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Minnesotans Take Advantage of SBA Loans in 2016-17 to Start and Grow Small Businesses

Release Date: 
Thursday, October 26, 2017
Release Number: 
17-21-MN
Contact: 
Sarah Swenty, 612-370-2316

MINNEAPOLIS—From October 1, 2016 to September 30, 2017, 2,056 loans were backed by the U.S. Small Business Administration (SBA) to help Minnesota entrepreneurs start or grow small businesses. Loan approvals on SBA’s flagship 7(a) and 504 programs totaled $681.2 million. Eight nonprofit micro-loan intermediaries made 148 loans statewide, accounting for an additional $2.78 million. Out of 68 district offices, the Minnesota District Office ranked 10th in number of loans approved. 

Loan approvals in the 7(a) program, SBA’s flagship loan program that provides guaranteed small business loans for working capital, fixed and intangible asset financing, as well as refinance and export support through term and revolving loans, totaled $518.68 million in 1,632 loans. Nearly $162.56 million in 504 loans were guaranteed, which support the purchase of longer-term fixed assets for Minnesota small businesses.

The top ten lenders in Minnesota by dollars were:

LENDERS

DOLLAR VALUE

Wells Fargo Bank

$66,032,800

TCM Certified Development Company

$51,150,000

Minnesota Business Finance Corporation

$49,053,000

U.S. Bank

$30,847,600

Anchor Bank

$27,406,300

Platinum Bank

$20,874,000

SPEDCO*

$19,864,000

Bremer Bank

$18,800,200

Minnwest Bank

$17,074,800

21st Century Bank

$16,881,300

 

The top lenders in Minnesota by number of loans were:

LENDERS

# OF LOANS

Wells Fargo Bank

209

U.S. Bank

135

Minnesota Business Finance Corporation

94

TCM Certified Development Company

73

KleinBank

52

21st Century Bank

50

Sunrise Banks

49

Bremer Bank

47

Anchor Bank

46

BankVista

46

The top Minnesota industries receiving SBA loan guarantees were manufacturing and food service and accommodations. Women-owned businesses in Minnesota received $102.6 million in SBA backed loans, up 14 percent over last year.

Lending to Minnesota veterans continues to rise, with 105 loans guaranteed in FY2017 up fifteen percent over last year for a total of $36.87 million. Beginning in 2016, SBA began working with partners statewide to present Boots to Business: Reboot, an entrepreneurship training program for veterans, transitioning service members, and their spouses. This program is one of many working to help veterans start and grow small businesses in our state and across the country. 

The Small Business Administration was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The Minnesota District Office provides SBA programs and services to the state of Minnesota. Working with our resource partners across the state, we help businesses start, grow and achieve success. For more information on our programs and services, visit www.sba.gov/mn.

 

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Related State: 
Minnesota