2. U.S. Bank

US Bank, a large-scale national bank, offers a diverse range of business loan options. With its extensive network of branches, it's likely a familiar sight in many towns and cities. In Minnesota, they stand out as the top issuer of SBA loans, surpassing any other financial provider in the state.

Business financing options offered:

• US Bank Quick Loan

• Business Term Loan

• Commercial Real Estate Loan

• Equipment Financing

• SBA Loans

• Dental, Medical, and Vet Practice Loans

• Business Line of Credit

• Manage Cash Flow

• Business Equity Line of Credit

• Business Reserve Line

• 4 Business Credit Cards

3. The Huntington National Bank

Huntington National Bank is renowned not only as a leading small business lender in Minnesota but also for issuing the highest number of SBA 7a loans nationwide.

This achievement places them among the top 10 lenders in the majority of other states, a testament to their keen interest in supporting small businesses.

Beyond SBA loans, Huntington provides a broad array of other financial solutions for small businesses, which includes options like equipment leasing, agricultural financing, and various real estate loan types.

Business financing options offered:

• SBA 7a Loans

• Equipment Leasing

• Church Lending

• Greek House Financing

• Agricultural Loans

• Warehouse Lending

• Real Estate Loans, Term Loans, and Lines of Credit

4. BankVista

BankVista is a Minnesota-based bank that prides itself on its local roots. It has a normal lineup of small business loans. 

Business financing options offered:

• Small Business Administration (SBA) Loans

• Business Term Loan

• Business Line of Credit

• Commercial Real Estate Loan

• Construction Loan

• Equipment Loan

• 5 Business Credit Cards

5. Wells Fargo Bank

Wells Fargo, a prominent national banking institution, is likely a familiar sight in many towns and cities. Despite its large scale, it's somewhat surprising that they offer a relatively limited selection of small business financing options. 

However, their place on this list is secured due to the high volume of loans they consistently originate.

Business financing options offered:

• SBA 7a Loans & 504 Loans

• 2 Business Lines of Credit

• Practice Financing

Small Business Grants in Minnesota

When it comes to funding, the first thing that springs to mind as a small business owner is a small business loan. However, you shouldn’t limit yourself to this sole resource for funds. 

Whether you’re finding it difficult to secure the amount of funding you need or simply wish to supplement the loan funds you have received already, always consider small business grants as another financing option to support your business services. 

Some business grants in Minnesota worth pursuing include:

• Amber Grants for Women: Amber Grants for Women are a great opportunity for businesswomen to tap into funding they won’t have to pay back. Women’s Net awards three $10,000 grants to businesswomen each month, and all winners are eligible to win one of the three year-end $25,000 Amber Grants for potential funds of up to $35,000.

• Promise Act Grant Program: The Promise Act Grant Program is a unique grant that supports business owners who have been subject to racial discrimination, obstacles like an aging or dwindling population as well as civil unrest, and difficulty securing funding. Those who qualify can receive anywhere from $10,000 to $50,000 in grant funding. While not a grant, another option worth pursuing when you’re looking into these resources is the Emerging Entrepreneur Loan Program, which offers similar benefits.

Government and Nonprofit Financing Programs in Minnesota

If you reach out to the Minnesota Chamber of Commerce, Minnesota Department of Commerce, and other non-profits in the area, you’d be surprised what kind of business resources you can tap into for your Minnesota business. 

You’re not limited to your local business banking institutions or credit unions and traditional SBA financing programs for Minnesota business loans. 

Government and nonprofit financing programs in Minnesota abound. In fact, it would be nearly impossible to cover all of them without giving these programs their own dedicated guide.

Here are a few top choices when you need funding for your small business:

• Neighborhood Development Center (NDC): The Neighborhood Development Center in Saint Paul, Minnesota, is dedicated to helping small business owners (whether a new or existing business) secure the funding they need for equipment, operational costs, and beyond. Besides their SBA loan program, small enterprise loan options include microloans, contractor financing, and Sharia acceptable financing. 

• The Minnesota Consortium of Community Developers (MCCD): The Minnesota Consortium of Community Developers is a certified Community Development Financial Institution (CDFI). They offer low-cost business advising services and capital to business owners who need additional support, with a strong emphasis on marginalized and low-wealth entrepreneurs, as well as issuing specific funding like disaster loans. They offer low interest rates ranging from 5% to 7%, as well as flexible terms for qualifying applicants. If a traditional SBA loan isn’t in your grasp, consider starting with MCCD.

• The Southern Minnesota Initiative Foundation: The Southern Minnesota Initiative Foundation is focused on supporting small and large businesses in southern Minnesota. From Grow a Farmer loans to Building Blocks loans, they offer an array of financing options that will appeal to business owners like you throughout the region. If you need a loan program that suits your unique business needs, you’ll likely find it here.