State lending data
SBA lending in Minnesota
5,023 SBA 7(a) loans went to businesses in Minnesota recently, at a median of $150,000. The lenders that made them, what they charged, and how the state is trending.
5,023 SBA 7(a) loans went to businesses in Minnesota in the most recent fiscal years, at a median of $150,000. The most active lender in the state was U.S. Bank, with 719 loans. Approvals are down 28.4% on the year.
SBA lending in Minnesota, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Minnesota, not advertised ranges.
| Measure | Minnesota | National |
|---|---|---|
| Loans approved | 5,023 | 214,102 |
| Total approved | $2.2 billion | $104.1 billion |
| Median loan | $150,000 | $150,000 |
| 25th – 75th percentile | $50,000 – $475,000 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.50% | 10.25% |
| Share to startups | 37.1% | 33.6% |
| Charge-off rate, FY2010–19 | 5.3% | 7.1% |
| Jobs supported | 57,646 | 2,142,602 |
| Counties with recorded lending | 84 | — |
| Lenders active in the state | 247 | — |
Is SBA lending in Minnesota growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Minnesota went from 877 to 628 loans, down 28.4% — while the dollars approved went from $365.7 million to $315.6 million, down 13.7%. The average approval rose from $416,948 to $502,559, so the change is weighted toward larger loans.
Minnesota is falling harder than most of the country: 43rd of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Minnesota | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 1,447 | 51,747 | 2.8% |
| FY2024 | 1,477 | 62,618 | 2.4% |
| FY2025 | 1,399 | 64,096 | 2.2% |
| FY2026 (part year) | 700 | 35,641 | 2.0% |
Which lenders actually fund businesses in Minnesota
Ranked by loans approved inside Minnesota. The median, startup share and rate columns describe each lender's own Minnesota loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| U.S. Bank | 719 | $45,000 | 34% | 9.30% |
| The Huntington National Bank | 535 | $75,000 | 45% | 10.25% |
| BankVista | 245 | $242,400 | 21% | 9.50% |
| Old National Bank | 241 | $465,000 | 42% | 8.50% |
| Frandsen Bank and Trust | 161 | $327,200 | 39% | 9.75% |
| Wells Fargo Bank | 145 | $15,000 | 94% | 13.00% |
| Northeast Bank | 112 | $150,000 | 28% | 10.25% |
| Falcon National Bank | 108 | $372,000 | 32% | 9.38% |
| Platinum Bank | 106 | $500,000 | 28% | 10.00% |
| Highland Bank | 102 | $150,000 | 34% | 9.25% |
| Choice Financial Group | 101 | $250,000 | 36% | 9.00% |
| Bell Bank | 89 | $349,900 | 30% | 9.50% |
What stands out about Minnesota
Reading the state's own figures against the national picture:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- Startup share is close to average, at 37.1% against 33.6% nationally.
- Rates run lower here. The median initial rate of 9.50% is 0.75 points below the 10.25% national median. Most 7(a) lending is variable-rate, so treat this as a comparison between markets, not a quote.
Who borrows in Minnesota
The industry mix of SBA borrowers here, led by construction.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Construction | 720 | 14.3% | $125,000 | 28% |
| Retail | 552 | 11.0% | $200,000 | 37% |
| Restaurants and Hotels | 529 | 10.5% | $230,000 | 55% |
| Healthcare | 506 | 10.1% | $200,000 | 38% |
| Personal Services | 485 | 9.7% | $125,000 | 44% |
| Professional Services | 455 | 9.1% | $122,200 | 26% |
| Manufacturing | 438 | 8.7% | $250,000 | 29% |
| Admin Services | 313 | 6.2% | $150,000 | 33% |
| Trucking | 216 | 4.3% | $121,600 | 45% |
| Arts and Recreation | 206 | 4.1% | $200,000 | 65% |
| Wholesale | 205 | 4.1% | $200,000 | 29% |
| Real Estate | 105 | 2.1% | $180,000 | 32% |
Where the money goes in Minnesota
SBA lending is more concentrated than state totals suggest, and Hennepin County alone accounts for 32% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Hennepin County | 1,608 | $150,000 | $677.2 million |
| Ramsey County | 489 | $157,000 | $210.3 million |
| Dakota County | 423 | $190,400 | $210.1 million |
| Anoka County | 407 | $198,000 | $191.4 million |
| Washington County | 292 | $150,000 | $120.7 million |
| Stearns County | 168 | $167,350 | $63.2 million |
| Scott County | 150 | $150,000 | $56.3 million |
| Wright County | 146 | $150,000 | $69.9 million |
| Carver County | 107 | $156,000 | $37.9 million |
| Saint Louis County | 104 | $232,850 | $50.8 million |
| Sherburne County | 102 | $111,500 | $25.5 million |
| Olmsted County | 68 | $262,000 | $45.0 million |
SBA 504 in Minnesota
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Minnesota 504 | National 504 |
|---|---|---|
| Projects approved | 773 | 22,192 |
| Median CDC share | $565,000 | $730,000 |
| Median total project | $1,310,500 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Minnesota
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Minnesota is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: North Carolina, Arizona, Massachusetts, Indiana, Colorado, Maryland, California, Florida
Questions people actually ask
How many SBA loans are approved in Minnesota each year?
5,023 SBA 7(a) loans were approved to businesses in Minnesota across fiscal years 2023 to 2026, using data released June 2026, worth $2.2 billion in total. Over the most recent comparable months the number of approvals ran down 28.4% year on year, while the dollars approved ran down 13.7%.
Which bank approves the most SBA loans in Minnesota?
U.S. Bank, with 719 loans approved to businesses in the state and a median loan of $45,000. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Minnesota?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.