MINNESOTA · NAICS NAICS 6233 family
Minnesota's care economy runs deep: home health leads the state's entire SBA book by dollars at $25.2 million across 34 calendar 2025 loans, the clearest signal in any state of how central the sector is here. Lenders treat senior housing as study-mandatory in practice, with month-by-month ramp, payer mix, and staffing analysis expected in the package.
FEASIBILITY TRIGGER
Special-purpose senior housing is study-mandatory in practice, with month-by-month ramp, payer mix, and staffing analysis expected.
Minnesota generated 165 SBA-disbursed assisted living loans between FY2010 and FY2026, worth $156.9 million in approved 7(a) and 504 financing at an average of $951,000 per deal. Ranked #7 of 38 states for assisted living SBA volume, the state captures 4.3% of national assisted living dollars. 46.1% of the loans ran through 7(a) with 504 covering the remainder; 16 approvals have posted since FY2024.
| Disbursed loans (FY2010–FY2026) | 165 |
| Approved volume | $156.9 million |
| Average loan size | $951,000 |
| 7(a) share | 46.1% |
| Approvals since FY2024 | 16 |
| State rank by loan count | #7 of 38 |
Among the 128 seasoned loans in this segment (approvals FY2010–FY2021), 0.8% reached adverse resolution — purchased, liquidated, or charged off. The national benchmark for assisted living is 4.1%, against 7.3% across all industries. That performance runs below the national benchmark for this asset class, a credit-positive signal for lenders.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
A 0.8% adverse-resolution rate below the national assisted living benchmark of 4.1% supports the credit story for well-underwritten Minnesota projects in this class. Across 165 SBA loans averaging $951,000, that track record does not eliminate the need for a third-party feasibility study, but it means a rigorous study reinforces rather than defends the projections.
Every Minnesota assisted living project we underwrite follows the same lender ready process: independent market analysis, site and technical review, and financial projections tested against SBA SOP 50 10 8 standards. Our SBA feasibility study consultants guide explains scope, timing, deliverables, and what lenders and CDCs expect in the report.
Minnesota projects often pencil under SBA 504 because the 50/40/10 structure delivers up to 90 percent financing on owner-occupied real estate at a fixed debenture rate, and the state's calendar 2025 average rate ran 0.63 points below the national figure. SBA 7(a) covers acquisitions, working capital, and equipment, and from July 4, 2026 eligible borrowers can combine 7(a) and 504 for up to $10 million in total program credit.
Home health leads Minnesota's entire SBA book by dollars at $25.2 million across 34 calendar 2025 loans, the clearest signal in any state of how deep the care economy runs here.
For a national view of this asset class, see our assisted living SBA feasibility overview, and read our related analysis in the assisted living lending research on our blog.
Public SBA and CDC program records, cited as program evidence
$4.5M total project through Florida First Capital
Expansion from 38 to 92 beds with refinance, national program evidence
Florida
SBA 504 through Business Finance Group
Adult disability services and residential care operator, national program evidence
Richmond, Virginia
Fifteen-minute scoping call, written proposal inside one business day, firm fixed fee before you sign.
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