FY20231 Oct 2022 – 30 Sep 2023
SBA loans in Minnesota, FY2023
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 FY2023 (1 October 2022 to 30 September 2023) SBA approved 1,780 loans in Minnesota: 1,563 under 7(a) and 217 under 504, worth $796M.
That is about level with FY2022, when there were 1,864 approvals worth $956M.
Minnesota accounted for 2.8% of the 63,286 approvals nationwide that year. 188 lenders had at least one approval in the state; U.S. Bank, National Association had the most, 190.
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 FY2023, of 188 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2022 | Change |
|---|---|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 7(a) | 190 | $24.0M | 10.7% | 147 | +43 |
| 2 | The Huntington National Bank | 7(a) | 149 | $29.6M | 8.4% | 85 | +64 |
| 3 | BankVista | 7(a) | 97 | $30.9M | 5.4% | 108 | -11 |
| 4 | Midwest Business Finance Corporation | 504 | 78 | $57.0M | 4.4% | 160 | -82 |
| 5 | Old National Bank | 7(a) | 73 | $68.1M | 4.1% | 72 | +1 |
| 6 | Wells Fargo Bank National Association | 7(a) | 61 | $7.2M | 3.4% | 55 | +6 |
| 7 | Twin Cities-Metro Certified Development Company | 504 | 53 | $54.9M | 3.0% | 74 | -21 |
| 8 | Frandsen Bank and Trust | 7(a) | 53 | $32.1M | 3.0% | 33 | +20 |
| 9 | Highland Bank | 7(a) | 49 | $14.7M | 2.8% | 30 | +19 |
| 10 | Choice Financial Group | 7(a) | 37 | $15.7M | 2.1% | 33 | +4 |
| 11 | Hiawatha National Bank | 7(a) | 34 | $18.4M | 1.9% | 38 | -4 |
| 12 | Amplio Economic Development Corporation | 504 | 32 | $17.4M | 1.8% | 71 | -39 |
| 13 | Platinum Bank | 7(a) | 28 | $18.8M | 1.6% | 43 | -15 |
| 14 | First Bank & Trust | 7(a) | 24 | $32.1M | 1.3% | 16 | +8 |
| 15 | Falcon National Bank | 7(a) | 23 | $11.0M | 1.3% | 22 | +1 |
| 16 | Granite Bank | 7(a) | 23 | $3.8M | 1.3% | 38 | -15 |
| 17 | Village Bank | 7(a) | 22 | $17.3M | 1.2% | 22 | 0 |
| 18 | BayFirst National Bank | 7(a) | 22 | $2.7M | 1.2% | 14 | +8 |
| 19 | WBD, Inc. | 504 | 20 | $25.6M | 1.1% | 16 | +4 |
| 20 | Minnwest Bank | 7(a) | 20 | $10.1M | 1.1% | 28 | -8 |
| 21 | Sunrise Banks National Association | 7(a) | 20 | $5.2M | 1.1% | 28 | -8 |
| 22 | Security Bank USA | 7(a) | 20 | $3.9M | 1.1% | 18 | +2 |
| 23 | Magnifi Financial CU | 7(a) | 18 | $5.9M | 1.0% | 26 | -8 |
| 24 | First Western Bank & Trust | 7(a) | 18 | $4.3M | 1.0% | 8 | +10 |
| 25 | Bravera Bank | 7(a) | 18 | $2.6M | 1.0% | 43 | -25 |
| 26 | Central Minnesota Development Company | 504 | 16 | $12.8M | 0.9% | 31 | -15 |
| 27 | Live Oak Banking Company | 7(a) | 15 | $22.2M | 0.8% | 12 | +3 |
| 28 | Byline Bank | 7(a) | 14 | $14.0M | 0.8% | 6 | +8 |
| 29 | Bell Bank | 7(a) | 14 | $13.9M | 0.8% | 12 | +2 |
| 30 | Northeast Bank | 7(a) | 14 | $5.1M | 0.8% | 11 | +3 |
| 31 | First Resource Bank | 7(a) | 14 | $4.4M | 0.8% | 15 | -1 |
| 32 | Nicolet National Bank | 7(a) | 13 | $7.9M | 0.7% | 9 | +4 |
| 33 | Associated Bank National Association | 7(a) | 12 | $6.5M | 0.7% | 5 | +7 |
| 34 | Newtek Bank, National Association | 7(a) | 12 | $3.5M | 0.7% | 0 | new |
| 35 | Members Cooperative Credit Union | 7(a) | 12 | $2.4M | 0.7% | 12 | 0 |
| 36 | Alerus Financial, National Association | 7(a) | 11 | $9.1M | 0.6% | 10 | +1 |
| 37 | Ultima Bank Minnesota | 7(a) | 11 | $5.2M | 0.6% | 15 | -4 |
| 38 | 21st Century Bank | 7(a) | 11 | $3.1M | 0.6% | 35 | -24 |
| 39 | Readycap Lending, LLC | 7(a) | 11 | $2.1M | 0.6% | 5 | +6 |
| 40 | Affinity Plus FCU | 7(a) | 11 | $922K | 0.6% | 2 | +9 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2022 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 547 | $233M | 30.7% | 453 | +94 |
| 2 | Ramsey County | 169 | $88.4M | 9.5% | 172 | -3 |
| 3 | Anoka County | 156 | $78.6M | 8.8% | 152 | +4 |
| 4 | Dakota County | 151 | $78.4M | 8.5% | 143 | +8 |
| 5 | Washington County | 96 | $44.1M | 5.4% | 76 | +20 |
| 6 | Stearns County | 58 | $21.9M | 3.3% | 69 | -11 |
| 7 | Wright County | 56 | $27.0M | 3.1% | 54 | +2 |
| 8 | Scott County | 45 | $23.2M | 2.5% | 42 | +3 |
| 9 | Sherburne County | 42 | $12.5M | 2.4% | 44 | -2 |
| 10 | St. Louis County | 30 | $11.2M | 1.7% | 42 | -12 |
| 11 | Blue Earth County | 24 | $9.6M | 1.3% | 31 | -7 |
| 12 | Carver County | 23 | $9.5M | 1.3% | 36 | -13 |
| 13 | Olmsted County | 20 | $8.4M | 1.1% | 23 | -3 |
| 14 | Otter Tail County | 20 | $4.7M | 1.1% | 27 | -7 |
| 15 | Beltrami County | 18 | $3.5M | 1.0% | 30 | -12 |
| 16 | Clay County | 17 | $5.4M | 1.0% | 28 | -11 |
| 17 | Rice County | 15 | $11.2M | 0.8% | 14 | +1 |
| 18 | Kandiyohi County | 14 | $4.9M | 0.8% | 24 | -10 |
| 19 | Chisago County | 14 | $9.1M | 0.8% | 20 | -6 |
| 20 | Douglas County | 13 | $2.8M | 0.7% | 21 | -8 |
| 21 | McLeod County | 13 | $3.1M | 0.7% | 15 | -2 |
| 22 | Hubbard County | 13 | $1.9M | 0.7% | 6 | +7 |
| 23 | Carlton County | 12 | $4.5M | 0.7% | 10 | +2 |
| 24 | Crow Wing County | 11 | $11.8M | 0.6% | 31 | -20 |
| 25 | Becker County | 9 | $1.4M | 0.5% | 9 | 0 |
| 26 | Steele County | 9 | $2.1M | 0.5% | 7 | +2 |
| 27 | Isanti County | 9 | $5.6M | 0.5% | 17 | -8 |
| 28 | Meeker County | 8 | $3.0M | 0.4% | 3 | +5 |
| 29 | Goodhue County | 8 | $6.5M | 0.4% | 10 | -2 |
| 30 | Mille Lacs County | 7 | $1.8M | 0.4% | 11 | -4 |
| 31 | Fillmore County | 7 | $2.8M | 0.4% | 8 | -1 |
| 32 | Polk County | 7 | $2.8M | 0.4% | 6 | +1 |
| 33 | Wadena County | 7 | $3.0M | 0.4% | 4 | +3 |
| 34 | Cass County | 6 | $3.1M | 0.3% | 16 | -10 |
| 35 | Benton County | 6 | $2.9M | 0.3% | 22 | -16 |
| 36 | Martin County | 6 | $3.3M | 0.3% | 4 | +2 |
| 37 | Aitkin County | 6 | $739K | 0.3% | 6 | 0 |
| 38 | Clearwater County | 6 | $1.6M | 0.3% | 1 | +5 |
| 39 | Lyon County | 5 | $3.4M | 0.3% | 3 | +2 |
| 40 | Pine County | 5 | $1.9M | 0.3% | 11 | -6 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2023 against FY2022
| Minnesota | FY2023 | FY2022 |
|---|---|---|
| 7(a) approvals | 1,563 | 1,489 |
| 7(a) dollars | $614M | $629M |
| Median 7(a) approval | $150K | $172K |
| 504 approvals | 217 | 375 |
| 504 dollars | $182M | $327M |
| Jobs supported, as reported | 19,441 | 23,536 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2023?
U.S. Bank, National Association (190), The Huntington National Bank (149), BankVista (97), Midwest Business Finance Corporation (78), Old National Bank (73). 188 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2023?
1,780: 1,563 under 7(a) worth $614M and 217 under 504 worth $182M.
Which Minnesota counties had the most SBA approvals in FY2023?
Hennepin County (547), Ramsey County (169), Anoka County (156), Dakota County (151), Washington County (96).
When does FY2023 start and end?
The federal fiscal year 2023 runs from 1 October 2022 to 30 September 2023.
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