Local lending data
Who lends to businesses in Carver County?
107 SBA 7(a) loans went to businesses in Carver County recently, at a median of $156,000. The lenders that made them, ranked, with local rates and startup share.
107 SBA 7(a) loans went to businesses in Carver County in the most recent fiscal years, at a median of $156,000. The most active lender was U.S. Bank, with 23 loans.
SBA lending in Carver County, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans that were actually approved to businesses in this county, not advertised ranges.
| Measure | Carver County | Minnesota | National |
|---|---|---|---|
| Loans approved | 107 | 5,023 | 214,102 |
| Median loan | $156,000 | $150,000 | $150,000 |
| 25th - 75th percentile | $50,000 - $400,000 | $50,000 - $475,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years | 10 years |
| Median initial rate | 9.50% | 9.50% | 10.25% |
| Share to startups | 41.1% | 37.1% | 33.6% |
| Charge-off rate, FY2010-19 | 6.4% | 5.3% | 7.1% |
| Jobs supported | 918 | 57,646 | 2,142,602 |
Which lenders actually funded them
Ranked by loans approved to businesses in Carver County. The median, startup share and rate columns describe each lender's own loans in this county, not its national averages.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| U.S. Bank | 23 | $50,000 | 39% | 9.49% |
| BankVista | 15 | $300,000 | 13% | 9.75% |
| Old National Bank | 11 | $430,700 | 46% | 8.25% |
| Wells Fargo Bank | 8 | $15,000 | 100% | 12.62% |
| The Huntington National Bank | 8 | $104,750 | 88% | 10.88% |
| Frandsen Bank and Trust | 4 | $290,000 | 75% | 7.38% |
| Choice Financial Group | 4 | $304,100 | 0% | 8.38% |
| Highland Bank | 4 | $342,250 | 50% | 8.88% |
| Drake Bank | 3 | $317,800 | 67% | 10.50% |
| 21st Century Bank | 3 | $100,000 | 33% | 8.75% |
What stands out here
Reading these figures against the national picture:
- Loan sizes are typical. The median of $156,000 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 about average, at 41% against 34% nationally.
- No single lender dominates, but the top three made 46% of these loans, so the shortlist below covers most of the active market.
- Rates run lower here. The median initial rate of 9.50% is 0.75 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
Who borrows in Carver County
The mix of industries taking SBA loans here, led by construction.
| Sector | Loans | Share |
|---|---|---|
| Construction | 17 | 15.9% |
| Restaurants and Hotels | 13 | 12.1% |
| Manufacturing | 11 | 10.3% |
| Admin Services | 10 | 9.3% |
| Professional Services | 10 | 9.3% |
| Healthcare | 9 | 8.4% |
| Retail | 8 | 7.5% |
| Finance | 6 | 5.6% |
How to use this
- Shortlist three lenders from the table whose median loan in this county is close to what you need. Size match matters more than brand.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year — see choosing an SBA lender.
- Check your coverage first with the affordability calculator, so you ask for a number your cash flow supports.
- Follow your sector link in the table above for lender data specific to your industry across Minnesota.
Other counties in Minnesota
- Nearby markets with published data: Hennepin County, Ramsey County, Dakota County, Anoka County, Washington County, Stearns County, Scott County, Wright County