SBA lending by metro area
SBA lenders in Duluth, MN
Which lenders fund Duluth-area businesses, how much, and how the market compares with Minnesota: SBA 7(a) and 504 loans, FY2010–2026.
By Mario Bailey · SBA FOIA data as of 2026-03-31
Top SBA lenders in the Duluth area
Ranked by SBA volume funded to businesses located in the Duluth metropolitan area, wherever the lender is headquartered. National SBA lenders that fund here are included.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance Corporation | 89 | $54.0M | $607K | not reported |
| 2 | Frandsen Bank and Trust | 90 | $45.0M | $500K | 0.00% |
| 3 | Northeast Entrepreneur Fund, Inc. | 182 | $21.1M | $116K | 0.00% |
| 4 | Amplio Economic Development Corporation | 28 | $19.9M | $710K | not reported |
| 5 | Wells Fargo Bank National Association | 59 | $18.8M | $319K | 1.69% |
| 6 | Park State Bank | 46 | $16.9M | $367K | 0.00% |
| 7 | WBD, Inc. | 36 | $15.2M | $423K | not reported |
| 8 | National Bank of Commerce | 49 | $14.0M | $285K | 2.04% |
| 9 | Old National Bank | 26 | $12.9M | $495K | 3.85% |
| 10 | Woodlands National Bank | 61 | $11.6M | $190K | 6.56% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
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How Duluth compares
Median funded SBA loan and 504 share of loans, FY2010–2026.
| Median loan | 504 share | |
|---|---|---|
| Duluth area | $160K ▼ 1.1% | 15.7% ▲ 0.6 pts |
| Minnesota | $162K | 15.1% |
| United States | $179K | 11.2% |
What gets funded in Duluth
| Industry | Loans | Total funded |
|---|---|---|
| Accommodation and Food Services | 233 | $103.8M |
| Health Care and Social Assistance | 104 | $62.5M |
| Retail Trade | 125 | $44.3M |
| Manufacturing | 81 | $33.3M |
| Construction | 121 | $27.8M |
| Other Services | 74 | $19.5M |
| Professional and Technical Services | 62 | $18.8M |
| Wholesale Trade | 34 | $18.3M |
SBA lending in Duluth by year
Geography, precisely
"Duluth area" here means the Duluth, MN-WI metropolitan statistical area as delineated by OMB (July 2023), which is exactly these counties: Carlton County, MN; Douglas County, WI; St. Louis County, MN. Loans are placed by the SBA's recorded project county, which can differ from a borrower's mailing address. Counts are SBA 7(a) and 504 funded loans, FY2010–2026, as of 2026-03-31. See the methodology.