SBA 504 · MN
SBA 504 lenders in Minnesota
157 lenders provided the first lien on at least one SBA 504 project in Minnesota in the 36 months ending September 30, 2026. Frandsen Bank & Trust made the most, with 30 of the 631 on record.
- Evidence
- Lender provided the first lien on at least one SBA 504 project in Minnesota in the 36 months ending September 30, 2026
- Data as of
- SBA, September 30, 2026
- Page last changed
- November 12, 2026
- Lenders on record
- 157
- SBA FOIA,
- First liens, 36 months
- 631
- SBA FOIA,
- Approvals, net of cancelled
- Dollars, 36 months
- $835M
- SBA FOIA,
- Approvals, last 12 months (funded or not)
- 218
- SBA FOIA,
- -3.5% from the prior 12 months
Cite this
Source: The Lender Report, SBA 504 lenders in Minnesota, https://lender.report/sba-504-lenders/minnesota/, data as of September 30, 2026.
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| Lender | Kind | Based in | First liens | Dollars |
|---|---|---|---|---|
| Frandsen Bank & Trust SBA 504 record | Bank | Lonsdale, MN | 30 | $36.7M |
| BankVista SBA 504 record | Bank | Sartell, MN | 25 | $32.8M |
| 21st Century Bank SBA 504 record | Bank | Loretto, MN | 17 | $25.3M |
| Northeast Bank SBA 504 record | Bank | Minneapolis, MN | 16 | $24.4M |
| Minnwest Bank SBA 504 record | Bank | Redwood Falls, MN | 16 | $19.3M |
| Community Resource Bank SBA 504 record | Bank | Northfield, MN | 13 | $18.4M |
| Sentry Bank SBA 504 record | Bank | Saint Joseph, MN | 13 | $10.0M |
| National Bank of Commerce SBA 504 record | Bank | Superior, WI | 12 | $51.1M |
| Choice Financial Group SBA 504 record | Bank | Fargo, ND | 12 | $10.7M |
| CorTrust Bank National Association SBA 504 record | Bank | Mitchell, SD | 11 | $29.0M |
| Old National Bank SBA 504 record | Bank | Evansville, IN | 11 | $23.3M |
| Coulee Bank SBA 504 record | Bank | La Crosse, WI | 10 | $18.5M |
| Bell Bank SBA 504 record | Bank | Fargo, ND | 10 | $18.1M |
| First Independent Bank SBA 504 record | Bank | Russell, MN | 9 | $13.5M |
| Alerus Financial, National Association SBA 504 record | Bank | Grand Forks, ND | 9 | $11.2M |
| Highland Bank SBA 504 record | Bank | Saint Paul, MN | 9 | $9.45M |
| Security Bank & Trust Company SBA 504 record | Bank | Glencoe, MN | 9 | $5.70M |
| Midwest Bank SBA 504 record | Bank | Detroit Lakes, MN | 8 | $16.4M |
| Pioneer Bank SBA 504 record | Bank | Mapleton, MN | 8 | $12.1M |
| Sunrise Banks, National Association SBA 504 record | Bank | Sioux Falls, SD | 8 | $8.27M |
| VisionBank SBA 504 record | Bank | Saint Louis Park, MN | 8 | $8.18M |
| Sterling State Bank | Bank | Austin, MN | 8 | $6.12M |
| EntreBank | Bank | Bloomington, MN | 7 | $16.5M |
| United Prairie Bank | Bank | Mountain Lake, MN | 7 | $13.6M |
| Falcon National Bank | Bank | Foley, MN | 7 | $9.70M |
See all 157 SBA 504 lenders in Minnesota in Loan Comps
Dollars are first-lien amounts on SBA 504 approvals.
- Lenders recorded 631 SBA 504 first liens totaling $834.6M in Minnesota in the 36 months ending September 30, 2026. SBA FOIA,
- Banks and savings institutions made 594 of those, credit unions 28, and non-banks 9. SBA FOIA,
- The five most active lenders made 16.5% of Minnesota's SBA 504 first liens. SBA FOIA,
- National Bank of Commerce recorded the most dollars in Minnesota, at $51.1M. SBA FOIA,
- 100 of these lenders are based in Minnesota. SBA FOIA,
- 13 lenders recorded 10 or more SBA 504 first liens in Minnesota. SBA FOIA,
- The SBA file shows 218 SBA 504 approvals in Minnesota dated in the 12 months to September 30, 2026, versus 226 in the prior 12 months. Both counts leave out cancelled approvals and include approvals not yet funded, so the two periods are measured the same way. SBA FOIA,
- The typical SBA 504 first lien in Minnesota was about $660K, with the middle half between $360K and $1.2M. SBA FOIA,
- The median term in Minnesota was 25 years. SBA FOIA,
How this list is defined
- Measure
- SBA 504 first liens in Minnesota
- Period
- October 2023 to September 2026
- Formula
- Count, by lender, of SBA 504 projects located in Minnesota with an approval date in the 36 months ending September 30, 2026, not cancelled, that name the lender as first-lien lender.
- Order
- Largest first by first liens in the 36 months, then dollars, then name. Payment is not part of the order.
- As of
- September 30, 2026
- Source
- SBA FOIA
- Changelog
- : First published, with the data built on this date.
Is your institution on this list? Show your rank. It carries the date and links back to this page.
An SBA 504 project pairs a first-lien lender with a Certified Development Company that funds a second lien, for owner-occupied real estate and equipment.
SBA 504 figures count the first-lien lender on each SBA approval. A project marked not funded is often recent and awaiting funding.
Each lender is counted only where the public file places the loan. Lenders that merged or stopped filing are left out.
SBA does not require you to use an agent or broker for a loan application. SBA has not reviewed or endorsed this site.
Source and date appear beside each figure. Banks report balances, not loans made. Loans made come only from HMDA and SBA files. We do not audit filings and can make errors joining them. Report a problem
Figures come from public records and show the source and date beside them. Public records can be late, incomplete or wrong. A past loan does not mean a lender will make the same kind of loan today. Confirm anything important with the lender.