In fiscal years 2021–2026, 289 lenders made 8,972 SBA loans in Minnesota, totaling $4.0 billion. The average loan was $442,027, and 37% went to startups or businesses under two years old.
By program: 4,983 7(a) loans, 3,989 SBA Express and 0 504 (counting both the CDC and partner bank on each project).
Top 10 most active SBA lenders in Minnesota
| # | Lender | SBA loans | Average | To startups | Programs |
|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association Cincinnati, OH | 1,067 | $193,340 | 35% | 7(a), Express |
| 2 | The Huntington National Bank Columbus, OH | 679 | $222,190 | 45% | 7(a), Express |
| 3 | BankVista Sartell, MN | 491 | $474,656 | 22% | 7(a), Express |
| 4 | Old National Bank Evansville, IN | 434 | $877,680 | 36% | 7(a), Express |
| 5 | Wells Fargo Bank National Association Sioux Falls, SD | 261 | $136,425 | 93% | 7(a), Express |
| 6 | Frandsen Bank and Trust Arden Hills, MN | 251 | $552,161 | 31% | 7(a), Express |
| 7 | Platinum Bank Oakdale, MN | 199 | $927,484 | 27% | 7(a), Express |
| 8 | Falcon National Bank Foley, MN | 183 | $594,104 | 34% | 7(a), Express |
| 9 | Choice Financial Group Fargo, ND | 177 | $506,973 | 29% | 7(a), Express |
| 10 | Highland Bank St. Paul, MN | 167 | $316,154 | 31% | 7(a), Express |
Lenders that fund the most startups in Minnesota
- U.S. Bank, National Association — 370 startup loans (35% of its loans)
- The Huntington National Bank — 303 startup loans (45% of its loans)
- Wells Fargo Bank National Association — 244 startup loans (93% of its loans)
- Old National Bank — 155 startup loans (36% of its loans)
- BankVista — 106 startup loans (22% of its loans)
SBA loans by industry in Minnesota
- Construction1,172 loans
- Retail Stores1,042 loans
- Restaurants & Lodging915 loans
- Health Care858 loans
- Personal Services & Repair845 loans
- Manufacturing832 loans
- Professional Services763 loans
- Cleaning, Landscaping & Admin530 loans
- Trucking & Transportation477 loans
- Wholesale & Distribution399 loans
- Fitness & Entertainment313 loans
- Real Estate & Rental231 loans
- Agriculture & Fishing178 loans
- Education & Childcare121 loans
- Media & Technology92 loans
Related guides
Frequently asked questions
Which lenders make the most SBA loans in Minnesota?
Based on public SBA data for fiscal years 2021–2026, the most active were U.S. Bank, National Association, The Huntington National Bank, BankVista. Also compare their average loan size and how much they lend to startups.
How many SBA loans were made in Minnesota?
8,972 SBA loans totaling $4.0 billion in fiscal years 2021–2026, with an average of $442,027.
Can I get an SBA loan in Minnesota with a green card?
No. Since March 2026, all owners must be U.S. citizens or nationals for SBA 7(a) and 504 loans. CDFIs and some credit unions are good alternatives.
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Data: approved loans published by the SBA. Past lending does not guarantee your approval. We are not a lender and are not affiliated with the SBA.