SBA data · Minnesota
SBA lending in Minnesota
30,570 loans worth $12.32B have been approved for Minnesota projects since FY2010 - the #14 state by SBA dollars, 2.4% of the national total.
State rank
#14
by dollars approved
Approved
$12.32B
FY2010 onward
Loans
30,570
Median loan
$163,800
-9% vs national
Median 7(a) rate
6.05%
Jobs supported
369,123
Lender-reported
Source: U.S. Small Business Administration, SBA 7(a) and 504 FOIA data, as of 2026-06-30. Approvals from FY2010 onward. How we calculate this.
Who lends here
The most active SBA lenders in Minnesota
Ranked by dollars approved for projects in this state. Ranking is computed from federal data and cannot be purchased.
| # | Lender | Approved in MN | Loans | Avg loan | Share |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance Corporation | $1.13B | 1,846 | $610,337 | |
| 2 | Old National Bank | $967.1M | 1,860 | $519,928 | |
| 3 | Twin Cities-Metro Certified Development Company | $907.9M | 1,173 | $773,999 | |
| 4 | Wells Fargo Bank | $584.0M | 2,137 | $273,284 | |
| 5 | U.S. Bank | $498.6M | 2,934 | $169,936 | |
| 6 | Amplio Economic Development Corporation | $477.5M | 726 | $657,780 | |
| 7 | BankVista | $432.0M | 974 | $443,500 | |
| 8 | Choice Financial Group | $334.0M | 677 | $493,371 | |
| 9 | Platinum Bank | $310.4M | 408 | $760,760 | |
| 10 | Central Minnesota Development Company | $246.6M | 321 | $768,352 | |
| 11 | Live Oak Banking Company | $245.0M | 187 | $1,310,097 | |
| 12 | 21st Century Bank | $231.8M | 672 | $344,909 |
By sector in Minnesota
- Restaurants & Hotels3,567 · $1.57B
- Health Care2,984 · $1.36B
- Construction3,591 · $1.11B
- Retail2,478 · $983.3M
- Other Services2,642 · $848.7M
- Wholesale1,431 · $810.3M
- Professional Services2,555 · $754.0M
- Administrative & Waste1,460 · $441.3M
- Arts & Recreation1,011 · $410.7M
- Transportation1,151 · $397.0M
- Manufacturing793 · $376.4M
- Real Estate705 · $286.1M
Most-financed industries
Approvals by fiscal year
Gross approval dollars in Minnesota. The final bar is a partial fiscal year.
Loan sizes in Minnesota
- Under $50K20%
- $50K - $150K25%
- $150K - $350K24%
- $350K - $1M21%
- $1M - $2M7%
- Over $2M4%
SBA lending in Minnesota: common questions
- How many SBA loans are approved in Minnesota?
- 30,570 SBA 7(a) and 504 loans totalling $12,317,618,700 have been approved for projects in Minnesota since fiscal year 2010, ranking it #14 among states and territories by dollars approved - 2.4% of all SBA lending nationally.
- Which lenders make the most SBA loans in Minnesota?
- By dollars approved in Minnesota, the most active lenders are Midwest Business Finance Corporation, Old National Bank, Twin Cities-Metro Certified Development Company, Wells Fargo Bank, U.S. Bank. Volume is not a recommendation - a lender's fit depends on your industry, loan size, and credit profile.
- What is the typical SBA loan size in Minnesota?
- The median gross approval in Minnesota is $163,800, 9% below the national median of $180,000. Half of all loans in the state fall between $25,000 and $1,003,000.
- Do I need to use a lender based in Minnesota?
- No. SBA lenders can and routinely do lend across state lines, and several of the largest national 7(a) lenders have no branch presence at all. The lenders listed on this page are those with the most approved dollars for projects located in Minnesota, wherever they are headquartered.
Source: U.S. Small Business Administration, SBA 7(a) and 504 FOIA data, as of 2026-06-30. Approvals from FY2010 onward. How we calculate this.
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