SBA 7(a) lenders in Carlton, MN
Approvals in SBA fiscal years 2008–2026. Source data as of 2026-06-30.
Lenders
20 institutions have SBA 7(a) loans on record in Carlton, together $41.5M across 145 loans. Frandsen Bank and Trust is the largest, with 34% of approvals.
| Rank | Lender | Loans | Approved | Share | Loss rate |
|---|---|---|---|---|---|
| 1 | Frandsen Bank and Trust | 23 | $14.3M | 34.4% | 0.00% |
| 2 | Woodlands National Bank | 62 | $9.6M | 23.2% | 4.75% |
| 3 | Wells Fargo Bank National Association | 7 | $3.5M | 8.4% | 0.00% |
| 4 | Northern State Bank of Virginia | 2 | $3.1M | 7.4% | 0.00% |
| 5 | Fifth Third Bank | 1 | $2.5M | 6.0% | 0.00% |
| 6 | U.S. Bank, National Association | 14 | $1.8M | 4.3% | 0.00% |
| 7 | Members Cooperative Credit Union | 9 | $1.2M | 2.8% | 0.00% |
| 8 | First Bank of the Lake | 2 | $970K | 2.3% | 0.00% |
| 9 | Stearns Bank National Association | 4 | $710K | 1.7% | 0.00% |
| 10 | Northeast Entrepreneur Fund, Inc. | 5 | $573K | 1.4% | 0.00% |
| 11 | Village Bank | 1 | $557K | 1.3% | 0.00% |
| 12 | National Bank of Commerce | 1 | $487K | 1.2% | 38.55% |
| 13 | Old National Bank | 2 | $386K | 0.9% | 0.00% |
| 14 | Park State Bank | 2 | $385K | 0.9% | 44.06% |
| 15 | 21st Century Bank | 2 | $350K | 0.8% | 0.00% |
| 16 | Newtek Bank, National Association | 1 | $350K | 0.8% | 0.00% |
| 17 | Bell Bank | 1 | $350K | 0.8% | 0.00% |
| 18 | North Shore Bank of Commerce | 3 | $230K | 0.6% | 0.00% |
| 19 | Security State Bank of Aitkin | 2 | $145K | 0.3% | 38.22% |
| 20 | Newtek Small Business Finance, Inc. | 1 | $125K | 0.3% | 0.00% |
Loss rates cover every approval year on record together. SBA 7(a) losses peak two to four years after approval, so a lender whose lending is mostly recent will show a low rate because its loans have not aged yet, not because they are performing better.
What the money went into
| Rank | Industry | Loans | Approved | Share of county |
|---|---|---|---|---|
| 1 | Retail trade | 13 | $9.3M | 22.5% |
| 2 | Health care & social assistance | 14 | $7.3M | 17.7% |
| 3 | Agriculture, forestry & fishing | 23 | $5.3M | 12.8% |
| 4 | Accommodation & food services | 17 | $4.3M | 10.2% |
| 5 | Other services | 15 | $2.9M | 7.0% |
| 6 | Wholesale trade | 6 | $2.9M | 6.9% |
| 7 | Arts, entertainment & recreation | 4 | $2.4M | 5.9% |
| 8 | Construction | 19 | $1.6M | 4.0% |
| 9 | Professional & technical services | 2 | $1.6M | 3.9% |
| 10 | Administrative & waste services | 7 | $891K | 2.1% |
| 11 | Transportation & warehousing | 9 | $707K | 1.7% |
| 12 | Manufacturing | 4 | $622K | 1.5% |
| 13 | Retail trade | 3 | $436K | 1.1% |
| 14 | Finance & insurance | 2 | $303K | 0.7% |
| 15 | Management of companies | 1 | $249K | 0.6% |
| 16 | Real estate & leasing | 1 | $235K | 0.6% |
| 17 | Manufacturing | 1 | $200K | 0.5% |
| 18 | Mining & extraction | 1 | $81K | 0.2% |
| 19 | Transportation & warehousing | 1 | $13K | 0.0% |
| 20 | Information | 1 | $10K | 0.0% |
| 21 | Educational services | 1 | $5K | 0.0% |
Industry is the borrower’s NAICS sector as recorded by SBA at approval, grouped to the two-digit sector.
About this data
Built from the U.S. Small Business Administration’s 7(a) FOIA data release, a public record covering approvals from fiscal year 2008 onward and refreshed each quarter. SBA fiscal years end 30 September, so the most recent year is partial. Figures are approvals, not outstanding balances, and SBA attributes each loan to the institution that holds it today rather than the one that originated it — an acquisitive lender therefore shows books it did not write.