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Business Loans in Minnesota

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Loan Overview

Loan Amount Up to $500,000
Estimated Repayment Terms 1-5 Years
Interest Rate Starting at 7%
Speed of Funding As fast as 1 day
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While Minnesota is home to the Twin Cities and many top companies, including Target and General Mills, it’s also the headquarters of many small enterprises. 

If you’re running a small business, sometimes a boost in capital is what you need to compete, weather a difficult season or cover an emergency expense.

If that’s the case, here are a few top lenders for business loans in Minnesota as well as resources you can turn to for help on your entrepreneurial journey.

Minnesota’s Small Business Landscape

Minnesota was ranked the 15th best state for business by Forbes. Not surprisingly, there are more than 526,000 small businesses, which employ 1.3 million workers, according to the Small Business Administration (SBA). Roughly 7,300 of those businesses are involved in exporting goods, totaling $21.2 billion.

Minnesota also is known for its farming industry. Livestock, including hog and cattle, account for much of the state’s income. Additionally, the state is a top dairy producer and is recognized for its corn and soybean output.

5 Banks for Business Loans in Minnesota

1. US Bank

US Bank is a top SBA lender in Minnesota, ranking on Forbes’ America’s Best Banks list. It also was named as a Best Bank in Minneapolis by WalletHub.

Whether you’re looking for SBA 504 Minnesota loans or SBA 7(a) loans, you’ll find them here as well as the following:

  • Vehicle loans
  • Equipment financing
  • Business term loans
  • Business lines of credit
  • Commercial real estate loan

2. Northeast Bank

This Minnesota SBA lender is accredited by the Better Business Bureau (BBB), where it’s earned an A+ rating. WalletHub reviewers have also given this bank a 4.6-star rating.

SBA 504 loans, 7(a) and Express loans are available as well as the following financing options:

  • Business term loans
  • Business credit cards
  • Letters of credit
  • Working capital lines of credit
  • Commercial real estate loans

3. Sunrise Banks

Check out the various Minnesota business finance options at this BBB-accredited bank, which has an A+ rating. It’s also earned a 4.1-star rating on WalletHub.

Choose from the following:

  • Business lines of credit
  • Letters of credit
  • Business term loans
  • Commercial real estate loans
  • Equipment loans and leases

4. Bell Bank

If you operate a company in the state of Minnesota, a small business loan from Bell Bank may be a good fit for you. This financial institution is A+ rated with the BBB and has earned a 4.5-star rating on WalletHub. 

Funding options available here include the following:

  • Farm loans
  • Agribusiness loans
  • Equipment financing
  • Commercial loans
  • Commercial real estate loans

Additionally, SBA 504 Minnesota loans are available as well as SBA 7(a) and Express loans.

5. Highland Bank

This SBA-preferred lender in Minnesota has an A+ rating with the BBB. It also has earned a 4.7-star rating on WalletHub.

Loan options here include the following:

  • Business lines of credit
  • Commercial real estate loans
  • Equipment financing 
  • SBA 504, 7(a) and Express loans

How to Get a Small Business Loan in Minnesota

When you’re looking to take out a small business loan in Minnesota, one of the first things to do is understand the requirements to qualify for funding. You’ll find that requirements vary by lender and loan type. 

Banks, for example, typically have strict underwriting guidelines. Although they’re often able to offer competitive rates and terms, the application process and the funding timeline, if approved, can be lengthy. 

On the other hand, alternative lenders are also available. They may not be able to offer the most competitive rates and terms, but they are known for streamlined applications, less stringent requirements and faster funding times. 

  • Applying for Minnesota Small Business Funding Through Fast Capital 360

    We’re able to offer business owners various funding options, whether you’re interested in an SBA loan or a merchant cash advance in Minnesota. 

    Here’s what sets us apart:


    Complete an online application in just a few minutes. If approved, you could receive funding in as quick as 1 day.

    Multiple Offers

    We partner with lenders throughout the U.S., which means you could have several financing offers come your way.

    Expert Guidance

    Chat with a Fast Capital 360 Business Advisor to review your offers. Select the best option for your business. 

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Additional Resources for Entrepreneurs in Minnesota

In addition to the lenders noted above, here are a few organizations that can offer financing assistance, educational resources and mentoring services to entrepreneurs.

Minnesota Business Finance Corporation

This certified development company, a private nonprofit organization, has been in operation since 1983. It provides SBA 504 loan servicing and serves the entire state of Minnesota. Offices are located in St. Cloud, Minneapolis and Detroit Lakes. 


Since the 1960s this nonprofit has been helping small business owners. Services include complimentary 1-on-1 business advising, free and low-cost workshops and networking events. 

Additionally, there is an online resource library offering business document templates, recorded webinars, articles and more tools available at no cost. In addition to virtual mentoring centers, 10 branches are located throughout the state.

Small Business Development Center

Whatever stage your business is in, you can find assistance here. This center is located in Minnesota State University’s Mankato campus and offers free business consulting. 

A legal clinic is available for entrepreneurs facing issues with contracts, employment policies, taxes and more. Online workshops and seminars also are available.

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