BlogRankingStateBest Minnesota SBA Lenders & Rates of 2026

Best Minnesota SBA Lenders & Rates of 2026

February 2, 2026
Ranking, State
1 min read

$620.2M
Total Funded

1,370
Loans Approved

$453K
Avg Loan Size

9.50%
Avg Interest Rate

134
Active Lenders

SBA Loans in Minnesota

Minnesota businesses received $620.2M in SBA 7(a) loan approvals across 1,370 businesses in 2025. With 134 active SBA lenders competing for business in Minnesota, understanding which banks offer the best rates can save you tens of thousands of dollars.

💡 Key Insight: The average SBA loan in Minnesota is $453K, with rates averaging 9.50%. Rates vary significantly by lender—comparing offers can save you $50,000+ over the life of your loan.

Top SBA Lenders in Minnesota (2025)

Based on official SBA data analyzed by GoSBA Loans, these are the banks that funded the most SBA 7(a) loans to Minnesota businesses:

Rank Lender Volume Loans Avg Rate
1 U.S. Bank, National Association $63.0M 219 10.08%
2 Old National Bank $55.7M 71 8.35%
3 The Huntington National Bank $32.2M 148 9.59%
4 First Resource Bank $29.3M 36 8.89%
5 Falcon National Bank $25.8M 43 8.74%
6 BankVista $22.9M 55 9.04%
7 Frandsen Bank and Trust $22.1M 39 9.81%
8 Minnwest Bank $20.3M 27 9.66%
9 Northeast Bank $18.4M 79 10.39%
10 First Bank & Trust $18.0M 25 9.36%
11 American National Bank $17.8M 12 8.16%
12 Alerus Financial, National Association $14.6M 15 8.58%
13 Live Oak Banking Company $14.3M 12 8.79%
14 Platinum Bank $12.8M 19 9.55%
15 Sunrise Banks National Association $11.6M 21 9.85%
16 Choice Financial Group $10.9M 15 8.84%
17 Citizens Community Federal National Association $9.8M 6 9.42%
18 Drake Bank $9.3M 14 9.43%
19 21st Century Bank $9.2M 21 8.96%
20 Highland Bank $9.0M 20 8.94%

🤝 How to Get an SBA Loan in Minnesota

Many top SBA lenders work primarily through approved SBA loan brokers. This is good news for borrowers:

  • Better Match: Get matched with the right lender for your situation
  • Negotiating Power: Broker relationships can result in better rates
  • Time Savings: One application goes to multiple lenders
  • Expert Guidance: Maximize your approval chances

GoSBA Loans works with lenders across Minnesota and can help you access the best loan programs. Our service is completely free to borrowers.

📞 Get Matched with Minnesota SBA Lenders

Ready to apply for an SBA loan in Minnesota? Our team can help you get matched with the right lender and program for your business.

Looking for SBA lenders in other states? GoSBA Loans works with 75+ SBA lenders nationwide. Contact us to get matched with the best lender for your specific business needs.

http://gosbaloans.com

Ishan Jetley is the owner of GoSBA Loans. I have assisted 100's of businesses with their business loans. I specialize in SBA financing for working capital, real estate and business acquisitions.

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