SBA 7(a) lenders in Wadena, MN
Approvals in SBA fiscal years 2008–2025. Source data as of 2026-06-30.
Lenders
18 institutions have SBA 7(a) loans on record in Wadena, together $38.6M across 94 loans. Wadena State Bank is the largest, with 63% of approvals.
| Rank | Lender | Loans | Approved | Share | Loss rate |
|---|---|---|---|---|---|
| 1 | Wadena State Bank | 54 | $24.2M | 62.7% | 0.78% |
| 2 | BankVista | 4 | $2.4M | 6.3% | 0.00% |
| 3 | My Kind of Bank National Association | 3 | $2.2M | 5.6% | 0.00% |
| 4 | Old National Bank | 9 | $1.9M | 5.0% | 4.59% |
| 5 | Celtic Bank Corporation | 1 | $1.9M | 5.0% | 0.00% |
| 6 | Magnifi Financial CU | 2 | $1.9M | 4.8% | 41.06% |
| 7 | Falcon National Bank | 1 | $1.4M | 3.6% | 0.00% |
| 8 | Community First Bank | 8 | $1.0M | 2.6% | 3.00% |
| 9 | The First National Bank in Wadena | 1 | $350K | 0.9% | 0.00% |
| 10 | First Citizens Bank | 1 | $300K | 0.8% | 0.00% |
| 11 | The Citizens National Bank of Park Rapids | 2 | $238K | 0.6% | 0.00% |
| 12 | First Western Bank & Trust | 1 | $235K | 0.6% | 0.00% |
| 13 | Mid Minnesota Federal Credit Union | 1 | $196K | 0.5% | 0.00% |
| 14 | Deerwood Bank | 1 | $150K | 0.4% | 0.00% |
| 15 | Northeast Bank | 1 | $120K | 0.3% | 0.00% |
| 16 | Northwoods Bank of Minnesota | 2 | $83K | 0.2% | 0.00% |
| 17 | U.S. Bank, National Association | 1 | $34K | 0.1% | 0.00% |
| 18 | United Community Bank | 1 | $27K | 0.1% | 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 | Construction | 15 | $7.5M | 19.6% |
| 2 | Wholesale trade | 5 | $7.2M | 18.8% |
| 3 | Retail trade | 14 | $6.2M | 16.0% |
| 4 | Agriculture, forestry & fishing | 7 | $5.7M | 14.7% |
| 5 | Other services | 9 | $2.7M | 7.0% |
| 6 | Health care & social assistance | 6 | $2.7M | 6.9% |
| 7 | Manufacturing | 6 | $1.4M | 3.5% |
| 8 | Accommodation & food services | 10 | $1.2M | 3.1% |
| 9 | Transportation & warehousing | 7 | $1.1M | 3.0% |
| 10 | Finance & insurance | 3 | $1.1M | 2.9% |
| 11 | Manufacturing | 5 | $822K | 2.1% |
| 12 | Manufacturing | 4 | $371K | 1.0% |
| 13 | Real estate & leasing | 1 | $257K | 0.7% |
| 14 | Educational services | 1 | $196K | 0.5% |
| 15 | Utilities | 1 | $120K | 0.3% |
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.