SBA loans by state
SBA loans in Minnesota: 1,062 approvals in FY 2026, median $249,350
Only 3% of variable loans sat at the SBA maximum. Mid-size loans had a median rate of 9.00%, below the national 9.75%.
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Your loan against approvals in your state
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Minnesota: 7(a) loans approved last year
1,062
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Minnesota: median rate at approval, $50,001 to $250,000 | 9.00% |
| Minnesota: median 7(a) loan last year | $249,350 |
| Payment over 10 years, SBA fee added to the loan | $3,365/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Minnesota, FY 2026: 1,062 SBA 7(a) approvals for $572.7 million (18th of the 50 states and DC, SBA file of September 30, 2026). Only 3% of variable loans sat at the SBA maximum. Mid-size loans had a median rate of 9.00%, below the national 9.75%. The state stood out for loans to couriers and express delivery services. The state used 504 loans heavily: 218 approvals for $205.2 million. Home-state lenders made 41% of the loans, against 26% nationwide. 17% of loans financed the purchase of a business. Borrowers reported 12.9 jobs per loan. Loan sizes were even, with an average of $539,301. 22% of loans had a fixed rate, against 13% nationally. Few approvals were cancelled, 10%. Today’s cap on a $249,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| U.S. Bank | 185 | $50,000 | 10.24% | Ohio |
| Huntington National Bank | 80 | $124,100 | 9.50% | Ohio |
| BankVista | 52 | $297,750 | 8.75% | Minnesota (in-state) |
| Frandsen Bank and Trust | 41 | $348,400 | 9.25% | Minnesota (in-state) |
| Old National Bank | 39 | $503,100 | 8.25% | Indiana |
Almost nobody pays the maximum
Just 3% of Minnesota’s variable loans were at the SBA ceiling, 2nd lowest among the 50 states and DC. Lenders here compete below the cap, so the median for your loan size, in the table above, is the better benchmark.
Mid-size loans priced below average
On loans of $50,001 to $250,000, the median variable rate in Minnesota was 9.00%, against 9.75% nationally. A Minnesota quote above the national median for that size has room to come down.
More common here than nationally: couriers and express delivery services
11 Minnesota loans went to couriers and express delivery services, 3.3 times the national share for that trade. The most frequent trades overall were full-service restaurants, fitness and recreational sports centers and limited-service restaurants. Vehicles and equipment wear out within a few years, so these loans stay short and small, often through SBA Express.
504 loans are well used
218 504 loans for $205.2 million were approved for Minnesota projects, 20.5 for every 100 7(a) loans against 10.8 nationally, with a median debenture of $527,500. The busiest certified development companies were Midwest Business Finance Corporation (74), Twin Cities-Metro Certified Development Company (50) and Central Minnesota Development Company (24).
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 227 | 9.75% | 13.50% |
| $50,001 to $250,000 | 329 | 9.00% | 13.00% |
| $250,001 to $350,000 | 118 | 9.14% | 11.50% |
| over $350,000 | 388 | 8.75% | 10.00% |
Minnesota banks keep most of the lending
Lenders with their SBA address in Minnesota made 41% of the state’s 1,062 approvals, 12th of the 50 states and DC and well above the 26% average. BankVista and Frandsen Bank and Trust rank among the five busiest. Local lenders also priced lower: their median variable margin was 2.00 points over prime, against 2.75 points for lenders based elsewhere.
Many loans buy an existing business
Changes of ownership were 17% of Minnesota’s approvals (13% nationally). SBA’s rules for buying a business govern them: the buyer’s equity, the valuation of the business and the debt service coverage are checked under their own rules, and a seller note can count toward equity only on stated terms.
More jobs per loan
Borrowers reported 13,721 jobs supported, 12.9 per loan against 10.3 nationally, a sign of larger employers among Minnesota borrowers. The figure is the applicant’s own estimate at approval.
Loan sizes are even
The average Minnesota loan, $539,301, was only 2.2 times the median, one of the narrowest gaps in the country: few very large loans, and a market built around mid-size ones.
Counties with the most approvals: Hennepin (330), Anoka (102) and Dakota (95). Trades: full-service restaurants (43), fitness and recreational sports centers (32), limited-service restaurants (26), general automotive repair (24) and landscaping services (23).
All states compared.