Small business loans in Minneapolis are available from many SBA lenders. Here are the most active Minneapolis SBA lenders:
Top SBA Lenders in Minneapolis
| Rank | SBA Lender | SBA Lender HQs | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | U.S. Bank | Cincinnati, OH | 240 | $224,150 | 10.0% |
| 2 | Huntington Bank | Columbus, OH | 92 | $214,105 | 10.1% |
| 3 | Associated Bank | Green Bay, WI | 39 | $1,106,408 | 8.6% |
| 4 | Port 51 Lending | Green Bay, WI | 39 | $1,106,408 | 8.6% |
| 5 | Green Bay, WI | 39 | $1,106,408 | 8.6% | |
| 6 | Platinum Bank | Oakdale, MN | 25 | $1,030,704 | 10.4% |
| 7 | Old National Bank | Evansville, IN | 21 | $927,033 | 9.0% |
| 8 | Alerus Financial | Grand Forks, ND | 16 | $856,850 | 9.0% |
| 9 | Northeast Bank | Minneapolis, MN | 16 | $441,406 | 8.1% |
| 10 | Hiawatha National Bank | Hager City, WI | 15 | $644,887 | 9.0% |
| 11 | First Bank & Trust | Brookings, SD | 12 | $784,950 | 9.9% |
| 12 | BankVista | Sartell, MN | 12 | $388,817 | 9.8% |
| 13 | First Resource Bank | Lino Lakes, MN | 11 | $1,059,518 | 9.4% |
| 14 | Choice Financial Group | Fargo, ND | 11 | $287,273 | 9.2% |
| 15 | BankCherokee | Saint Paul, MN | 10 | $788,040 | 9.4% |
| 16 | 21st Century Bank | Loretto, MN | 10 | $406,500 | 9.0% |
| 17 | Bell Bank | Fargo, ND | 9 | $408,500 | 10.1% |
| 18 | Northeast Bank | Lewiston, ME | 9 | $151,544 | 10.8% |
| 19 | BayFirst National Bank | Saint Petersburg, FL | 9 | $117,867 | 12.9% |
| 20 | Newtek Bank | Miami, FL | 8 | $181,250 | 12.0% |
Top Industries for SBA Loans in Minneapolis
| Rank | Industry | # Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 19 | Administrative Management and General Management Consulting Services | 7 | $38,171 | 12.4% |
| 13 | Advertising Agencies | 3 | $1,244,333 | 9.8% |
| 17 | All Other Amusement and Recreation Industries | 3 | $236,000 | 8.3% |
| 10 | All Other General Merchandise Retailers | 2 | $20,000 | 8.7% |
| 1 | All Other Insurance Related Activities | 2 | $42,000 | 9.0% |
| 6 | All Other Miscellaneous Fabricated Metal Product Manufacturing | 4 | $811,850 | 8.3% |
| 15 | All Other Miscellaneous Retailers | 2 | $150,000 | 10.3% |
| 1 | All Other Miscellaneous Schools and Instruction | 2 | $22,750 | 10.4% |
| 19 | All Other Personal Services | 2 | $606,750 | 9.6% |
| 18 | All Other Professional, Scientific, and Technical Services | 15 | $3,078,780 | 8.5% |
| 9 | All Other Specialty Food Retailers | 2 | $702,450 | 10.1% |
| 1 | All Other Telecommunications | 2 | $14,400 | 12.2% |
| 7 | Appliance Repair and Maintenance | 2 | $35,000 | 9.0% |
| 16 | Architectural Services | 5 | $267,500 | 10.3% |
| 5 | Assisted Living Facilities for the Elderly | 3 | $448,333 | 9.8% |
| 8 | Automotive Parts and Accessories Retailers | 2 | $1,020,000 | 7.0% |
| 11 | Barber Shops | 5 | $164,600 | 8.7% |
| 1 | Boat Dealers | 18 | $252,500 | 9.1% |
| 5 | Cafeterias, Grill Buffets, and Buffets | 2 | $46,000 | 7.5% |
| 9 | Car Washes | 2 | $25,000 | 12.0% |
| 11 | Caterers | 2 | $676,850 | 9.0% |
| 8 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance | 2 | $812,800 | 8.5% |
| 3 | Commercial Photography | 2 | $10,000 | 13.0% |
| 14 | Commercial Printing (except Screen and Books) | 4 | $1,005,075 | 7.4% |
| 1 | Confectionery Manufacturing from Purchased Chocolate | 2 | $50,000 | 8.7% |
| 1 | Convention and Trade Show Organizers | 2 | $8,000 | 9.0% |
| 13 | Cosmetics, Beauty Supplies, and Perfume Retailers | 2 | $25,000 | 11.7% |
| 15 | Custom Computer Programming Services | 3 | $204,867 | 11.0% |
| 8 | Drywall and Insulation Contractors | 7 | $312,429 | 9.0% |
| 7 | Electronics and Appliance Retailers | 2 | $21,000 | 12.5% |
| 13 | Employment Placement Agencies | 2 | $1,630,850 | 9.0% |
| 13 | Engineering Services | 3 | $952,933 | 10.1% |
| 2 | Executive Search Services | 2 | $25,000 | 12.2% |
| 1 | Farm Supplies Merchant Wholesalers | 2 | $50,000 | 12.2% |
| 6 | Fine Arts Schools | 2 | $62,500 | 9.9% |
| 8 | Finish Carpentry Contractors | 2 | $45,000 | 13.0% |
| 4 | Food (Health) Supplement Retailers | 2 | $900,700 | 8.0% |
| 4 | Furniture Merchant Wholesalers | 2 | $309,750 | 9.5% |
| 11 | Gasoline Stations with Convenience Stores | 2 | $1,544,550 | 9.9% |
| 17 | General Freight Trucking, Local | 2 | $87,500 | 9.5% |
| 8 | Graphic Design Services | 2 | $6,500 | 9.5% |
| 19 | Landscaping Services | 7 | $420,886 | 9.4% |
| 5 | Local Messengers and Local Delivery | 2 | $2,064,400 | 8.0% |
| 6 | Machine Shops | 5 | $830,600 | 9.0% |
| 17 | Marketing Consulting Services | 6 | $35,417 | 12.2% |
| 2 | Marketing Research and Public Opinion Polling | 2 | $30,000 | 10.5% |
| 7 | Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers | 2 | $811,250 | 9.0% |
| 11 | Mobile Food Services | 3 | $45,667 | 11.3% |
| 10 | Motion Picture and Video Production | 10 | $74,200 | 10.1% |
| 6 | Motor Vehicle Towing | 2 | $50,000 | 9.0% |
| 16 | New Single-Family Housing Construction (except For-Sale Builders) | 5 | $280,000 | 11.0% |
| 1 | Nonferrous Metal Die-Casting Foundries | 2 | $50,000 | 10.5% |
| 15 | Offices of Chiropractors | 4 | $231,250 | 9.6% |
| 20 | Offices of Lawyers | 10 | $145,000 | 9.4% |
| 7 | Offices of Optometrists | 2 | $422,500 | 10.1% |
| 15 | Offices of Real Estate Agents and Brokers | 6 | $25,000 | 12.7% |
| 3 | Offices of Real Estate Appraisers | 2 | $45,000 | 12.5% |
| 17 | Other Accounting Services | 4 | $1,263,550 | 8.8% |
| 7 | Other Activities Related to Real Estate | 2 | $45,000 | 12.5% |
| 7 | Other Building Equipment Contractors | 2 | $31,500 | 9.5% |
| 8 | Other Grocery and Related Products Merchant Wholesalers | 19 | $971,695 | 7.8% |
| 10 | Other Management Consulting Services | 3 | $38,333 | 12.5% |
| 11 | Other Personal and Household Goods Repair and Maintenance | 2 | $130,250 | 10.3% |
| 14 | Other Services to Buildings and Dwellings | 4 | $330,000 | 8.9% |
| 5 | Outpatient Mental Health and Substance Abuse Centers | 2 | $249,000 | 9.3% |
| 18 | Painting and Wall Covering Contractors | 2 | $57,500 | 10.1% |
| 2 | Periodical Publishers | 4 | $1,095,150 | 9.2% |
| 18 | Pet Care (except Veterinary) Services | 23 | $991,957 | 7.8% |
| 11 | Poured Concrete Foundation and Structure Contractors | 2 | $863,000 | 9.6% |
| 1 | Recreational Goods Rental | 2 | $36,000 | 12.5% |
| 13 | Retail Bakeries | 2 | $139,100 | 10.0% |
| 13 | Roofing Contractors | 2 | $50,000 | 7.7% |
| 6 | Service Establishment Equipment and Supplies Merchant Wholesalers | 2 | $250,000 | 10.2% |
| 13 | Services for the Elderly and Persons with Disabilities | 5 | $404,700 | 9.9% |
| 6 | Siding Contractors | 3 | $510,967 | 8.7% |
| 9 | Site Preparation Contractors | 2 | $25,000 | 9.2% |
| 1 | Special Die and Tool, Die Set, Jig, and Fixture Manufacturing | 4 | $129,500 | 9.4% |
| 8 | Sporting Goods Retailers | 6 | $228,017 | 10.9% |
| 13 | Sports and Recreation Instruction | 3 | $199,500 | 9.9% |
| 14 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 3 | $122,667 | 12.4% |
| 2 | Surgical and Medical Instrument Manufacturing | 3 | $186,667 | 8.3% |
| 4 | Temporary Help Services | 4 | $50,000 | 10.5% |
| 2 | Tile and Terrazzo Contractors | 4 | $317,750 | 10.7% |
| 1 | Toilet Preparation Manufacturing | 3 | $383,333 | 8.5% |
| 9 | Wholesale Trade Agents and Brokers | 2 | $2,627,500 | 8.8% |
Connect me to a Minneapolis lender!
Top SBA Lenders in Minneapolis | Minneapolis SBA Loans
Introduction
Minneapolis is a thriving business hub, home to a diverse range of industries, from healthcare and technology to manufacturing and retail. However, many small business owners face challenges in securing the capital needed for growth. SBA loans in Minneapolis provide a powerful solution, offering low-interest rates, long repayment terms, and accessible financing for businesses that may not qualify for traditional bank loans. Whether you need funding to expand, purchase equipment, or manage working capital, an SBA loan can be a game-changer for your business.
SBA Lending in Minneapolis: Last Year Overview
SBA loans continue to play a significant role in supporting Minneapolis small businesses. Here’s an overview of last year’s SBA lending activity:
- Total SBA Loans Issued: $126,145,100
- Number of SBA Loans: 332
- Average Loan Amount: $379,955.12
- Average Interest Rate: 10.35%
- Jobs Supported: 5,003
- SBAlenders.com City Ranking: #19 in the U.S.
These numbers highlight the impact of SBA loans in Minneapolis, ensuring small business owners have access to crucial funding while helping drive job creation and economic development.
Why Lenders Choose Us
Lenders trust us because we streamline the SBA loan process, making it easier for business owners to access financing. Here’s why lenders choose to work with us:
- Extensive Network of SBA-Approved Lenders: We connect businesses with the best SBA lenders in Minneapolis and nationwide.
- Efficient Loan Application Process: Our system streamlines approvals and minimizes paperwork.
- Expert Business Loan Guidance: Our team helps business owners navigate SBA loan requirements to maximize their chances of approval.
- Tailored Loan Matching: We analyze each business’s needs and match them with the most suitable lenders.
- Proven Success: Thousands of businesses have secured SBA funding through our platform, helping them expand and create jobs.
By working with us, lenders can efficiently support small businesses while ensuring successful loan outcomes.
Overview of SBA Loan Program in Minneapolis
The SBA 7(a) loan program is the most flexible SBA loan option, designed to support various business needs. Here’s what you need to know about SBA loans:
- Loan Size: Up to $5,000,000
- Loan Term: 10 years for non-real estate loans; 25 years for real estate loans
- Interest Rates: Slightly higher than conventional loans, negotiated with lenders within SBA’s maximum interest rate
- Use of Loan Proceeds: Business acquisitions, real estate purchases, equipment financing, debt refinancing, partner buyouts, franchise openings, and working capital
- Down Payment: Typically 10% to 20%
- Credit Score Requirement: 680+ is ideal, with a minimum of 640 for consideration
- Collateral: Not required, but all available collateral must be pledged
SBA loans are designed for businesses that may not qualify under traditional lending standards, offering lower down payments, longer repayment terms, and fewer financial restrictions.
Surrounding Areas
Business owners in nearby areas may also find SBA lending opportunities in these cities:
Apple Valley, Blaine, Bloomington, Brooklyn Park, Burnsville, Chanhassen, Coon Rapids, Eagan, Eden Prairie, Edina, Golden Valley, Maple Grove, Minnetonka, Plymouth, Saint Paul.
Resources for Small Businesses in Minneapolis
Minneapolis business owners have access to valuable resources to support their growth:
- Minneapolis SBA District Office – Provides assistance with SBA loan programs and applications.
- SCORE Minneapolis – Offers free business mentoring and workshops.
- Small Business Development Centers (SBDC) – Provides consulting services for small businesses.
- Minneapolis Regional Chamber of Commerce – Connects business owners with networking and funding opportunities.
Summary
SBA loans continue to be a key funding source for small businesses in Minneapolis, providing necessary capital to fuel business growth and job creation. With competitive interest rates, flexible repayment terms, and strong business support, securing an SBA loan could be the key to your business’s success. If you’re looking for the best SBA lenders in Minneapolis, explore your options today and take the next step toward securing the right financing.