Top SBA Acquisition Lenders in Minnesota
53 active SBA 7(a) lenders in Minnesota, ranked by loan volume.
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Top Lenders in Minnesota
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Minnesota has 53 active SBA 7(a) acquisition lenders that have originated a combined 198 loans totaling $207.7M in volume. The median acquisition loan size in Minnesota is $768K, with a median interest rate of Prime + 1.75% (Prime + spread).
When evaluating SBA lenders in Minnesota, consider loan volume (a proxy for experience), interest rates, and historical default rates. Lenders designated as PLP (Preferred Lender Program) have delegated authority from the SBA to approve loans, which typically results in faster processing times.
Frequently Asked Questions
How many SBA 7(a) lenders are active in Minnesota?
There are currently 53 active SBA 7(a) lenders in Minnesota based on FOIA lending data. These lenders have originated 198 acquisition loans.
What is the typical SBA loan rate in Minnesota?
The median SBA 7(a) acquisition loan rate in Minnesota is Prime + 1.75% (current Prime rate: 6.75%). Rates are typically expressed as Prime plus a spread, with the SBA capping the spread at 3.0% for loans over $250,000.
What is a PLP lender?
A PLP (Preferred Lender Program) lender has been granted delegated authority by the SBA to make credit decisions without prior SBA review. This typically means faster loan processing and approval timelines.
Data source: SBA 7(a) FOIA lending data. Rankings are based on loan count within the selected dimension. Rates shown are median interest rates expressed as Prime + spread. Default rates represent 10-year cumulative default rates. Data is refreshed periodically and may not reflect the most recent lending activity.