SBA by industry · MN
SBA lenders for senior care businesses in Minnesota
20 lenders made 60 SBA loans to senior care businesses in Minnesota in the 36 months ending September 30, 2026. Hiawatha National Bank made the most, with 11. The typical loan was about $360K.
- Evidence
- SBA 7(a) and 504 loans to senior care businesses in Minnesota, NAICS 623 and 62412
- Data as of
- SBA, September 30, 2026
- Page last changed
- November 12, 2026
- Lenders on record
- 20
- SBA FOIA,
- SBA loans, 36 months
- 60
- SBA FOIA,
- 7(a) net of cancelled; 504 funded first liens
- Dollars, 36 months
- $51.8M
- SBA FOIA,
- Last 12 months
- 9
- SBA FOIA,
Cite this
Source: The Lender Report, SBA lenders for senior care businesses in Minnesota, https://lender.report/sba-lenders-for/senior-care/minnesota/, data as of September 30, 2026.
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| Lender | Kind | Based in | Loans | Dollars | 7(a) | 504 | Last 12 months |
|---|---|---|---|---|---|---|---|
| Hiawatha National Bank SBA 7(a) record | Bank | Hager City, WI | 11 | $4.63M | 11 | 0 | 1 |
| Live Oak Banking Company SBA 7(a) record | Bank | Wilmington, NC | 5 | $5.35M | 5 | 0 | 0 |
| First Bank & Trust SBA 7(a) record | Bank | Brookings, SD | 5 | $1.51M | 5 | 0 | 1 |
| U.S. Bank National Association SBA 7(a) record | Bank | Cincinnati, OH | 4 | $982K | 4 | 0 | 0 |
| Frandsen Bank & Trust SBA 7(a) record | Bank | Lonsdale, MN | 3 | $2.35M | 2 | 1 | 0 |
| Glenwood State Bank | Bank | Glenwood, IA | 2 | $5.00M | 0 | 2 | 0 |
| BankVista SBA 7(a) record | Bank | Sartell, MN | 2 | $4.90M | 1 | 1 | 2 |
| First National Bank North | Bank | Walker, MN | 2 | $2.24M | 1 | 1 | 0 |
| United Midwest Savings Bank, National Association SBA 7(a) record | Bank | Degraff, OH | 2 | $300K | 2 | 0 | 0 |
| Wells Fargo Bank, National Association SBA 7(a) record | Bank | Sioux Falls, SD | 2 | $50.0K | 2 | 0 | 0 |
| Byline Bank SBA 7(a) record | Bank | Chicago, IL | 1 | $3.40M | 1 | 0 | 0 |
| Bank Five Nine SBA 504 record | Bank | Oconomowoc, WI | 1 | $2.70M | 0 | 1 | 0 |
| Old National Bank SBA 7(a) record | Bank | Evansville, IN | 1 | $980K | 1 | 0 | 0 |
| Deerwood Bank SBA 504 record | Bank | Waite Park, MN | 1 | $730K | 0 | 1 | 0 |
| CRF Small Business Loan Company, LLC SBA 7(a) record | Non-bank | Minneapolis, MN | 1 | $500K | 1 | 0 | 0 |
| 21st Century Bank SBA 7(a) record | Bank | Loretto, MN | 1 | $350K | 1 | 0 | 1 |
| MidCountry Bank SBA 504 record | Savings | Minneapolis, MN | 1 | $170K | 0 | 1 | 1 |
| Scale Bank SBA 7(a) record | Bank | Edina, MN | 1 | $120K | 1 | 0 | 1 |
| Bell Bank SBA 7(a) record | Bank | Fargo, ND | 1 | $91.0K | 1 | 0 | 0 |
| United Community Bank SBA 7(a) record | Bank | Perham, MN | 1 | $50.0K | 1 | 0 | 0 |
Dollars are approval amounts, rounded to 2 significant figures per loan, net of cancelled approvals.
| Industry | Loans |
|---|---|
| Assisted Living Facilities for the Elderly | 20 |
| Services for the Elderly and Persons with Disabilities | 13 |
| Residential Mental Health and Substance Abuse Facilities | 11 |
| Nursing Care Facilities (Skilled Nursing Facilities) | 7 |
| Other Residential Care Facilities | 5 |
| Residential Intellectual and Developmental Disability Facilities | 4 |
| Loan size | Loans |
|---|---|
| Under $150K | 11 |
| $150K to $350K | 9 |
| $350K to $1M | 18 |
| $1M to $2.5M | 5 |
| $2.5M or more | 5 |
- SBA lenders recorded 60 loans to senior care businesses totaling $51.8M in Minnesota in the 36 months ending September 30, 2026, excluding cancelled approvals. SBA FOIA,
- The typical loan was about $360K, with the middle half between $150K and $980K. SBA FOIA,
- 40 were SBA 7(a) loans and 8 were SBA 504 first liens. SBA FOIA,
- SBA 7(a) lenders reported a median initial rate of 9.50% on 40 loans. SBA FOIA,
- The median term was 10 years. SBA FOIA,
- Banks and savings institutions made 47 of the loans, credit unions 0, and non-banks 1. SBA FOIA,
- The five most active lenders made 46.7% of the loans. SBA FOIA,
- The three most active lenders were Hiawatha National Bank with 11, First Bank & Trust with 5, and Live Oak Banking Company with 5. SBA FOIA,
- 11 of the loans were under $150K, and 10 were $1M or more. SBA FOIA,
- 12 of these loans were made by lenders that have since merged or closed, that the file lists under a name with no lender record here, or that the loan tape shows only at a broader industry level. They are counted in the totals here and appear in no lender's row. SBA FOIA,
- The SBA file shows 9 approvals of these loans dated in the 12 months to September 30, 2026, versus 26 in the 12 months before. Both counts leave out cancelled approvals and include 504 approvals not yet funded. SBA FOIA,
- 9 of the 20 lenders are based in Minnesota. The rest are based elsewhere, most often in Ohio, South Dakota and Wisconsin. SBA FOIA,
- The most common detailed industry in Minnesota was Assisted Living Facilities for the Elderly, with 20 loans. SBA FOIA,
How this list is defined
- Measure
- SBA loans made to senior care businesses in Minnesota
- Period
- October 2023 to September 2026
- Formula
- Count, by lender, of SBA 7(a) approvals and SBA 504 first liens located in Minnesota, dated in the 36 months ending September 30, 2026 and not cancelled, whose NAICS code in the SBA file falls in NAICS 623 and 62412.
- Order
- Largest first by loans in the state, 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.
What we don't know
- Whether any of these lenders is taking new SBA loans today, or how it would treat a business like yours.
- Loans that were never completed. The SBA file lists approvals, and these pages leave out the ones it marks cancelled.
- The borrower, the address and every term beyond rate and term. The public file does not show them.
Every loan counted here carried one of these NAICS codes in the SBA file, and the state of the loan is the state of the business. Loans are approvals, net of cancelled approvals. 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.