Minnesota — PPP Loan Data

Minnesota ranked among the states receiving PPP assistance during the COVID-19 pandemic. In total, the SBA approved 225,357 loans totaling $16.58B to businesses and organizations across the state. The average loan size was $73,552.

Of all approved loans, 217,521 — or 96.5% — received SBA forgiveness totaling $16.33B. Forgiveness means the borrower was not required to repay that portion, having met the program's requirements for maintaining payroll and using funds for qualified expenses such as rent, utilities, and mortgage interest.

Among the largest recipients in Minnesota were ONE10 LLC ($10,000,000), LUBRICATION TECHNOLOGIES, INC. ($10,000,000), and ASSOCIATED MILK PRODUCERS INC ($10,000,000).

Borrowers in Minnesota reported retaining 1,774,400 jobs through the program, though job counts are self-reported and were not independently verified at the time of application. The state's businesses spanned a wide range of industries, from construction and hospitality to professional services and health care.

The most active industry in Minnesota by loan count was Oilseed and Grain Farming with 26,062 loans totaling $481.4M. This was followed by Cattle Ranching and Farming (10,314 loans).

The most active lender in Minnesota was U.S. BANK, which originated 11,833 loans worth $869.4M. The top 10 lenders collectively handled a significant portion of the state's total loan volume, reflecting the role of large national banks as primary conduits for PPP funds.

Loans under $150,000 — which make up the majority of loan count — have borrower names withheld under FOIA Exemption 6. Only the approximately 0.0% of loans at or above that threshold have named recipients publicly disclosed.