# Small business loans in Duluth, MN

**Short answer:** The most active SBA lenders in Duluth, MN since FY2024 are Old National Bank (9 loans) and The Huntington National Bank (5). The median loan was $201,700, and half fell between $64,075 and $499,750. For free help, see the Minnesota Small Business Development Centers. Source: SBA 7(a) loan data.

Canonical page: https://www.sbaexpress.loans/minnesota-small-business-loans/duluth/
Data as of: 2026-06-30

## Lenders making SBA loans in Duluth

No lender made more than 21% of the loans in Duluth, and Old National Bank made the most.

**Lenders with five or more SBA loans in Duluth, MN, FY2024 to June 2026**

| Lender | Loans | Share |
| --- | --- | --- |
| [Old National Bank](https://www.sbaexpress.loans/sba-express-lenders/old-national-bank/minnesota/) | 9 | 21.4% |
| [The Huntington National Bank](https://www.sbaexpress.loans/sba-express-lenders/the-huntington-national-bank/minnesota/) | 5 | 11.9% |

Share is the percent of all Duluth loans in that period. Each name links to that lender's page for Minnesota where one exists.

Duluth has two lenders with five or more loans since FY2024. Others had fewer, and the Minnesota page counts 211 lenders with at least one approved loan statewide.

## Local help near Duluth

Duluth borrowers can start with SBA's district office for Minnesota, an SBDC or SCORE.

45% of Duluth borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.

SBA has one district office for Minnesota. Its page points to state and federal resources and to lenders in the area. The Minnesota Small Business Development Centers gives free counseling across Minnesota.

- [SBA Minnesota District Office (Minneapolis): SBA district office](https://www.sba.gov/district/minnesota)
- [Minnesota Small Business Development Centers: Small Business Development Center](https://mn.gov/deed/business/help/sbdc/)
- [SCORE mentors in Minnesota: Business mentoring](https://www.score.org/mn/)

Alongside SBA loans, Minnesota runs a loan program. The [Minnesota page](https://www.sbaexpress.loans/minnesota-small-business-loans/#loan-programs-in-minnesota) describes it, and the official page is linked here.

- [Emerging Entrepreneur Loan Program](https://mn.gov/deed/assets/econ-dev-resource-guide_tcm1045-153149.pdf#page=20)

## Loan counts and sizes in Duluth

Duluth ranks 9th by loans since FY2024 among the 10 Minnesota cities with 100 or more SBA loans since FY2020. Nationally it is the 559th busiest of the 580 cities that reach 100 loans.

The 42 loans, 1.2% of the 3,576 in Minnesota, were approved for $17.9 million in all. The median loan was $201,700, 34% above the national median of $150,300. Half of the loans fell between $64,075 and $499,750. The Duluth median is 34% above the Minnesota median of $150,000.

**Duluth, MN compared with Minnesota and the nation, loans from FY2024 to June 2026**

| Measure | Duluth | Minnesota | U.S. |
| --- | --- | --- | --- |
| Loans | 42 | 3,576 | 162,355 |
| Median loan | $201,700 | $150,000 | $150,300 |
| 25th percentile | $64,075 | $50,000 | $50,000 |
| 75th percentile | $499,750 | $499,350 | $500,000 |
| Via SBA Express | 35.7% | 42.0% | 35.8% |
| Lines of credit | 28.6% | 31.8% | 28.1% |
| Startups | 21.4% | 15.5% | 16.1% |
| Ownership changes | 19.0% | 14.4% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.0 | 2.0 | 2.75 |
| Charged off | 0.0% | 2.4% | 3.6% |

A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.

35.7% of all loans went through SBA Express, close to the national 35.8%. Lines of credit were 28.6% of loans, close to the national 28.1%.

SBA loans in Duluth, MN by size, FY2024 to June 2026

- $50,000 or less (21%): 9
- $50,001 to $150,000 (14%): 6
- $150,001 to $350,000 (33%): 14
- $350,001 to $500,000: Fewer than 5
- $500,001 to $1,000,000 (17%): 7
- $1,000,001 to $2,000,000 (0%): 0
- Over $2,000,000: Fewer than 5

Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.

By business age, 35.7% of loans went to businesses more than two years old and 23.8% to businesses two years old or younger. Startups received 21.4% and changes of ownership 19.0%. The national startup share is 16.1%.

SBA loans in Duluth, MN by fiscal year

- FY2020: 35
- FY2021: 47
- FY2022: 14
- FY2023: 13
- FY2024: 18
- FY2025: 17
- FY2026 (through June 30): 7

Fiscal years run October to September. The last bar covers nine of its twelve months.

Volume fell 6% from FY2024 (18 loans) to FY2025 (17), the two latest full years. The busiest full year in the file was FY2021, with 47 loans. FY2026 already shows 7 loans through June 30.

Of the 96 loans Duluth borrowers received in FY2020 to FY2022, 0.0% were charged off by June 30, 2026, against 3.6% nationally. That group is small, so treat the rate as rough. Lenders reported 564 jobs supported across the 42 loans since FY2024, about 13.4 per loan. SBA does not audit these estimates.

## What businesses in Duluth borrow for

Limited-Service Restaurants was the largest borrower group in Duluth since FY2020, with 14 loans or 9.3% of the total.

The three largest industries made up 19% of all Duluth loans since FY2020. Limited-Service Restaurants stands out: its 14 loans are 9.3% of Duluth loans, against 3.3% nationally, 2.8 times its national share.

**Industries with the most SBA loans in Duluth, MN, FY2020 to June 2026**

| Industry | Loans | Share | U.S. share |
| --- | --- | --- | --- |
| [Limited-Service Restaurants](https://www.sbaexpress.loans/industries/limited-service-restaurants/) | 14 | 9.3% | 3.3% |
| [Full-Service Restaurants](https://www.sbaexpress.loans/industries/full-service-restaurants/) | 8 | 5.3% | 4.6% |
| [Offices of Chiropractors](https://www.sbaexpress.loans/industries/offices-of-chiropractors/minnesota/) | 6 | 4.0% | 0.8% |

Share is the percent of all Duluth loans in that period. Industry is the NAICS code on each loan. A name links to the Minnesota page for that industry where one exists.

## A typical loan payment in Duluth

The median Duluth loan was $201,700 with a median term of 10 years.

The median variable-rate loan in Duluth was priced at Prime plus 2.0 percentage points at approval. At today's Prime that spread works out to 9.00%. On $201,700 over 10 years, principal and interest would come to about $2,555 a month. That is arithmetic on past loans, not a rate a lender is offering.

**Payment at today's rate on three Duluth loan sizes over 10 years**

| Loan | Amount | Monthly payment |
| --- | --- | --- |
| 25th percentile loan | $64,075 | $812 |
| Median loan | $201,700 | $2,555 |
| 75th percentile loan | $499,750 | $6,331 |

Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.

SBA's rate ceiling for this loan size

SBA's maximum for a loan of $201,700 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 4.0 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).

Duluth loans approved since FY2024 had a median starting rate of 9.5% at approval, against 10.25% nationally. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.

Run your own numbers: [payments on a $200,000 loan](https://www.sbaexpress.loans/loan-amounts/200000-business-loan/) and [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

## SBA 504 loans near Duluth

Duluth has 12 SBA 504 loans since FY2024, with $10.0 million in SBA and CDC dollars.

The median 504 loan in Duluth was $539,500 in SBA and CDC dollars, 11% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.

Midwest Business Finance Corporation is the one Certified Development Company (CDC) named on five or more loans, 19 since FY2020.

**CDCs named on five or more 504 loans in Duluth, FY2020 to June 2026**

| Certified Development Company | 504 loans |
| --- | --- |
| Midwest Business Finance Corporation | 19 |

How a 504 loan is split

A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capital or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a [list of Certified Development Companies](https://www.sba.gov/loans/504-loans/list-of-certified-development-companies/).

## Minnesota cities near Duluth

Duluth made up 1.2% of Minnesota's SBA loans since FY2024.

Duluth is one of 10 Minnesota cities with 100 or more SBA loans since FY2020. The [Minnesota page](https://www.sbaexpress.loans/minnesota-small-business-loans/) covers all 3,576 loans in Minnesota. The closest come first, ranked by county and ZIP code on their loans.

- [Minneapolis: 680 loans, median $150,000](https://www.sbaexpress.loans/minnesota-small-business-loans/minneapolis/)
- [Maple Grove: 82 loans, median $298,200](https://www.sbaexpress.loans/minnesota-small-business-loans/maple-grove/)
- [Eden Prairie: 58 loans, median $159,500](https://www.sbaexpress.loans/minnesota-small-business-loans/eden-prairie/)
- [Hopkins: 50 loans, median $202,000](https://www.sbaexpress.loans/minnesota-small-business-loans/hopkins/)
- [Burnsville: 61 loans, median $300,000](https://www.sbaexpress.loans/minnesota-small-business-loans/burnsville/)
- [St. Cloud: 53 loans, median $150,000](https://www.sbaexpress.loans/minnesota-small-business-loans/st-cloud/)
- [St. Paul: 365 loans, median $150,000](https://www.sbaexpress.loans/minnesota-small-business-loans/st-paul/)
- [Lakeville: 52 loans, median $170,000](https://www.sbaexpress.loans/minnesota-small-business-loans/lakeville/)

## Common questions about SBA loans in Duluth

### Which lenders make the most SBA loans in Duluth?

Old National Bank leads with 9 loans in Duluth since FY2024. The Huntington National Bank (5) follows. Only lenders with five or more Duluth loans are counted.

### Which industries get SBA loans in Duluth?

Limited-Service Restaurants leads with 14 loans in Duluth since FY2020. Full-Service Restaurants (8) and Offices of Chiropractors (6) follow.

How to read this

Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. [How we build these pages](https://www.sbaexpress.loans/method/).

## Sources

- [SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026](https://data.sba.gov/dataset/7a-504-foia)
- [SBA, 504 loans](https://www.sba.gov/loans/504-loans/)
- [SBA, resource partners: SBDCs and SCORE](https://www.sba.gov/counseling/local-assistance/resource-partners/)
- [SBA Minnesota District Office (Minneapolis)](https://www.sba.gov/district/minnesota)
- [Minnesota Small Business Development Centers](https://mn.gov/deed/business/help/sbdc/)
- [SCORE, Minnesota](https://www.score.org/mn/)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)](https://www.sba.gov/loans/504-loans/)
- [SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)](https://www.ecfr.gov/current/title-13/section-120.214)