SBA lending by state
SBA Lending in Minnesota
In Minnesota, SBA lenders funded 30,230 7(a) and 504 loans since FY2010, totaling $12.1B, an average of $402K per loan. The most active lender is U.S. Bank, National Association, and the most-funded industry is Manufacturing.
By Mario Bailey · Source: SBA FOIA data, FY2010–2026 (as of 2026-03-31)
Top SBA lenders in Minnesota
Ranked by SBA loans funded in Minnesota since FY2010. Each lender's figures, including its 7(a) charge-off rate, cover its Minnesota loans only. Charge-off is reported on 7(a) loans, never on 504 loans, so a lender without a reliable 7(a) sample in Minnesota shows “not reported,” never 0%.
See the full Minnesota ranking : up to 25 lenders, with the 7(a) vs 504 leaders and industry context.
| # | 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% |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
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504 lenders (CDCs) in Minnesota
An SBA 504 project in Minnesota pairs two lenders: a bank or credit union funds roughly half the cost as a first mortgage, and a Certified Development Company (CDC) funds about 40% through an SBA-backed debenture, with the borrower putting down around 10%. Below are the CDCs most active on 504 loans in Minnesota, ranked by 504 loans funded in the state since FY2010. Figures are 504-only; charge-off is reported on 7(a) loans only and does not apply to CDCs.
| CDC | 504 loans | 504 volume |
|---|---|---|
| Midwest Business Finance Corporation | 1,823 | $1.1B |
| Twin Cities-Metro Certified Development Company | 1,161 | $892.0M |
| Amplio Economic Development Corporation | 722 | $471.7M |
| Central Minnesota Development Company | 312 | $239.0M |
| Southeastern Minnesota 504 Development Corporation | 267 | $175.1M |
| WBD, Inc. | 161 | $117.1M |
| Dakota Business Lending | 72 | $45.7M |
| Dakota Business Finance | 23 | $11.8M |
| Lake Agassiz Certified Development Company | 10 | $6.3M |
| South Dakota Development Corporation | 1 | $2.5M |
Showing the 10 CDCs most active on 504 loans in Minnesota; the full directory lists every CDC.
All Certified Development Companies · Current 504 loan rates · How 504 loans work
Top industries funded in Minnesota
| Industry | Loans | Total volume |
|---|---|---|
| Manufacturing | 3,560 | $2.1B |
| Accommodation and Food Services | 3,525 | $1.5B |
| Retail Trade | 3,787 | $1.3B |
| Health Care and Social Assistance | 2,947 | $1.3B |
| Construction | 3,541 | $1.1B |
| Other Services | 2,608 | $835.9M |
| Wholesale Trade | 1,425 | $806.5M |
| Professional and Technical Services | 2,533 | $749.1M |
Top cities for SBA loans in Minnesota
Where SBA 7(a) and 504 borrowers in Minnesota are located, by funded volume.
| City | Loans | Total volume |
|---|---|---|
| Minneapolis | 4,293 | $1.6B |
| Saint Paul | 2,151 | $756.5M |
| Burnsville | 474 | $241.1M |
| Eden Prairie | 416 | $212.1M |
| Maple Grove | 480 | $197.3M |
| Blaine | 305 | $180.6M |
| Bloomington | 291 | $179.0M |
| Duluth | 473 | $169.7M |
SBA lending by metro area in Minnesota
Which lenders fund each Minnesota market, with local loan sizes and industries.
- SBA lenders in Minneapolis, MN 20,809 loans
- SBA lenders in Sioux Falls, SD 1,580 loans
- SBA lenders in Fargo, ND 1,660 loans
- SBA lenders in St. Cloud, MN 1,549 loans
- SBA lenders in Duluth, MN 1,061 loans
- SBA lenders in La Crosse, WI 870 loans
- SBA lenders in Brainerd, MN 659 loans
- SBA lenders in Rochester, MN 621 loans
- SBA lenders in Grand Forks, ND 551 loans
- SBA lenders in Mankato, MN 606 loans
- SBA lenders in Faribault, MN 251 loans
- SBA lenders in Willmar, MN 335 loans
- SBA lenders in Alexandria, MN 311 loans
- SBA lenders in Bemidji, MN 431 loans
- SBA lenders in Fergus Falls, MN 298 loans
- SBA lenders in Hutchinson, MN 327 loans
- SBA lenders in Winona, MN 162 loans
- SBA lenders in Grand Rapids, MN 200 loans
- SBA lenders in Red Wing, MN 169 loans
- SBA lenders in Albert Lea, MN 104 loans
- SBA lenders in Marshall, MN 102 loans
- SBA lenders in Owatonna, MN 181 loans
- SBA lenders in Detroit Lakes, MN 129 loans
- SBA lenders in Austin, MN 76 loans
- SBA lenders in New Ulm, MN 97 loans
- SBA lenders in Worthington, MN 31 loans
- SBA lenders in Fairmont, MN 70 loans
- SBA lenders in Wahpeton, ND 51 loans
SBA lending in Minnesota by year
Funded SBA volume by approval fiscal year (FY2010–2026).
| Fiscal year | Loans | Total volume |
|---|---|---|
| 2010 | 1,792 | $494.5M |
| 2011 | 1,953 | $714.3M |
| 2012 | 1,727 | $626.3M |
| 2013 | 1,681 | $589.6M |
| 2014 | 1,757 | $571.9M |
| 2015 | 1,913 | $594.6M |
| 2016 | 1,950 | $685.8M |
| 2017 | 1,906 | $680.3M |
| 2018 | 1,774 | $610.8M |
| 2019 | 1,710 | $682.3M |
| 2020 | 1,852 | $764.1M |
| 2021 | 2,355 | $1.2B |
| 2022 | 1,862 | $952.4M |
| 2023 | 1,778 | $794.5M |
| 2024 | 1,809 | $846.1M |
| 2025 | 1,822 | $936.6M |
| 2026 | 589 | $347.8M |
SBA lending in Minnesota: frequently asked questions
How much SBA lending is there in Minnesota?
SBA lenders funded 30,230 7(a) and 504 loans totaling $12.1B in Minnesota in the public SBA data (as of 2026-03-31), an average of $402K per loan.
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 data, by loans funded.
What industries get the most SBA loans in Minnesota?
The most-funded industry for SBA loans in Minnesota is Manufacturing.
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