SBA 7(a) lenders in Mille Lacs, MN

Approvals in SBA fiscal years 2008–2026. Source data as of 2026-06-30.

Lenders

40 institutions have SBA 7(a) loans on record in Mille Lacs, together $58.6M across 175 loans. The First National Bank of Milaca is the largest, with 16% of approvals.

Showing

Yearsto

Rank	Lender	Loans	Approved	Share	Loss rate
1	The First National Bank of Milaca	26	$9.4M	16.1%	0.22%
2	Woodlands National Bank	31	$7.5M	12.8%	1.06%
3	Old National Bank	15	$6.7M	11.4%	2.37%
4	Alerus Financial, National Association	1	$5.0M	8.5%	0.00%
5	Falcon National Bank	14	$2.7M	4.6%	0.00%
6	Live Oak Banking Company	3	$2.5M	4.3%	0.00%
7	Sherburne State Bank	5	$2.1M	3.6%	6.08%
8	Associated Bank National Association	4	$2.0M	3.5%	0.00%
9	Magnifi Financial CU	2	$1.9M	3.2%	0.00%
10	Newtek Small Business Finance, Inc.	2	$1.8M	3.1%	0.00%
11	Security State Bank of Aitkin	3	$1.6M	2.7%	89.69%
12	Bravera Bank	5	$1.6M	2.7%	0.00%
13	Hiawatha National Bank	1	$1.5M	2.5%	29.52%
14	Wells Fargo Bank National Association	4	$1.3M	2.3%	0.00%
15	The Bank of Elk River	6	$1.3M	2.3%	13.84%
16	First Citizens Bank	5	$1.2M	2.0%	0.00%
17	First Bank & Trust	2	$1.1M	1.9%	0.00%
18	Newtek Bank, National Association	1	$1.0M	1.7%	0.00%
19	Frandsen Bank and Trust	4	$852K	1.5%	0.00%
20	Merchants Bank, National Association	1	$780K	1.3%	0.00%
21	Byline Bank	1	$750K	1.3%	0.00%
22	U.S. Bank, National Association	14	$706K	1.2%	0.00%
23	BMO Bank National Association	3	$508K	0.9%	15.35%
24	Security Bank & Trust Company	1	$410K	0.7%	0.00%
25	Freeport State Bank	1	$410K	0.7%	0.00%
26	United Prairie Bank	1	$250K	0.4%	0.00%
27	Union Bank and Trust Company	2	$250K	0.4%	80.24%
28	MidCountry Bank	1	$218K	0.4%	0.00%
29	Neighborhood National Bank	1	$210K	0.4%	0.00%
30	CRF Small Business Loan Company, LLC	1	$206K	0.4%	0.00%
31	Northeast Entrepreneur Fund, Inc.	2	$188K	0.3%	0.00%
32	Minnwest Bank	1	$185K	0.3%	0.00%
33	BankVista	1	$109K	0.2%	0.00%
34	Blaze Credit Union	2	$69K	0.1%	0.00%
35	Readycap Lending, LLC	1	$50K	0.1%	0.00%
36	First Children's Finance	1	$50K	0.1%	0.00%
37	Highland Bank	1	$50K	0.1%	0.00%
38	Granite Bank	1	$50K	0.1%	0.00%
39	The Huntington National Bank	1	$50K	0.1%	0.00%
40	VelocitySBA, LLC	3	$28K	0.0%	64.14%

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	Manufacturing	25	$9.5M	16.2%
2	Health care & social assistance	14	$8.2M	14.0%
3	Wholesale trade	7	$5.1M	8.7%
4	Accommodation & food services	24	$5.0M	8.6%
5	Retail trade	23	$5.0M	8.5%
6	Other services	11	$4.1M	7.0%
7	Manufacturing	7	$4.0M	6.8%
8	Construction	25	$3.9M	6.7%
9	Transportation & warehousing	6	$3.1M	5.4%
10	Administrative & waste services	7	$2.5M	4.3%
11	Agriculture, forestry & fishing	7	$2.1M	3.6%
12	Manufacturing	4	$1.7M	3.0%
13	Real estate & leasing	2	$1.6M	2.7%
14	Finance & insurance	1	$1.2M	2.1%
15	Retail trade	4	$633K	1.1%
16	Professional & technical services	6	$591K	1.0%
17	Arts, entertainment & recreation	2	$265K	0.5%

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.