25 SBA loans worth $9.5M went to businesses in Detroit Lakes, MN between October 2021 and June 2026, from 12 lenders. Midwest Bank made the most, 7 loans. The median loan was $250,000, compared with $212,000 across Minnesota, and restaurants and hotels was the most financed industry.
| # | Lender | Loans | Approved | Median loan | To startups |
|---|---|---|---|---|---|
| 1 | Midwest Bank Bank · Detroit Lakes, MN | 7 | $985K | $100,000 | 29% |
| 2 | Midwest Business Finance Certified development company · St. Cloud, MN | 5 | $4.5M | $602,000 | 0% |
| 3 | Old National Bank Bank · Evansville, IN | 2 | $2.0M | $1,015,500 | 0% |
| 4 | Bell Bank Bank · Fargo, ND | 2 | $380K | $190,000 | 100% |
| 5 | Mid Minnesota Federal Credit Union Credit union · Baxter, MN | 2 | $116K | $57,850 | 0% |
| 6 | Frandsen Bank and Trust Bank · Lonsdale, MN | 1 | $535K | $535,000 | 100% |
| 7 | First Western Bank & Trust Bank · Minot, ND | 1 | $480K | $480,000 | 0% |
| 8 | Northeast Bank Bank · Portland, ME | 1 | $350K | $350,000 | 0% |
| 9 | Farmers and Merchants State Bank of New York Mills Incorporated Bank · New York Mills, MN | 1 | $75K | $75,000 | 100% |
| 10 | United Community Bank Bank · Perham, MN | 1 | $50K | $50,000 | 100% |
| 11 | BankVista Bank · Sartell, MN | 1 | $25K | $25,000 | 0% |
| 12 | My Kind of Bank Bank · Ottertail, MN | 1 | $25K | $25,000 | 100% |
| Industry | Loans | Share | Median loan | Most active lender |
|---|---|---|---|---|
| Restaurants and hotels | 6 | $495,500 | Midwest Bank | |
| Manufacturing | 5 | $350,000 | Bell Bank | |
| Retail | 4 | $162,500 | Old National Bank | |
| Wholesale trade | 3 | $200,000 | Midwest Bank | |
| Construction | 2 | $313,500 | My Kind of Bank | |
| Health care and social assistance | 2 | $150,000 | Midwest Bank | |
| Arts, entertainment and recreation | 2 | $57,850 | Mid Minnesota Federal Credit Union | |
| Finance and insurance | 1 | $24,000 | Midwest Bank |