Top Minnesota SBA Lenders | SBA Loans in MN

Last annual update: Mar 2, 2024

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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

State RankBankBank HQs # of LoansAvg Interest Avg Loan
1U.S. BankCincinnati, OH 2429.2% $126,642
2Huntington BankColumbus, OH 9910.3% $229,822
3BankVistaSartell, MN 679.3% $321,588
4Frandsen Bank & TrustLonsdale, MN 379.7% $662,746
5Wells FargoSioux Falls, SD 3412.7% $227,588
6Highland BankSt. Michael, MN 338.9% $334,358
7Old National BankEvansville, IN 298.1% $1,124,807
8Hiawatha National BankHager City, WI 279.3% $470,389
9BayFirst National BankSaint Petersburg, FL 2312.2% $125,652
10Bremer BankSaint Paul, MN 208.5% $1,079,785
11Platinum BankOakdale, MN 2010.2% $815,300
12Choice Financial GroupFargo, ND 189.1% $536,011
13First Western Bank & TrustMinot, ND 178.8% $226,335
14Falcon National BankFoley, MN 169.8% $608,350
15First Bank & TrustBrookings, SD 168.7% $1,223,381
16Security Bank USABemidji, MN 159.0% $234,220
17Village BankSaint Francis, MN 158.9% $609,180
18Financial Security BankKerkhoven, MN 149.9% $156,293
19Magnifi Financial CUMelrose, MN 1310.8% $323,000
20Minnwest BankRedwood Falls, MN 139.5% $515,000

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Top industries receiving SBA loans in Minnesota

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1Full-Service Restaurants529.3% $359,567
2Limited-Service Restaurants389.5% $358,974
3Residential Remodelers329.9% $145,478
4Offices of Chiropractors249.2% $244,104
5Fitness and Recreational Sports Centers219.7% $293,981
6Landscaping Services208.8% $214,685
7Offices of Lawyers189.7% $220,794
8General Freight Trucking, Local179.4% $139,529
9Supermarkets and Other Grocery (except Convenience) Stores179.1% $333,971
10Plumbing, Heating, and Air-Conditioning Contractors179.3% $205,847
11All Other Specialty Trade Contractors168.8% $456,581
12Electrical Contractors159.3% $538,280
13Painting and Wall Covering Contractors159.9% $61,013
14Other Personal Care Services1410.9% $236,279
15Drinking Places (Alcoholic Beverages)129.2% $480,442
16General Automotive Repair129.6% $483,733
17All Other Professional, Scientific, and Technical Services129.1% $352,692
18All Other Amusement and Recreation Industries129.4% $835,400
19Breweries119.1% $741,418
20Beauty Salons119.4% $114,145

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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