8,200 SBA loans worth $4.1B went to Minnesota businesses between October 2021 and June 2026, from 280 lenders. U.S. Bank made the most 7(a) loans, 953 or 14% of the state's total, and the ten most active lenders made 47%. The median 7(a) loan was $150,500, below the national median of $158,000. Construction was the most financed industry, at 13% of loans. Annual loan count rose 2% from fiscal 2023 to fiscal 2025.
| # | Lender | Loans | Approved | Median loan | To startups | Most common borrower |
|---|---|---|---|---|---|---|
| 1 | U.S. Bank Bank · Cincinnati, OH | 953 | $189.7M | $40,000 | 35% | Construction |
| 2 | Huntington National Bank Bank · Columbus, OH | 663 | $142.7M | $75,000 | 44% | Construction |
| 3 | BankVista Bank · Sartell, MN | 372 | $151.8M | $226,000 | 22% | Health care and social assistance |
| 4 | Old National Bank Bank · Evansville, IN | 323 | $285.4M | $454,000 | 40% | Construction |
| 5 | Wells Fargo Bank Bank · Sioux Falls, SD | 207 | $27.3M | $15,000 | 93% | Retail |
| 6 | Frandsen Bank and Trust Bank · Lonsdale, MN | 205 | $116.9M | $346,000 | 35% | Health care and social assistance |
| 7 | Platinum Bank Bank · Oakdale, MN | 160 | $135.8M | $500,000 | 28% | Construction |
| 8 | Choice Financial Group Bank · Fargo, ND | 144 | $67.1M | $290,000 | 33% | Manufacturing |
| 9 | Northeast Bank Bank · Portland, ME | 141 | $20.7M | $100,000 | 10% | Construction |
| 10 | Highland Bank Bank · St. Paul, MN | 140 | $42.3M | $150,000 | 30% | Professional and technical services |
| 11 | Falcon National Bank Bank · Foley, MN | 138 | $82.9M | $388,150 | 32% | Retail |
| 12 | Hiawatha National Bank Bank · Hager City, WI | 121 | $58.2M | $288,000 | 47% | Health care and social assistance |
| 13 | Sunrise Banks Bank · Sioux Falls, SD | 119 | $44.2M | $150,000 | 67% | Restaurants and hotels |
| 14 | First Bank & Trust Bank · Brookings, SD | 109 | $88.4M | $444,800 | 47% | Health care and social assistance |
| 15 | Newtek Bank Bank · Miami, FL | 105 | $46.1M | $200,000 | 16% | Professional and technical services |
| 16 | Bell Bank Bank · Fargo, ND | 101 | $81.7M | $350,000 | 30% | Manufacturing |
| 17 | First Resource Bank Bank · Lino Lakes, MN | 100 | $60.5M | $300,000 | 17% | Construction |
| 18 | 21st Century Bank Bank · Loretto, MN | 99 | $36.3M | $250,000 | 28% | Health care and social assistance |
| 19 | Granite Bank Bank · Cold Spring, MN | 99 | $21.0M | $130,000 | 33% | Transportation and warehousing |
| 20 | Minnwest Bank Bank · Redwood Falls, MN | 92 | $52.6M | $346,000 | 22% | Retail |
| 21 | Readycap Lending Non-bank lender · Berkeley Heights, NJ | 84 | $18.3M | $59,250 | 14% | Construction |
| 22 | BayFirst National Bank Bank · St. Petersburg, FL | 82 | $13.3M | $150,000 | 2% | Professional and technical services |
| 23 | Bravera Bank Bank · Dickinson, ND | 73 | $12.6M | $75,000 | 49% | Construction |
| 24 | Live Oak Banking Bank · Wilmington, NC | 71 | $98.4M | $870,000 | 31% | Health care and social assistance |
| 25 | Security Bank USA Bank · Bemidji, MN | 71 | $11.6M | $65,000 | 56% | Transportation and warehousing |
| # | Certified development company | Loans | SBA portion approved | Median |
|---|---|---|---|---|
| 1 | Midwest Business Finance St. Cloud, MN | 455 | $370.6M | $538,000 |
| 2 | Twin Cities-Metro Certified Development Vadnais Heights, MN | 270 | $303.5M | $751,000 |
| 3 | Amplio Economic Development Arden Hills, MN | 179 | $131.3M | $465,000 |
| 4 | Central Minnesota Development Andover, MN | 96 | $96.9M | $664,500 |
| 5 | WBD Madison, WI | 73 | $72.3M | $622,000 |
| 6 | Southeastern Minnesota 504 Development Rochester, MN | 52 | $42.9M | $587,500 |
| 7 | Dakota Business Lending Fargo, ND | 33 | $33.3M | $412,000 |
| 8 | Dakota Business Finance Sioux Falls, SD | 19 | $10.2M | $336,000 |
| 9 | Lake Agassiz Certified Development Fargo, ND | 3 | $1.6M | $711,000 |
| 10 | Small Business Growth Springfield, IL | 1 | $2.4M | $2,406,000 |
| Industry | Loans | Share | Median loan | Most active lender |
|---|---|---|---|---|
| Construction | 1,067 | $150,000 | U.S. Bank | |
| Restaurants and hotels | 950 | $322,950 | Midwest Business Finance | |
| Retail | 933 | $234,000 | U.S. Bank | |
| Health care and social assistance | 867 | $273,100 | Huntington National Bank | |
| Other services (repair, personal care) | 820 | $193,750 | U.S. Bank | |
| Manufacturing | 783 | $325,000 | U.S. Bank | |
| Professional and technical services | 678 | $150,000 | U.S. Bank | |
| Administrative and support services | 446 | $150,000 | U.S. Bank | |
| Transportation and warehousing | 357 | $125,200 | Huntington National Bank | |
| Wholesale trade | 334 | $250,000 | U.S. Bank | |
| Arts, entertainment and recreation | 314 | $265,950 | Huntington National Bank | |
| Real estate and rental | 198 | $200,000 | U.S. Bank |
| City | Loans | Approved | Median loan | Most active lender |
|---|---|---|---|---|
| Minneapolis | 1,956 | $959.0M | $200,000 | U.S. Bank |
| St. Paul | 1,216 | $617.0M | $202,000 | U.S. Bank |
| Burnsville | 155 | $107.4M | $300,000 | U.S. Bank |
| Osseo | 154 | $79.2M | $250,000 | U.S. Bank |
| Eden Prairie | 131 | $81.8M | $232,000 | U.S. Bank |
| St. Cloud | 122 | $55.9M | $249,500 | Falcon National Bank |
| Hopkins | 121 | $50.2M | $200,000 | U.S. Bank |
| Duluth | 120 | $64.6M | $315,000 | Midwest Business Finance |
| Lakeville | 118 | $71.1M | $250,000 | Huntington National Bank |
| Anoka | 112 | $55.0M | $250,000 | Bank of Elk River |
| Mankato | 103 | $52.7M | $168,300 | Huntington National Bank |
| Elk River | 96 | $44.1M | $150,000 | Huntington National Bank |
| Rochester | 91 | $61.6M | $350,000 | Southeastern Minnesota 504 Development |
| Andover | 85 | $41.0M | $230,000 | Granite Bank |
| Bemidji | 79 | $25.9M | $120,000 | Security Bank USA |
58 Minnesota cities and suburbs with at least 25 SBA loans since October 2021. Search any zip code at the top of the page.