Top SBA 7(a) Lenders in Minnesota for 2025
Small businesses in Minnesota received 1,329 SBA 7(a) loan approvals totaling $553,057,700. The average loan size was $416,146, reflecting a robust mix of high-dollar investment financing and recurring working capital loans across the state.
Lenders serving Minnesota include national SBA leaders, major regional banks, and locally headquartered community banks. Loan sizes ranged from under $200,000 to more than $1.3 million per transaction, indicating the program’s flexibility for both start-ups and well-established firms.
Leading Lenders by Approval Volume
U.S. Bank (Ohio) led all lenders in the state with $51,711,900 disbursed across 210 loans. With an average loan size of $246,247, the bank focused on high-volume, mid-range working capital and equipment loans.
Old National Bank (Indiana) ranked second, issuing $49,661,800 across 62 approvals. Its average loan size was $800,997, reflecting a heavier emphasis on larger expansions, refinancing, or commercial property financing.
Platinum Bank, headquartered in Minnesota, placed third with $29,841,500 across 35 approvals. Its average loan size of $852,614 demonstrates the bank’s role in mid-market business expansion across the state.
The Huntington National Bank (Ohio) followed with $29,587,200 from 144 approvals, averaging $205,467 per loan. Rounding out the top five was Falcon National Bank (Minnesota), which disbursed $25,270,100 through 42 loans.
Top SBA 7(a) Lenders in Minnesota – 2025 YTD
(U.S. Small Business Administration, data as of July 22, 2025)
| Rank | Lender Name & Location | Approval Count | Approval Amount | Avg. Loan Size |
| 1 | U.S. Bank, N.A. (OH) | 210 | $51,711,900 | $246,247 |
| 2 | Old National Bank (IN) | 62 | $49,661,800 | $800,997 |
| 3 | Platinum Bank (MN) | 35 | $29,841,500 | $852,614 |
| 4 | The Huntington National Bank (OH) | 144 | $29,587,200 | $205,467 |
| 5 | Falcon National Bank (MN) | 42 | $25,270,100 | $601,669 |
| 6 | Newtek Bank, N.A. (FL) | 40 | $22,883,600 | $572,090 |
| 7 | Frandsen Bank & Trust (MN) | 40 | $20,149,700 | $503,743 |
| 8 | First Resource Bank (MN) | 27 | $17,948,000 | $664,741 |
| 9 | BankVista (MN) | 45 | $12,429,600 | $276,213 |
| 10 | First Bank & Trust (SD) | 26 | $11,915,500 | $458,288 |
Source: U.S. Small Business Administration, 2025 data
Lending Trends and Observations
Minnesota’s SBA lending landscape is anchored by a strong mix of in-state and regional banks. Locally based lenders—including Platinum Bank, Falcon National Bank, Frandsen Bank & Trust, and First Resource Bank—accounted for four of the top 10 positions by loan volume. These institutions continue to meet the needs of growing businesses across industries such as logistics, manufacturing, construction, and medical services.
Out-of-state national lenders like U.S. Bank, The Huntington National Bank, and Newtek Bank contributed high-volume lending and efficient processing capacity, particularly through centralized SBA platforms.
Average loan sizes spanned a wide range, with Platinum Bank and Old National Bank exceeding $800,000 per approval. Meanwhile, institutions such as Huntington and BankVista prioritized smaller business segments, with average loans below $300,000.
Economic Insight for Minnesota’s Small Business Community
With more than $553 million in SBA loan approvals through July, small businesses in Minnesota continue to leverage federal lending programs for expansion, succession planning, and operational resilience. The SBA 7(a) program remains a preferred capital tool due to its favorable terms and flexibility for real estate, inventory, and working capital needs.
The volume and variety of participating lenders indicate strong confidence in Minnesota’s small business ecosystem. SBA-backed lending is expected to remain central to statewide business formation and investment through the second half of 2025.
