GoSBA’s Top 50 Minnesota SBA Lenders in 2024
Overview of SBA Loans in Minnesota
Minnesota, with a population of approximately 5.7 million people, is a vibrant state with a diverse economy. The state is well-known for its strong presence in industries such as healthcare, agriculture, manufacturing, technology, and finance. With major cities like Minneapolis and Saint Paul, Minnesota provides an excellent environment for both large enterprises and small businesses to grow and succeed.
Popular industries in Minnesota include healthcare, manufacturing, agriculture, technology, and retail. In FY 2023, Minnesota SBA loan providers funded 2,800 businesses, with a total loan volume of $1.9 billion. Minnesota also has a thriving entrepreneurial community, with a growing number of women-owned businesses making significant contributions to the state’s economic landscape.
Finding the Best Minnesota SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Minnesota for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Minnesota.
Challenges in Accessing SBA Loans in Minnesota
A significant challenge for small businesses in Minnesota is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like U.S. Bank, Wells Fargo, Bremer Bank, Bank of America, MidCountry Bank, Old National Bank, Sunrise Banks, Frandsen Bank & Trust, Bell Bank, and Minnwest Bank. These ten lenders funded 1,350 businesses in Minnesota, with a combined loan volume of $1.4 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Minnesota Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Minnesota, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Minnesota SBA lenders in 2024.
Top 50 Minnesota SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| Platinum Bank | $3,335 | $35,568,800 | 28 | 10.48% |
| U.S. Bank, National Association | $16,981 | $28,233,400 | 162 | 9.85% |
| The Huntington National Bank | $16,596 | $27,178,800 | 144 | 10.63% |
| Frandsen Bank & Trust | $5,361 | $23,089,700 | 37 | 10.61% |
| Old National Bank | $2,553 | $22,960,200 | 22 | 9.04% |
| Live Oak Banking Company | $2,079 | $21,746,000 | 13 | 9.84% |
| BankVista | $5,551 | $16,868,100 | 45 | 10.14% |
| Choice Financial Group | $4,332 | $15,666,700 | 32 | 9.44% |
| Bremer Bank, National Association | $2,496 | $15,275,000 | 20 | 9.56% |
| Hiawatha National Bank | $3,600 | $13,448,200 | 28 | 9.52% |
| Village Bank | $1,590 | $9,482,700 | 11 | 8.79% |
| Drake Bank | $2,052 | $9,290,100 | 17 | 10.40% |
| Bell Bank | $2,832 | $8,892,200 | 18 | 10.42% |
| First Resource Bank | $1,620 | $8,837,500 | 14 | 10.00% |
| Newtek Bank, National Association | $2,040 | $8,650,000 | 17 | 11.50% |
| Falcon National Bank | $2,855 | $8,527,100 | 20 | 10.01% |
| The Bank of Elk River | $1,372 | $8,111,100 | 12 | 9.54% |
| GBank | $779 | $7,391,000 | 5 | 10.60% |
| BankCherokee | $1,392 | $7,390,000 | 12 | 10.60% |
| First Bank & Trust | $2,160 | $7,094,500 | 21 | 9.98% |
| Wells Fargo Bank, National Association | $4,518 | $6,771,500 | 35 | 13.03% |
| Citizens Community Federal National Association | $420 | $6,486,800 | 2 | 9.75% |
| Hometown Bank | $246 | $6,200,000 | 2 | 11.00% |
| American National Bank | $1,032 | $6,065,500 | 7 | 9.00% |
| Highland Bank | $2,244 | $5,818,200 | 22 | 9.97% |
| 21st Century Bank | $2,232 | $5,567,500 | 14 | 9.41% |
| Granite Bank | $1,449 | $5,131,100 | 16 | 9.83% |
| First Western Bank & Trust | $966 | $5,074,900 | 11 | 8.82% |
| Ultima Bank Minnesota | $1,784 | $4,524,700 | 13 | 8.06% |
| Sunrise Banks National Association | $2,904 | $4,378,000 | 25 | 11.00% |
| Northeast Bank | $2,936 | $4,202,400 | 26 | 10.07% |
| Farmers & Merchants Savings Bank | $506 | $4,111,300 | 6 | 9.63% |
| EntreBank | $1,020 | $4,065,900 | 7 | 10.00% |
| Alerus Financial, National Association | $849 | $4,005,900 | 7 | 9.54% |
| First Security Bank | $120 | $3,347,300 | 1 | 8.75% |
| BayFirst National Bank | $3,119 | $3,225,300 | 26 | 13.25% |
| Readycap Lending, LLC | $2,287 | $3,194,500 | 16 | 13.80% |
| Fund-Ex Solutions Group, LLC | $300 | $2,995,000 | 1 | 11.50% |
| Stearns Bank National Association | $1,112 | $2,972,200 | 8 | 11.03% |
| Associated Bank, National Association | $420 | $2,942,000 | 2 | 8.03% |
| MidWestOne Bank | $438 | $2,641,900 | 3 | 10.25% |
| First Internet Bank of Indiana | $240 | $2,636,000 | 2 | 11.25% |
| Members Cooperative CU | $240 | $2,557,400 | 2 | 10.00% |
| Coulee Bank | $450 | $2,454,500 | 4 | 10.00% |
| MidCountry Bank | $204 | $2,350,000 | 2 | 10.00% |
| Bridgewater Bank | $120 | $2,332,000 | 1 | 8.14% |
| Minnwest Bank | $744 | $2,330,100 | 7 | 10.57% |
| St Cloud Financial Credit Union | $562 | $2,234,400 | 5 | 10.00% |
| Scale Bank | $606 | $2,195,900 | 5 | 8.52% |
| National Bank of Commerce | $1,338 | $2,111,600 | 7 | 11.00% |
Leading Minnesota SBA Lenders by Loan Volume
Analyzing the table above, U.S. Bank leads the way in Minnesota with the highest loan volume, funding over $28.23 million across 162 loans. This positions U.S. Bank as a strong choice for businesses looking for substantial financing in Minnesota.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, U.S. Bank also takes the lead with 162 loans totaling over $28.23 million. This makes U.S. Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Minnesota
The Huntington National Bank and Frandsen Bank & Trust are also significant players in the Minnesota SBA lending market. The Huntington National Bank funded 144 loans totaling $27.18 million, while Frandsen Bank & Trust funded 37 loans with a loan volume of $23.09 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like Sunrise Banks, Bell Bank, and Minnwest Bank provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Minnesota?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Minnesota. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Minnesota Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Minnesota’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Minnesota?
If you’re ready to find the best SBA lenders in Minnesota, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
