This story originally appeared on Flippa and was produced and distributed in partnership with Stacker Studio.
Counties receiving the most SBA loans in Minnesota
The Small Business Administration backed loans worth $27.5 billion through its primary lending program in 2023—rising well above pre-COVID-19 pandemic levels as government officials aim to stabilize the economy.
Many small businesses get their start and scale up with SBA loans, which increased lending to Black, Latino, and women entrepreneurs in the past few years in step with efforts to become more equitable.
Flippa found the county in Minnesota where applicants were approved for the most SBA loan funds per capita in fiscal year 2023, which ended in September. The analysis was based on the SBA's most common loan program, known as 7(a) loans. SBA's 7(a) program provides extra security to lenders when they loan money to small businesses that might otherwise be considered too risky to grant. Loans can be for up to $5 million, but in 2023, nearly 7 in 10 loans were for amounts of $350,000 or less. Small businesses can use these funds for real estate acquisitions or improvements, working capital, supplies and equipment, and for other business startup or acquisition purposes.
Barriers do still exist for eligibility, including income, credit history, and location, but SBA loans can be fruitful for founders who don't qualify for conventional business financing. They can also provide protection against high and volatile interest rates, as SBA-backed loans have maximum interest rates that are predictable and often lower than other loans.
In a national analysis of the #1 ranked counties in every state, all but two counties had populations of less than 500,000—most smaller than 100,000. That's not surprising, as the Census Bureau classifies about 99% of U.S. counties as small. Still, it signifies that these smaller communities are building successful entrepreneurial environments. In most cases, their small businesses are able to succeed beyond those within the major U.S. population centers—at least in terms of success in gaining SBA funding.
Read on to see whether your county ranks among those receiving the most SBA loans.
#50. Todd County
- SBA approved about $32.60 per resident in 7(a) loans in 2023.
- Total approved funds: $819,000
- Number of loans: 3
#49. Benton County
- SBA approved about $37.12 per resident in 7(a) loans in 2023.
- Total approved funds: $1.5 million
- Number of loans: 4
#48. Olmsted County
- SBA approved about $38.95 per resident in 7(a) loans in 2023.
- Total approved funds: $6.3 million
- Number of loans: 15
#47. St. Louis County
- SBA approved about $39.70 per resident in 7(a) loans in 2023.
- Total approved funds: $8.0 million
- Number of loans: 24
#46. Aitkin County
- SBA approved about $46.95 per resident in 7(a) loans in 2023.
- Total approved funds: $739,400
- Number of loans: 6
#45. Steele County
- SBA approved about $51.63 per resident in 7(a) loans in 2023.
- Total approved funds: $1.9 million
- Number of loans: 8
#44. Otter Tail County
- SBA approved about $54.54 per resident in 7(a) loans in 2023.
- Total approved funds: $3.3 million
- Number of loans: 15
#43. Dodge County
- SBA approved about $57.89 per resident in 7(a) loans in 2023.
- Total approved funds: $1.2 million
- Number of loans: 5
#42. Douglas County
- SBA approved about $58.21 per resident in 7(a) loans in 2023.
- Total approved funds: $2.3 million
- Number of loans: 10
#41. Hubbard County
- SBA approved about $62.59 per resident in 7(a) loans in 2023.
- Total approved funds: $1.3 million
- Number of loans: 10
#40. Pine County
- SBA approved about $64.93 per resident in 7(a) loans in 2023.
- Total approved funds: $1.9 million
- Number of loans: 5
#39. Beltrami County
- SBA approved about $66.82 per resident in 7(a) loans in 2023.
- Total approved funds: $3.1 million
- Number of loans: 17
#38. Stevens County
- SBA approved about $67.23 per resident in 7(a) loans in 2023.
- Total approved funds: $650,000
- Number of loans: 2
#37. Mille Lacs County
- SBA approved about $69.14 per resident in 7(a) loans in 2023.
- Total approved funds: $1.8 million
- Number of loans: 7
#36. Carver County
- SBA approved about $71.05 per resident in 7(a) loans in 2023.
- Total approved funds: $7.5 million
- Number of loans: 22
#35. McLeod County
- SBA approved about $73.44 per resident in 7(a) loans in 2023.
- Total approved funds: $2.7 million
- Number of loans: 11
#34. Winona County
- SBA approved about $77.00 per resident in 7(a) loans in 2023.
- Total approved funds: $3.8 million
- Number of loans: 4
#33. Le Sueur County
- SBA approved about $79.11 per resident in 7(a) loans in 2023.
- Total approved funds: $2.3 million
- Number of loans: 2
#32. Blue Earth County
- SBA approved about $82.08 per resident in 7(a) loans in 2023.
- Total approved funds: $5.6 million
- Number of loans: 23
#31. Swift County
- SBA approved about $84.10 per resident in 7(a) loans in 2023.
- Total approved funds: $825,000
- Number of loans: 3
#30. Chisago County
- SBA approved about $86.15 per resident in 7(a) loans in 2023.
- Total approved funds: $4.9 million
- Number of loans: 11
#29. Crow Wing County
- SBA approved about $87.23 per resident in 7(a) loans in 2023.
- Total approved funds: $5.7 million
- Number of loans: 4
#28. Polk County
- SBA approved about $88.70 per resident in 7(a) loans in 2023.
- Total approved funds: $2.8 million
- Number of loans: 7
#27. Lincoln County
- SBA approved about $91.23 per resident in 7(a) loans in 2023.
- Total approved funds: $515,900
- Number of loans: 3
#26. Cass County
- SBA approved about $93.60 per resident in 7(a) loans in 2023.
- Total approved funds: $2.8 million
- Number of loans: 5
#25. Sibley County
- SBA approved about $94.48 per resident in 7(a) loans in 2023.
- Total approved funds: $1.4 million
- Number of loans: 2
#24. Carlton County
- SBA approved about $98.86 per resident in 7(a) loans in 2023.
- Total approved funds: $3.6 million
- Number of loans: 11
#23. Scott County
- SBA approved about $102.61 per resident in 7(a) loans in 2023.
- Total approved funds: $15.3 million
- Number of loans: 41
#22. Isanti County
- SBA approved about $108.22 per resident in 7(a) loans in 2023.
- Total approved funds: $4.4 million
- Number of loans: 8
#21. Goodhue County
- SBA approved about $110.17 per resident in 7(a) loans in 2023.
- Total approved funds: $5.2 million
- Number of loans: 6
#20. Sherburne County
- SBA approved about $110.21 per resident in 7(a) loans in 2023.
- Total approved funds: $10.6 million
- Number of loans: 37
#19. Wright County
- SBA approved about $110.82 per resident in 7(a) loans in 2023.
- Total approved funds: $15.5 million
- Number of loans: 47
#18. Kandiyohi County
- SBA approved about $111.67 per resident in 7(a) loans in 2023.
- Total approved funds: $4.9 million
- Number of loans: 14
#17. Lyon County
- SBA approved about $114.20 per resident in 7(a) loans in 2023.
- Total approved funds: $2.9 million
- Number of loans: 4
#16. Stearns County
- SBA approved about $120.54 per resident in 7(a) loans in 2023.
- Total approved funds: $19.0 million
- Number of loans: 53
#15. Pennington County
- SBA approved about $121.80 per resident in 7(a) loans in 2023.
- Total approved funds: $1.7 million
- Number of loans: 3
#14. Meeker County
- SBA approved about $127.64 per resident in 7(a) loans in 2023.
- Total approved funds: $3.0 million
- Number of loans: 8
#13. Ramsey County
- SBA approved about $128.13 per resident in 7(a) loans in 2023.
- Total approved funds: $70.4 million
- Number of loans: 151
#12. Washington County
- SBA approved about $129.36 per resident in 7(a) loans in 2023.
- Total approved funds: $34.3 million
- Number of loans: 85
#11. Fillmore County
- SBA approved about $133.64 per resident in 7(a) loans in 2023.
- Total approved funds: $2.8 million
- Number of loans: 7
#10. Dakota County
- SBA approved about $136.53 per resident in 7(a) loans in 2023.
- Total approved funds: $59.5 million
- Number of loans: 132
#9. Jackson County
- SBA approved about $151.81 per resident in 7(a) loans in 2023.
- Total approved funds: $1.5 million
- Number of loans: 4
#8. Rice County
- SBA approved about $151.92 per resident in 7(a) loans in 2023.
- Total approved funds: $10.1 million
- Number of loans: 13
#7. Hennepin County
- SBA approved about $152.46 per resident in 7(a) loans in 2023.
- Total approved funds: $193.7 million
- Number of loans: 505
#6. Anoka County
- SBA approved about $167.60 per resident in 7(a) loans in 2023.
- Total approved funds: $60.5 million
- Number of loans: 134
#5. Cook County
- SBA approved about $176.53 per resident in 7(a) loans in 2023.
- Total approved funds: $984,000
- Number of loans: 1
#4. Clearwater County
- SBA approved about $182.53 per resident in 7(a) loans in 2023.
- Total approved funds: $1.6 million
- Number of loans: 6
#3. Wadena County
- SBA approved about $184.73 per resident in 7(a) loans in 2023.
- Total approved funds: $2.6 million
- Number of loans: 6
#2. Norman County
- SBA approved about $399.11 per resident in 7(a) loans in 2023.
- Total approved funds: $2.6 million
- Number of loans: 4
#1. Marshall County
- SBA approved about $559.00 per resident in 7(a) loans in 2023.
- Total approved funds: $5.1 million
- Number of loans: 4
This story features data reporting and writing by Paxtyn Merten and is part of a series utilizing data automation across 50 states.
