Buying a Business in Minnesota

The Numbers

FY2025 Acquisition Loans

212

$169M approved

Median Loan

$475k

FY2020 through FY2025

Loans Since FY2020

1,382

$1.11B in total approvals

Share of U.S. Activity

3.9%

Of change-of-ownership loans

What the Data Says

Minnesota ranks 6th of 53 states and territories for change-of-ownership SBA 7(a) lending: 1,382 loans since FY2020, 4% of the national total.

The typical deal runs small: its $475k median loan sits below the $650k midpoint across states, within reach on less equity.

Activity is steady, near the state's ~230 a year pace since FY2020.

The most-financed target is offices of chiropractors (50 loans), and the 5 most active lenders wrote about 42% of the state's acquisitions, a broad lender field.

Most Active Acquisition Lenders in Minnesota

1. BankVista243 loans
2. Old National Bank151 loans
3. Frandsen Bank and Trust66 loans
4. The Huntington National Bank64 loans
5. Village Bank57 loans

A lender being active in Minnesota does not require a local branch; several top SBA lenders work nationally. Build a shortlist with Lenders.

What Gets Bought in Minnesota

Offices of Chiropractors50 loans
Full-Service Restaurants46 loans
Limited-Service Restaurants44 loans
Beer, Wine, and Liquor Retailers43 loans
All Other Specialty Trade Contractors39 loans

Industry-specific pricing and diligence live in the Guides. Where the buyable targets sit in Minnesota, by county, is in the Minnesota buying guide.

By Metro Area in Minnesota

Minneapolis-St. Paul-Bloomington, MN-WI
993 purchase loans, median $500k. Bought most: Beer, Wine, and Liquor Retailers. Most active lender: BankVista (197).
Duluth, MN-WI
60 purchase loans, median $508k. Bought most: Couriers and Express Delivery Services. Most active lender: Frandsen Bank and Trust (16).
St. Cloud, MN
59 purchase loans, median $477k. Bought most: Home Health Care Services. Most active lender: BankVista (17).
Sioux Falls, SD-MN
51 purchase loans, median $575k. Bought most: General Automotive Repair. Most active lender: The First National Bank in Sioux Falls (16).
Fargo, ND-MN
50 purchase loans, median $470k. Bought most: Couriers and Express Delivery Services. Most active lender: Aspire Bank (8).
La Crosse-Onalaska, WI-MN
42 purchase loans, median $665k. Bought most: Limited-Service Restaurants. Most active lender: CCFBank National Association (7).
Rochester, MN
27 purchase loans, median $329k. Bought most: Used Household and Office Goods Moving. Most active lender: Coulee Bank (4).
Mankato, MN
21 purchase loans, median $303k. Bought most: Limited-Service Restaurants. Most active lender: BankVista (5).

Every metro area that drew 20 purchase loans, with three lenders each, is in the metro table.

Method & Source

Computed from the SBA 7(a) FOIA loan-level dataset (FY2020 through FY2025), filtered to approvals flagged change of ownership with a Minnesota project address. Approvals, not closings; excludes conventional and 504 financing.