Top Minnesota SBA Lenders | SBA Loans in MN

Last annual update: May 8, 2023


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Minnesota-based and big names in banks were among the largest lenders to “The North Star State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Minnesota:

Top SBA lenders in Minnesota

MN RankMinnesota BankBank HQs# of LoansAvg InterestAvg MN Loan
1U.S. BankCincinnati, OH2006.8%$105,179
2BankVistaSartell, MN866.3%$369,222
3The Huntington National BankColumbus, OH567.0%$313,063
4Hiawatha National BankHager City, WI395.8%$522,921
5Wells FargoSioux Falls, SD399.6%$125,790
6Choice Financial GroupFargo, ND336.8%$580,318
7Bremer BankSaint Paul, MN315.8%$483,232
8Frandsen Bank & TrustLonsdale, MN296.6%$535,107
9Old National BankEvansville, IN286.2%$1,150,979
10Platinum BankOakdale, MN273.5%$989,504
11Financial Security BankKerkhoven, MN265.8%$232,138
1221st Century BankLoretto, MN255.3%$418,060
13Granite BankCold Spring, MN256.9%$129,120
14Minnwest BankRedwood Falls, MN255.9%$678,012
15Magnifi Financial CUMelrose, MN206.0%$284,505


SBA loans – Minnesota

A note about these Minnesota SBA lenders – People frequently ask us if one of the banks above is 1) on the Minnesota preferred lender list 2) an approved lender in Minnesota, or 3) participating in the Minnesota SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Minnesota and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Minnesota, Minneapolis, and Saint Paul.

We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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