% | 8 | +5 |
| 34 | Mille Lacs County | 12 | $4.0M | 0.5% | 7 | +5 |
| 35 | Waseca County | 12 | $4.2M | 0.5% | 5 | +7 |
| 36 | Pine County | 12 | $4.2M | 0.5% | 9 | +3 |
| 37 | Winona County | 12 | $4.7M | 0.5% | 8 | +4 |
| 38 | Kanabec County | 12 | $2.3M | 0.5% | 12 | 0 |
| 39 | Goodhue County | 12 | $4.9M | 0.5% | 6 | +6 |
| 40 | Meeker County | 11 | $5.0M | 0.5% | 2 | +9 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2021 against FY2020
| Minnesota | FY2021 | FY2020 |
|---|---|---|
| 7(a) approvals | 1,953 | 1,571 |
| 7(a) dollars | $969M | $596M |
| Median 7(a) approval | $220K | $149K |
| 504 approvals | 404 | 277 |
| 504 dollars | $281M | $168M |
| Jobs supported, as reported | 28,179 | 20,577 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2021?
Midwest Business Finance Corporation (156), BankVista (119), U.S. Bank, National Association (114), Old National Bank (111), Twin Cities-Metro Certified Development Company (83). 180 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2021?
2,357: 1,953 under 7(a) worth $969M and 404 under 504 worth $281M.
Which Minnesota counties had the most SBA approvals in FY2021?
Hennepin County (531), Ramsey County (211), Anoka County (158), Dakota County (135), St. Louis County (95).
When does FY2021 start and end?
The federal fiscal year 2021 runs from 1 October 2020 to 30 September 2021.
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