Minnesota SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in Minnesota
Since FY2020, 309 lenders have funded 11,247 SBA loans worth $5.6B for businesses in Minnesota. Borrowers reported 130,957 jobs supported by those loans. Below is who actually writes them, how big they run, and which Minnesota businesses get funded.
Most active SBA lenders in Minnesota
Ranked by loans funded for Minnesota projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in Minnesota beats a local name that rarely writes SBA loans.
| Lender | Program | MN loans since FY2020 | Since FY2025 | Median loan | Median rate |
|---|---|---|---|---|---|
| U.S. Bank, National Association | 7(a) | 1,073 | 354 | $40K | 8.74% |
| Midwest Business Finance Corporation | 504 (CDC) | 660 | 132 | $493K | n/a |
| The Huntington National Bank | 7(a) | 630 | 211 | $75K | 10% |
| BankVista | 7(a) | 515 | 91 | $255K | 7.25% |
| Old National Bank | 7(a) | 455 | 104 | $481K | 7.04% |
| Twin Cities-Metro Certified Development Company | 504 (CDC) | 390 | 90 | $683K | n/a |
| Wells Fargo Bank National Association | 7(a) | 301 | 41 | $15K | 10.25% |
| Frandsen Bank and Trust | 7(a) | 274 | 73 | $339K | 8.62% |
| Amplio Economic Development Corporation | 504 (CDC) | 272 | 47 | $453K | n/a |
| Platinum Bank | 7(a) | 216 | 43 | $500K | 7.5% |
| Falcon National Bank | 7(a) | 212 | 56 | $365K | 7.5% |
| 21st Century Bank | 7(a) | 205 | 34 | $270K | 5.75% |
| Choice Financial Group | 7(a) | 178 | 29 | $311K | 7.9% |
| Highland Bank | 7(a) | 173 | 29 | $150K | 8% |
| Granite Bank | 7(a) | 172 | 18 | $129K | 6.5% |
| Sunrise Banks National Association | 7(a) | 167 | 39 | $195K | 8% |
| Minnwest Bank | 7(a) | 164 | 35 | $350K | 6% |
| Northeast Bank | 7(a) | 161 | 60 | $150K | 9% |
| Ultima Bank Minnesota | 7(a) | 158 | 8 | $102K | 5.95% |
| Security Bank USA | 7(a) | 151 | 19 | $55K | 6% |
| Hiawatha National Bank | 7(a) | 134 | 13 | $350K | 8% |
| Magnifi Financial CU | 7(a) | 132 | 7 | $232K | 5.5% |
| Central Minnesota Development Company | 504 (CDC) | 132 | 40 | $540K | n/a |
| Village Bank | 7(a) | 128 | 3 | $436K | 5.75% |
| Northeast Entrepreneur Fund, Inc. | 7(a) | 126 | 0 | $73K | 6% |
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
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Start your funding profile →How big Minnesota SBA loans run
Share of Minnesota 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | MN | US |
|---|---|---|
| Under $150K | 43.6% | 40.4% |
| $150K to $500K | 32.3% | 31.9% |
| $500K to $1M | 12.6% | 12.9% |
| $1M and up | 11.5% | 14.9% |
Who gets funded in Minnesota
Business age on Minnesota 7(a) loans. 14.9% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | MN | US |
|---|---|---|
| Established, more than 2 years | 49.8% | 55.2% |
| New, 2 years or less | 19.7% | 16.9% |
| Startup, loan opens the business | 15.7% | 16.8% |
| Change of ownership (buying a business) | 14.9% | 11.1% |
Industries Minnesota SBA lenders fund most
Share of all Minnesota SBA loans by industry, and how that compares with the national mix.
| Industry | MN loans | Share | Compared with US |
|---|---|---|---|
| Construction | 1,394 | 12.4% | in line with national |
| Retail | 1,315 | 11.7% | in line with national |
| Restaurants and hotels | 1,258 | 11.2% | in line with national |
| Manufacturing | 1,172 | 10.4% | 1.6x the national share |
| Healthcare | 1,104 | 9.8% | in line with national |
| Personal and repair services | 1,068 | 9.5% | in line with national |
| Professional services | 863 | 7.7% | 0.8x the national share |
| Business support services | 612 | 5.4% | in line with national |
The most common specific business types funded in Minnesota: full-service restaurants (452), limited-service restaurants (323), landscaping services (231), all other specialty trade contractors (230), general automotive repair (210), fitness and recreational sports centers (208).
Where in Minnesota the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Hennepin | 2,997 | 27% |
| Ramsey | 1,004 | 9% |
| Anoka | 850 | 8% |
| Dakota | 815 | 7% |
| Washington | 539 | 5% |
| Stearns | 410 | 4% |
| Saint Louis | 317 | 3% |
| Scott | 310 | 3% |
7(a) or 504 in Minnesota
15% of Minnesota SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $518K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in Minnesota:
- Midwest Business Finance Corporation: 660 504 loans, median $493K
- Twin Cities-Metro Certified Development Company: 390 504 loans, median $683K
- Amplio Economic Development Corporation: 272 504 loans, median $453K
- Central Minnesota Development Company: 132 504 loans, median $540K
- Southeastern Minnesota 504 Development Corporation: 100 504 loans, median $567K
Minnesota SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 1,401 | 244 | $686M |
| FY2021 | 1,769 | 360 | $1.1B |
| FY2022 | 1,337 | 340 | $875M |
| FY2023 | 1,447 | 200 | $742M |
| FY2024 | 1,477 | 189 | $784M |
| FY2025 | 1,399 | 228 | $855M |
| FY2026 (through June 30, 2026) | 700 | 156 | $499M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in Minnesota?
By funded loans since FY2020, U.S. Bank, National Association leads Minnesota with 1,073 loans.
How big is a typical SBA loan in Minnesota?
The median 7(a) loan in Minnesota is $171K, and the middle half runs from $50K to $475K. The median 504 loan is $518K. Nationally the 7(a) median is $200K.
What interest rate do Minnesota SBA borrowers get?
The median starting rate on Minnesota 7(a) loans since FY2020 is 7.75%, against 9.25% nationally. 74% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in Minnesota?
Yes. 35% of Minnesota 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in Minnesota. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.