120 SBA loans worth $64.6M went to businesses in Duluth, MN between October 2021 and June 2026, from 36 lenders. Midwest Business Finance made the most, 20 loans. The median loan was $315,000, compared with $212,000 across Minnesota, and retail was the most financed industry.
| # | Lender | Loans | Approved | Median loan | To startups |
|---|---|---|---|---|---|
| 1 | Midwest Business Finance Certified development company · St. Cloud, MN | 20 | $14.0M | $385,000 | 20% |
| 2 | Old National Bank Bank · Evansville, IN | 12 | $7.5M | $318,100 | 33% |
| 3 | Frandsen Bank and Trust Bank · Lonsdale, MN | 11 | $5.5M | $450,000 | 73% |
| 4 | U.S. Bank Bank · Cincinnati, OH | 9 | $411K | $50,000 | 89% |
| 5 | BankVista Bank · Sartell, MN | 7 | $4.3M | $663,000 | 0% |
| 6 | Huntington National Bank Bank · Columbus, OH | 6 | $4.8M | $255,000 | 17% |
| 7 | Members Cooperative Credit Union Credit union · Duluth, MN | 6 | $1.4M | $246,700 | 67% |
| 8 | National Bank of Commerce Bank · Superior, WI | 5 | $1.3M | $300,000 | 60% |
| 9 | North Shore Bank of Commerce Bank · Duluth, MN | 4 | $2.2M | $460,000 | 0% |
| 10 | Northland Foundation Non-bank lender · Duluth, MN | 4 | $675K | $175,000 | 0% |
| 11 | Amplio Economic Development Certified development company · Arden Hills, MN | 3 | $3.6M | $1,083,000 | 33% |
| 12 | Bell Bank Bank · Fargo, ND | 3 | $196K | $55,000 | 67% |
| 13 | Twin Cities-Metro Certified Development Certified development company · Vadnais Heights, MN | 2 | $2.6M | $1,303,500 | 50% |
| 14 | Woodlands National Bank Bank · Hinckley, MN | 2 | $1.2M | $603,000 | 50% |
| 15 | 21st Century Bank Bank · Loretto, MN | 2 | $1.0M | $500,000 | 0% |
| Industry | Loans | Share | Median loan | Most active lender |
|---|---|---|---|---|
| Retail | 22 | $320,000 | Old National Bank | |
| Restaurants and hotels | 19 | $350,000 | 21st Century Bank | |
| Health care and social assistance | 18 | $312,500 | Midwest Business Finance | |
| Professional and technical services | 10 | $98,250 | Frandsen Bank and Trust | |
| Arts, entertainment and recreation | 10 | $301,400 | Old National Bank | |
| Manufacturing | 9 | $300,000 | Northland Foundation | |
| Construction | 7 | $291,000 | U.S. Bank | |
| Wholesale trade | 6 | $239,000 | Midwest Business Finance |