SBA lending by metro area
SBA lenders in Grand Rapids, MN
Which lenders fund Grand Rapids-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 Grand Rapids area
Ranked by SBA volume funded to businesses located in the Grand Rapids micropolitan 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 | 30 | $12.4M | $412K | not reported |
| 2 | Park State Bank | 24 | $9.3M | $387K | 4.17% |
| 3 | Ultima Bank Minnesota | 6 | $7.0M | $1.2M | not reported |
| 4 | Northeast Entrepreneur Fund, Inc. | 21 | $3.7M | $174K | 0.00% |
| 5 | Wells Fargo Bank National Association | 12 | $2.6M | $218K | not reported |
| 6 | Frandsen Bank and Trust | 6 | $2.5M | $421K | not reported |
| 7 | First State Bank of Bigfork | 12 | $2.0M | $169K | not reported |
| 8 | Woodland Bank | 22 | $1.5M | $70K | 13.64% |
| 9 | Deerwood Bank | 8 | $1.1M | $144K | not reported |
| 10 | Members Cooperative Credit Union | 12 | $866K | $72K | not reported |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
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How Grand Rapids compares
Median funded SBA loan and 504 share of loans, FY2010–2026.
| Median loan | 504 share | |
|---|---|---|
| Grand Rapids area | $148K ▼ 8.2% | 18.5% ▲ 3.4 pts |
| Minnesota | $162K | 15.1% |
| United States | $179K | 11.2% |
What gets funded in Grand Rapids
| Industry | Loans | Total funded |
|---|---|---|
| Retail Trade | 38 | $11.5M |
| Construction | 19 | $11.3M |
| Accommodation and Food Services | 29 | $9.3M |
| Health Care and Social Assistance | 21 | $7.5M |
| Real Estate | 10 | $6.0M |
| Manufacturing | 14 | $5.8M |
| Wholesale Trade | 6 | $2.9M |
| Other Services | 13 | $2.2M |
SBA lending in Grand Rapids by year
Geography, precisely
"Grand Rapids area" here means the Grand Rapids, MN micropolitan statistical area as delineated by OMB (July 2023), which is exactly these counties: Itasca 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.