Best SBA lenders
Best SBA lenders in Minnesota
The most active SBA lenders in Minnesota, ranked from every 7(a) and 504 loan in the SBA's public record, FY2010-2026. U.S. Bank, National Association leads with 2,882 loans funded.
By Mario Bailey · Source: SBA FOIA 7(a) and 504 data, FY2010–2026, as of 2026-03-31
Top SBA lenders in Minnesota
The full Minnesota ranking, by SBA loans funded since FY2010. Every figure is in-state: each lender's loans, dollars, average loan size, and 7(a) charge-off rate cover its Minnesota lending only, not its national book. A charge-off rate appears only when a lender has at least 20 funded 7(a) loans in Minnesota; below that line, and on 504-only lending, it reads “not reported,” never 0%.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 2,882 | $489.7M | $170K | 2.78% |
| 2 | Wells Fargo Bank National Association | 2,133 | $583.9M | $274K | 5.72% |
| 3 | Old National Bank | 1,848 | $951.4M | $515K | 3.63% |
| 4 | Midwest Business Finance Corporation | 1,823 | $1.1B | $610K | not reported |
| 5 | Twin Cities-Metro Certified Development Company | 1,161 | $892.0M | $768K | not reported |
| 6 | BankVista | 962 | $427.1M | $444K | 3.33% |
| 7 | Amplio Economic Development Corporation | 722 | $471.7M | $653K | not reported |
| 8 | The Huntington National Bank | 680 | $156.3M | $230K | 0.88% |
| 9 | Choice Financial Group | 670 | $331.3M | $494K | 0.90% |
| 10 | 21st Century Bank | 664 | $230.7M | $347K | 2.26% |
| 11 | Sunrise Banks National Association | 633 | $184.8M | $292K | 1.90% |
| 12 | Highland Bank | 556 | $134.6M | $242K | 2.88% |
| 13 | Falcon National Bank | 510 | $204.7M | $401K | 0.98% |
| 14 | Frandsen Bank and Trust | 451 | $192.8M | $427K | 0.44% |
| 15 | Platinum Bank | 401 | $307.3M | $766K | 1.50% |
| 16 | Northeast Bank | 385 | $103.9M | $270K | 1.04% |
| 17 | Associated Bank, National Association | 377 | $55.0M | $146K | 4.77% |
| 18 | Stearns Bank National Association | 362 | $167.0M | $461K | 7.18% |
| 19 | Central Minnesota Development Company | 312 | $239.0M | $766K | not reported |
| 20 | Ultima Bank Minnesota | 310 | $70.1M | $226K | 0.97% |
| 21 | Minnwest Bank | 306 | $172.2M | $563K | 3.27% |
| 22 | Granite Bank | 306 | $74.6M | $244K | 1.96% |
| 23 | Security Bank USA | 300 | $40.1M | $134K | 0.67% |
| 24 | Bravera Bank | 272 | $47.9M | $176K | 3.31% |
| 25 | Woodlands National Bank | 269 | $86.0M | $320K | 2.97% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
7(a) banks vs 504 lenders (CDCs) in Minnesota
The two SBA programs have different lenders. A 7(a) loan comes from one bank or credit union; a 504 project pairs a bank with a Certified Development Company (CDC), the nonprofit that funds the SBA-backed portion. The leaders in Minnesota by each program's loans funded since FY2010:
- 1. U.S. Bank, National Association 2,882 loans
- 2. Wells Fargo Bank National Association 2,133 loans
- 3. Old National Bank 1,848 loans
- 4. BankVista 962 loans
- 5. The Huntington National Bank 680 loans
- 1. Midwest Business Finance Corporation 1,823 loans
- 2. Twin Cities-Metro Certified Development Company 1,161 loans
- 3. Amplio Economic Development Corporation 722 loans
- 4. Central Minnesota Development Company 312 loans
- 5. Southeastern Minnesota 504 Development Corporation 267 loans
Counts are each program's funded loans in Minnesota. How the two programs differ: 504 vs 7(a), by the data.
Where SBA lending concentrates in Minnesota
The 3 industries with the most SBA loans in Minnesota since FY2010, and the most active lender in each. A lender that leads your industry locally can matter more than the overall #1.
| Industry | Loans | Total funded | Most active lender |
|---|---|---|---|
| Retail Trade | 3,787 | $1.3B | U.S. Bank, National Association (292 loans) |
| Manufacturing | 3,560 | $2.1B | Midwest Business Finance Corporation (292 loans) |
| Construction | 3,541 | $1.1B | U.S. Bank, National Association (651 loans) |
Full industry, city, and yearly breakdowns: SBA lending in Minnesota.
How this ranking works
- “Most active” means loans funded. The ranking counts every SBA 7(a) and 504 loan funded to Minnesota businesses in the SBA's public FOIA record, FY2010–2026, as of 2026-03-31. No lender pays to appear or to rank, and activity is not a fit score: the right lender for you depends on your industry, loan size, and timeline.
- The 10-loan line. A lender enters the Minnesota table only with at least 10 loans funded in-state, so one-off activity never reads as a track record. Industry cells above are held to at least 30 loans.
- Charge-off is 7(a)-only and needs 20+ loans. The SBA reports charge-offs on 7(a) loans, never on 504 loans. We show an in-state rate only when a lender has at least 20 funded 7(a) loans in Minnesota; anything thinner reads “not reported,” never 0%. It is a charge-off share of funded loans to date, not a lifetime default rate.
- Name collisions are excluded, and counted. The SBA does not normalize lender names across mergers and rebrands, so one name can blend several unrelated institutions. Flagged names are never ranked on this page; each exclusion is disclosed under the table.
The exact calculations and limits: methodology.
Best SBA lenders in Minnesota: frequently asked questions
Who is the most active SBA lender in Minnesota?
U.S. Bank, National Association is the most active SBA lender in Minnesota in the public record, with 2,882 7(a) and 504 loans funded since FY2010 ($489.7M in Minnesota). The ranking counts loans funded, never who pays us.
Do these lenders only serve Minnesota?
No. The ranking measures activity in Minnesota: loans funded to Minnesota businesses in the SBA's record. Many of these lenders are national or multi-state institutions; the loans, dollars, and charge-off figures shown are their Minnesota lending only.
What's the difference between a 7(a) lender and a CDC?
A 7(a) lender is a bank or credit union that funds an SBA-guaranteed loan directly. A Certified Development Company (CDC) is a nonprofit that funds the SBA-backed portion of a 504 project alongside a bank. Charge-off is reported only on 7(a) loans, so a 504-only CDC shows "not reported," never 0%.
How many SBA lenders are active in Minnesota?
196 lenders have funded at least 10 SBA loans in Minnesota since FY2010 in the public record (as of 2026-03-31). The table above names the 25 most active of them; names that blend several same-named institutions are excluded from rankings.
Mario Bailey. (2026). Best SBA lenders in Minnesota. SBA Loan Index. https://sbaloanindex.com/best-sba-lenders/in/mn/
Free to cite and quote with attribution and a link. Members of the press can reach us via our press page.
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