FY20241 Oct 2023 – 30 Sep 2024
SBA loans in Minnesota, FY2024
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 FY2024 (1 October 2023 to 30 September 2024) SBA approved 1,811 loans in Minnesota: 1,616 under 7(a) and 195 under 504, worth $847M.
That is about level with FY2023, when there were 1,780 approvals worth $796M.
Minnesota accounted for 2.4% of the 76,235 approvals nationwide that year. 165 lenders had at least one approval in the state; U.S. Bank, National Association had the most, 230.
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 FY2024, of 165 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2023 | Change |
|---|---|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 7(a) | 230 | $50.6M | 12.7% | 190 | +40 |
| 2 | The Huntington National Bank | 7(a) | 192 | $41.7M | 10.6% | 149 | +43 |
| 3 | Midwest Business Finance Corporation | 504 | 79 | $62.3M | 4.4% | 78 | +1 |
| 4 | BankVista | 7(a) | 73 | $31.6M | 4.0% | 97 | -24 |
| 5 | Old National Bank | 7(a) | 70 | $67.7M | 3.9% | 73 | -3 |
| 6 | Twin Cities-Metro Certified Development Company | 504 | 51 | $49.6M | 2.8% | 53 | -2 |
| 7 | Wells Fargo Bank National Association | 7(a) | 48 | $8.3M | 2.7% | 61 | -13 |
| 8 | Frandsen Bank and Trust | 7(a) | 43 | $26.0M | 2.4% | 53 | -10 |
| 9 | Platinum Bank | 7(a) | 42 | $45.3M | 2.3% | 28 | +14 |
| 10 | Choice Financial Group | 7(a) | 42 | $17.5M | 2.3% | 37 | +5 |
| 11 | Hiawatha National Bank | 7(a) | 34 | $14.8M | 1.9% | 34 | 0 |
| 12 | Readycap Lending, LLC | 7(a) | 31 | $5.7M | 1.7% | 11 | +20 |
| 13 | Falcon National Bank | 7(a) | 30 | $17.0M | 1.7% | 23 | +7 |
| 14 | Sunrise Banks National Association | 7(a) | 30 | $5.2M | 1.7% | 20 | +10 |
| 15 | Amplio Economic Development Corporation | 504 | 29 | $19.5M | 1.6% | 32 | -3 |
| 16 | First Bank & Trust | 7(a) | 29 | $14.1M | 1.6% | 24 | +5 |
| 17 | Newtek Bank, National Association | 7(a) | 29 | $13.6M | 1.6% | 12 | +17 |
| 18 | BayFirst National Bank | 7(a) | 29 | $3.7M | 1.6% | 22 | +7 |
| 19 | Bell Bank | 7(a) | 28 | $18.8M | 1.5% | 14 | +14 |
| 20 | Highland Bank | 7(a) | 28 | $7.8M | 1.5% | 49 | -21 |
| 21 | Northeast Bank | 7(a) | 26 | $2.7M | 1.4% | 4 | +22 |
| 22 | Drake Bank | 7(a) | 23 | $12.4M | 1.3% | 3 | +20 |
| 23 | First Resource Bank | 7(a) | 19 | $11.3M | 1.0% | 14 | +5 |
| 24 | Granite Bank | 7(a) | 19 | $5.7M | 1.0% | 23 | -4 |
| 25 | Associated Bank National Association | 7(a) | 18 | $18.0M | 1.0% | 12 | +6 |
| 26 | Live Oak Banking Company | 7(a) | 17 | $24.7M | 0.9% | 15 | +2 |
| 27 | 21st Century Bank | 7(a) | 16 | $6.0M | 0.9% | 11 | +5 |
| 28 | Northeast Bank | 7(a) | 15 | $4.6M | 0.8% | 14 | +1 |
| 29 | BankCherokee | 7(a) | 14 | $8.1M | 0.8% | 10 | +4 |
| 30 | Ultima Bank Minnesota | 7(a) | 14 | $4.7M | 0.8% | 11 | +3 |
| 31 | Stearns Bank National Association | 7(a) | 13 | $9.0M | 0.7% | 5 | +8 |
| 32 | The Bank of Elk River | 7(a) | 13 | $8.2M | 0.7% | 8 | +5 |
| 33 | First Western Bank & Trust | 7(a) | 13 | $5.2M | 0.7% | 18 | -5 |
| 34 | Security Bank USA | 7(a) | 13 | $1.7M | 0.7% | 20 | -7 |
| 35 | Village Bank | 7(a) | 12 | $9.9M | 0.7% | 22 | -10 |
| 36 | Alerus Financial, National Association | 7(a) | 11 | $8.1M | 0.6% | 11 | 0 |
| 37 | Merchants Bank, National Association | 7(a) | 11 | $5.3M | 0.6% | 4 | +7 |
| 38 | Citizens State Bank | 7(a) | 11 | $4.4M | 0.6% | 5 | +6 |
| 39 | MY CU | 7(a) | 10 | $788K | 0.6% | 6 | +4 |
| 40 | Central Minnesota Development Company | 504 | 9 | $13.0M | 0.5% | 16 | -7 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2023 | Change |
|---|---|---|---|---|---|---|
| 1 | Hennepin County | 565 | $267M | 31.2% | 547 | +18 |
| 2 | Ramsey County | 192 | $76.3M | 10.6% | 169 | +23 |
| 3 | Dakota County | 148 | $79.0M | 8.2% | 151 | -3 |
| 4 | Anoka County | 125 | $63.4M | 6.9% | 156 | -31 |
| 5 | Washington County | 103 | $51.4M | 5.7% | 96 | +7 |
| 6 | Scott County | 67 | $18.5M | 3.7% | 45 | +22 |
| 7 | Stearns County | 63 | $30.1M | 3.5% | 58 | +5 |
| 8 | Wright County | 48 | $32.0M | 2.7% | 56 | -8 |
| 9 | Carver County | 43 | $19.6M | 2.4% | 23 | +20 |
| 10 | St. Louis County | 39 | $15.9M | 2.2% | 30 | +9 |
| 11 | Sherburne County | 38 | $15.8M | 2.1% | 42 | -4 |
| 12 | Olmsted County | 28 | $11.5M | 1.5% | 20 | +8 |
| 13 | Kandiyohi County | 21 | $7.2M | 1.2% | 14 | +7 |
| 14 | Beltrami County | 20 | $5.2M | 1.1% | 18 | +2 |
| 15 | Rice County | 19 | $10.9M | 1.0% | 15 | +4 |
| 16 | Crow Wing County | 18 | $14.6M | 1.0% | 11 | +7 |
| 17 | Douglas County | 15 | $20.4M | 0.8% | 13 | +2 |
| 18 | Otter Tail County | 15 | $2.1M | 0.8% | 20 | -5 |
| 19 | Clay County | 15 | $6.4M | 0.8% | 17 | -2 |
| 20 | McLeod County | 14 | $2.8M | 0.8% | 13 | +1 |
| 21 | Blue Earth County | 13 | $4.6M | 0.7% | 24 | -11 |
| 22 | Benton County | 12 | $6.0M | 0.7% | 6 | +6 |
| 23 | Steele County | 10 | $2.2M | 0.6% | 9 | +1 |
| 24 | Itasca County | 9 | $3.6M | 0.5% | 3 | +6 |
| 25 | Chisago County | 9 | $5.2M | 0.5% | 14 | -5 |
| 26 | Hubbard County | 9 | $2.6M | 0.5% | 13 | -4 |
| 27 | Isanti County | 8 | $3.1M | 0.4% | 9 | -1 |
| 28 | Winona County | 7 | $7.4M | 0.4% | 4 | +3 |
| 29 | Goodhue County | 7 | $1.9M | 0.4% | 8 | -1 |
| 30 | Le Sueur County | 7 | $2.3M | 0.4% | 2 | +5 |
| 31 | Polk County | 7 | $4.9M | 0.4% | 7 | 0 |
| 32 | Cass County | 6 | $1.5M | 0.3% | 6 | 0 |
| 33 | Mille Lacs County | 6 | $4.6M | 0.3% | 7 | -1 |
| 34 | Pine County | 5 | $542K | 0.3% | 5 | 0 |
| 35 | Wadena County | 5 | $2.6M | 0.3% | 7 | -2 |
| 36 | Clearwater County | 5 | $1.1M | 0.3% | 6 | -1 |
| 37 | Waseca County | 4 | $375K | 0.2% | 2 | +2 |
| 38 | Morrison County | 4 | $1.7M | 0.2% | 5 | -1 |
| 39 | Nicollet County | 4 | $4.3M | 0.2% | 2 | +2 |
| 40 | Renville County | 4 | $3.7M | 0.2% | 1 | +3 |
The 40 counties with the most approvals; every county is on the Minnesota page.
FY2024 against FY2023
| Minnesota | FY2024 | FY2023 |
|---|---|---|
| 7(a) approvals | 1,616 | 1,563 |
| 7(a) dollars | $687M | $614M |
| Median 7(a) approval | $150K | $150K |
| 504 approvals | 195 | 217 |
| 504 dollars | $160M | $182M |
| Jobs supported, as reported | 20,704 | 19,441 |
Questions and answers
Which lenders made the most SBA loans in Minnesota in FY2024?
U.S. Bank, National Association (230), The Huntington National Bank (192), Midwest Business Finance Corporation (79), BankVista (73), Old National Bank (70). 165 lenders had at least one approval.
How many SBA loans were approved in Minnesota in FY2024?
1,811: 1,616 under 7(a) worth $687M and 195 under 504 worth $160M.
Which Minnesota counties had the most SBA approvals in FY2024?
Hennepin County (565), Ramsey County (192), Dakota County (148), Anoka County (125), Washington County (103).
When does FY2024 start and end?
The federal fiscal year 2024 runs from 1 October 2023 to 30 September 2024.
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