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Minnesota · Mining & Energy
SBA loans for mining & energy in Minnesota
52 loans worth $37.8M approved since FY2010 for mining, quarrying, and oil and gas extraction projects located in Minnesota.
Loans
52
Approved
$37.8M
Median loan
$350,000
+54% vs sector nationally
Median rate
6.00%
Jobs supported
567
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.
Lenders
Who lends to mining & energy in Minnesota
| Lender | Loans | Approved | Share |
|---|---|---|---|
| Old National Bank | 5 | $6.2M | |
| Newtek Small Business Finance, Inc. | 2 | $5.9M | |
| Minnwest Bank | 2 | $3.5M | |
| Merchants Bank of Indiana | 4 | $2.9M | |
| Profinium Inc | 3 | $2.4M | |
| Choice Financial Group | 2 | $2.3M | |
| Midwest Business Finance Corporation | 2 | $2.2M | |
| Northeast Bank | 1 | $2.2M |
Detail
Which industries inside the sector
| Industry | Loans | Share |
|---|---|---|
| Construction Sand and Gravel Mining | 38 | |
| Support Activities for Oil and Gas Operations | 4 | |
| Support Activities for Metal Mining | 4 | |
| Other Crushed and Broken Stone Mining and Quarrying | 2 | |
| Crushed and Broken Limestone Mining and Quarrying | 2 | |
| Support Activities for Nonmetallic Minerals (except Fuels) Mining | 1 | |
| Other Nonmetallic Mineral Mining and Quarrying | 1 |
An SBA 7(a) lender for loans this size
The median SBA loan approved for mining & energy in Minnesota since FY2010 was $350,000. SmartBiz makes SBA 7(a) loans up to $500,000. It is shown here as a separate, labelled option, outside the data rankings on this page. You apply on their site - we do not take applications and never see your information.
Check options with SmartBizWe may be paid if you apply through this link. It does not change what we publish, and no lender can buy a place in our rankings. Details.
All SBA lending in Minnesota
30,570 loans across every sector.
Mining & Energy nationally
2,367 loans across all states.
How SBA 7(a) works
Eligibility, caps, fees, and the timeline.
Common questions
- How many SBA loans go to mining & energy businesses in Minnesota?
- 52 SBA loans totalling $37,817,400 have been approved for mining, quarrying, and oil and gas extraction projects in Minnesota since FY2010.
- Which lenders finance mining & energy in Minnesota?
- The most active by dollars approved are Old National Bank, Newtek Small Business Finance, Inc., Minnwest Bank, Merchants Bank of Indiana. Several are national lenders with no local branch - SBA lending crosses state lines freely.
- What is a typical loan size for mining & energy in Minnesota?
- The median approval is $350,000, 54% above the national median for this sector ($227,300).
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