Local lending data
Who lends to businesses in Saint Louis County?
104 SBA 7(a) loans went to businesses in Saint Louis County recently, at a median of $232,850. The lenders that made them, ranked, with local rates and startup share.
104 SBA 7(a) loans went to businesses in Saint Louis County in the most recent fiscal years, at a median of $232,850. The most active lender was Frandsen Bank and Trust, with 18 loans.
SBA lending in Saint Louis 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 | Saint Louis County | Minnesota | National |
|---|---|---|---|
| Loans approved | 104 | 5,023 | 214,102 |
| Median loan | $232,850 | $150,000 | $150,000 |
| 25th - 75th percentile | $72,750 - $589,250 | $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 | 40.4% | 37.1% | 33.6% |
| Charge-off rate, FY2010-19 | 2.3% | 5.3% | 7.1% |
| Jobs supported | 1,225 | 57,646 | 2,142,602 |
Which lenders actually funded them
Ranked by loans approved to businesses in Saint Louis 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 |
|---|---|---|---|---|
| Frandsen Bank and Trust | 18 | $358,600 | 50% | 9.38% |
| U.S. Bank | 9 | $27,900 | 67% | 11.24% |
| Old National Bank | 9 | $261,000 | 33% | 8.75% |
| Members Cooperative Credit Union | 7 | $160,000 | 57% | 8.25% |
| The Huntington National Bank | 6 | $255,000 | 17% | 10.62% |
| Wells Fargo Bank | 5 | $15,000 | 100% | 13.00% |
| Merchants Bank of Indiana | 5 | $552,000 | 20% | 9.50% |
| Choice Financial Group | 4 | $210,250 | 25% | 9.38% |
| First Bank & Trust | 4 | $621,450 | 25% | 9.10% |
| The Northland Foundation | 3 | $163,200 | 0% | 6.50% |
What stands out here
Reading these figures against the national picture:
- Loans here run larger than average. The median of $232,850 is 55% above the $150,000 national median. Expect lenders in this market to be geared toward bigger deals, and expect a small request to get less attention.
- Startup share is about average, at 40% against 34% nationally.
- No single lender dominates, but the top three made 35% 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.
- This market has performed well. Its FY2010-2019 charge-off rate of 2.3% is below the 7.1% overall figure, which is part of why lenders compete for it.
Who borrows in Saint Louis County
The mix of industries taking SBA loans here, led by restaurants and hotels.
| Sector | Loans | Share |
|---|---|---|
| Restaurants and Hotels | 19 | 18.3% |
| Healthcare | 14 | 13.5% |
| Retail | 14 | 13.5% |
| Trucking | 8 | 7.7% |
| Construction | 8 | 7.7% |
| Professional Services | 7 | 6.7% |
| Manufacturing | 5 | 4.8% |
| Real Estate | 5 | 4.8% |
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