FY20221 Oct 2021 – 30 Sep 2022
SBA loans in Minnesota, FY2022
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 FY2022 (1 October 2021 to 30 September 2022) SBA approved 1,864 loans in Minnesota: 1,489 under 7(a) and 375 under 504, worth $956M.
That is down 21% on FY2021, when there were 2,357 approvals worth $1.25bn.
Minnesota accounted for 3.3% of the 56,932 approvals nationwide that year. 167 lenders had at least one approval in the state; Midwest Business Finance Corporation had the most, 160.
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 FY2022, of 167 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2021 | Change |
|---|---|---|---|---|---|---|---|
| 1 | Midwest Business Finance Corporation | 504 | 160 | $125M | 8.6% | 156 | +4 |
| 2 | U.S. Bank, National Association | 7(a) | 147 | $18.2M | 7.9% | 114 | +33 |
| 3 | BankVista | 7(a) | 108 | $47.4M | 5.8% | 119 | -11 |
| 4 | The Huntington National Bank | 7(a) | 85 | $19.2M | 4.6% | 16 | +69 |
| 5 | Twin Cities-Metro Certified Development Company | 504 | 74 | $86.2M | 4.0% | 83 | -9 |
| 6 | Old National Bank | 7(a) | 72 | $57.6M | 3.9% | 111 | -39 |
| 7 | Amplio Economic Development Corporation | 504 | 71 | $53.7M | 3.8% | 66 | +5 |
| 8 | Wells Fargo Bank National Association | 7(a) | 55 | $6.2M | 3.0% | 54 | +1 |
| 9 | Platinum Bank | 7(a) | 43 | $34.8M | 2.3% | 39 | +4 |
| 10 | Bravera Bank | 7(a) | 43 | $7.4M | 2.3% | 31 | +12 |
| 11 | Hiawatha National Bank | 7(a) | 38 | $17.7M | 2.0% | 16 | +22 |
| 12 | Granite Bank | 7(a) | 38 | $6.5M | 2.0% | 54 | -16 |
| 13 | 21st Century Bank | 7(a) | 35 | $14.0M | 1.9% | 60 | -25 |
| 14 | Frandsen Bank and Trust | 7(a) | 33 | $22.2M | 1.8% | 46 | -13 |
| 15 | Choice Financial Group | 7(a) | 33 | $18.0M | 1.8% | 33 | 0 |
| 16 | Central Minnesota Development Company | 504 | 31 | $32.2M | 1.7% | 34 | -3 |
| 17 | Highland Bank | 7(a) | 30 | $8.3M | 1.6% | 27 | +3 |
| 18 | Minnwest Bank | 7(a) | 28 | $17.6M | 1.5% | 52 | -24 |
| 19 | Sunrise Banks National Association | 7(a) | 28 | $9.1M | 1.5% | 41 | -13 |
| 20 | Magnifi Financial CU | 7(a) | 26 | $6.3M | 1.4% | 45 | -19 |
| 21 | Village Bank | 7(a) | 22 | $19.0M | 1.2% | 51 | -29 |
| 22 | Falcon National Bank | 7(a) | 22 | $16.6M | 1.2% | 45 | -23 |
| 23 | Newtek Small Business Finance, Inc. | 7(a) | 18 | $7.8M | 1.0% | 4 | +14 |
| 24 | Security Bank USA | 7(a) | 18 | $2.4M | 1.0% | 40 | -22 |
| 25 | First Bank & Trust | 7(a) | 16 | $18.9M | 0.9% | 0 | new |
| 26 | WBD, Inc. | 504 | 16 | $10.1M | 0.9% | 18 | -2 |
| 27 | First Citizens Bank | 7(a) | 16 | $1.7M | 0.9% | 10 | +6 |
| 28 | BankCherokee | 7(a) | 15 | $6.4M | 0.8% | 22 | -7 |
| 29 | First Resource Bank | 7(a) | 15 | $4.6M | 0.8% | 5 | +10 |
| 30 | Ultima Bank Minnesota | 7(a) | 15 | $3.6M | 0.8% | 69 | -54 |
| 31 | Southeastern Minnesota 504 Development Corporation | 504 | 14 | $9.7M | 0.8% | 37 | -23 |
| 32 | The Bank of Elk River | 7(a) | 14 | $5.1M | 0.8% | 25 | -11 |
| 33 | BayFirst National Bank | 7(a) | 14 | $4.7M | 0.8% | 3 | +11 |
| 34 | Live Oak Banking Company | 7(a) | 12 | $20.9M | 0.6% | 12 | 0 |
| 35 | Bell Bank | 7(a) | 12 | $19.4M | 0.6% | 11 | +1 |
| 36 | Members Cooperative Credit Union | 7(a) | 12 | $2.0M | 0.6% | 12 | 0 |
| 37 | Northeast Bank | 7(a) | 11 | $9.1M | 0.6% | 20 | -9 |
| 38 | Lake Region Bank | 7(a) | 11 | $1.2M | 0.6% | 6 | +5 |
| 39 | Alerus Financial, National Association | 7(a) | 10 | $7.9M | 0.5% | 19 | -9 |
| 40 | Citizens Bank & Trust Co | 7(a) | 10 | $1.7M | 0.5% | 27 | -17 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2021 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 453 | $224M | 24.3% | 531 | -78 |
| 2 | Ramsey County | 172 | $96.3M | 9.2% | 211 | -39 |
| 3 | Anoka County | 152 | $72.3M | 8.2% | 158 | -6 |
| 4 | Dakota County | 143 | $102M | 7.7% | 135 | +8 |
| 5 | Washington County | 76 | $33.6M | 4.1% | 77 | -1 |
| 6 | Stearns County | 69 | $33.8M | 3.7% | 94 | -25 |
| 7 | Wright County | 54 | $19.6M | 2.9% | 51 | +3 |
| 8 | Sherburne County | 44 | $20.3M | 2.4% | 57 | -13 |
| 9 | St. Louis County | 42 | $27.8M | 2.3% | 95 | -53 |
| 10 | Scott County | 42 | $24.7M | 2.3% | 78 | -36 |
| 11 | Carver County | 36 | $25.4M | 1.9% | 35 | +1 |
| 12 | Blue Earth County | 31 | $13.8M | 1.7% | 27 | +4 |
| 13 | Crow Wing County | 31 | $15.8M | 1.7% | 46 | -15 |
| 14 | Beltrami County | 30 | $8.3M | 1.6% | 50 | -20 |
| 15 | Clay County | 28 | $17.0M | 1.5% | 23 | +5 |
| 16 | Otter Tail County | 27 | $12.0M | 1.4% | 35 | -8 |
| 17 | Kandiyohi County | 24 | $11.6M | 1.3% | 30 | -6 |
| 18 | Olmsted County | 23 | $15.1M | 1.2% | 35 | -12 |
| 19 | Benton County | 22 | $11.3M | 1.2% | 27 | -5 |
| 20 | Douglas County | 21 | $7.3M | 1.1% | 25 | -4 |
| 21 | Chisago County | 20 | $9.8M | 1.1% | 23 | -3 |
| 22 | Isanti County | 17 | $10.3M | 0.9% | 10 | +7 |
| 23 | Cass County | 16 | $11.6M | 0.9% | 30 | -14 |
| 24 | McLeod County | 15 | $7.0M | 0.8% | 31 | -16 |
| 25 | Rice County | 14 | $4.9M | 0.8% | 15 | -1 |
| 26 | Mille Lacs County | 11 | $6.8M | 0.6% | 12 | -1 |
| 27 | Pine County | 11 | $3.4M | 0.6% | 12 | -1 |
| 28 | Kanabec County | 11 | $2.0M | 0.6% | 12 | -1 |
| 29 | Carlton County | 10 | $6.2M | 0.5% | 4 | +6 |
| 30 | Goodhue County | 10 | $1.3M | 0.5% | 12 | -2 |
| 31 | Morrison County | 10 | $4.3M | 0.5% | 16 | -6 |
| 32 | Nicollet County | 10 | $4.6M | 0.5% | 14 | -4 |
| 33 | Itasca County | 9 | $3.4M | 0.5% | 32 | -23 |
| 34 | Becker County | 9 | $2.8M | 0.5% | 9 | 0 |
| 35 | Winona County | 8 | $5.5M | 0.4% | 12 | -4 |
| 36 | Fillmore County | 8 | $815K | 0.4% | 7 | +1 |
| 37 | Le Sueur County | 8 | $3.2M | 0.4% | 8 | 0 |
| 38 | Mower County | 8 | $10.4M | 0.4% | 6 | +2 |
| 39 | Steele County | 7 | $901K | 0.4% | 16 | -9 |
| 40 | Swift County | 7 | $1.8M | 0.4% | 3 | +4 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2022 against FY2021
| Minnesota | FY2022 | FY2021 |
|---|---|---|
| 7(a) approvals | 1,489 | 1,953 |
| 7(a) dollars | $629M | $969M |
| Median 7(a) approval | $172K | $220K |
| 504 approvals | 375 | 404 |
| 504 dollars | $327M | $281M |
| Jobs supported, as reported | 23,536 | 28,179 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2022?
Midwest Business Finance Corporation (160), U.S. Bank, National Association (147), BankVista (108), The Huntington National Bank (85), Twin Cities-Metro Certified Development Company (74). 167 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2022?
1,864: 1,489 under 7(a) worth $629M and 375 under 504 worth $327M.
Which Minnesota counties had the most SBA approvals in FY2022?
Hennepin County (453), Ramsey County (172), Anoka County (152), Dakota County (143), Washington County (76).
When does FY2022 start and end?
The federal fiscal year 2022 runs from 1 October 2021 to 30 September 2022.
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