Lending data
Who actually lends to wholesale businesses in Minnesota?
205 SBA 7(a) loans went to wholesale businesses in Minnesota recently, at a median of $200,000. Here are the lenders that made them, ranked.
205 SBA 7(a) loans went to wholesale businesses in Minnesota in the most recent fiscal years. The median was $200,000 over 10 years. The most active lender was U.S. Bank, with 28 loans.
What lending to wholesale businesses in Minnesota actually looks like
Every figure on this page is computed from SBA 7(a) loan-level FOIA data released 2026-06-30. It reflects loans that were actually approved, not rate cards or advertised ranges.
| Measure | Wholesale trade, Minnesota | All 7(a) borrowers |
|---|---|---|
| Loans approved | 205 | 214,102 |
| Median loan | $200,000 | $150,000 |
| 25th - 75th percentile | $66,500 - $500,000 | $50,000 - $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.50% | 10.25% |
| Share to startups | 28.8% | 33.6% |
| Charge-off rate, FY2010-19 cohort | 5.6% | 7.1% |
Which lenders actually funded them
Ranked by loans approved to wholesale businesses in Minnesota. This is the list worth working from, because a lender that has funded dozens of businesses like yours in your state has seen your file before.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| U.S. Bank | 28 | $50,000 | 39% | 10.00% |
| The Huntington National Bank | 18 | $71,500 | 22% | 10.50% |
| Choice Financial Group | 12 | $192,500 | 17% | 8.88% |
| Wells Fargo Bank | 11 | $25,000 | 82% | 12.25% |
| Old National Bank | 9 | $350,000 | 56% | 8.25% |
| BankVista | 8 | $313,250 | 25% | 10.00% |
| Frandsen Bank and Trust | 7 | $1,613,700 | 14% | 9.75% |
| First Resource Bank | 6 | $1,000,000 | 0% | 9.12% |
| Hiawatha National Bank | 5 | $300,000 | 60% | 10.00% |
| Platinum Bank | 5 | $2,352,000 | 0% | 8.00% |
What stands out in this market
Reading the figures above against the national picture:
- Loans here run larger than average. The median of $200,000 is 33% 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 29% against 34% nationally.
- No single lender dominates, but the top three made 28% 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.
Which of them lend to new businesses
Of those loans, 28.8% went to businesses the SBA classes as startups — new, under two years old, or opening with the proceeds. These are the lenders in this market that actually wrote them.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| U.S. Bank | 11 | $50,000 | 39% | 10.00% |
| Wells Fargo Bank | 9 | $25,000 | 82% | 12.25% |
| Old National Bank | 5 | $350,000 | 56% | 8.25% |
| The Huntington National Bank | 4 | $71,500 | 22% | 10.50% |
| Hiawatha National Bank | 3 | $300,000 | 60% | 10.00% |
| BankVista | 2 | $313,250 | 25% | 10.00% |
How to use this
- Shortlist three lenders from the table whose median loan is close to what you need.
- 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 the cash flow supports.
- Assemble the package before you call. The document checklist is the single biggest thing you control.
Compare other markets
- Other sectors in Minnesota: construction, retail, restaurants and hotels, healthcare, personal services, professional services
- Wholesale in comparable states: Georgia, Washington, Utah, Michigan, Massachusetts, Pennsylvania