Our compilation is a distinctive study of small business lending in Minnesota, anchored in solid and confirmable data. The lenders are organized by the quantity of small business loans they've extended over the current year.
Essentially, this means we're highlighting those financial institutions and lenders that are actively financing a significant number of small enterprises in the state.
(This is in contrast to various other websites that often focus on nonprofits with minimal lending or government schemes that are out of reach for many businesses!)
Takeaway: There are a few large banks on this list, but most of it is comprised of small, local banks that offer many types of agricultural loans.
Methodology: Our analysis is rooted in data from SBA 7a loans. Hence, each lender mentioned here provides SBA loans. We've also included a rundown of various other small business loan types these lenders display on their websites.
Regrettably, conventional banks often set the bar high with requirements like stellar credit scores and a business history of at least two years. Acknowledging this, we've initiated our list with a couple of financing choices suitable for small business proprietors grappling with less-than-perfect credit and those new to the business world.
