MINNESOTA · NAICS 713930
Minnesota leads the nation in boats per capita at 143.6 per 1,000 residents as of 2022, with more than 613,000 registered motorized boats and a $6.9 billion recreational boating economy across 700-plus businesses and 25,887 jobs per the NMMA's 2023 study. From the Brainerd Lakes chains to Lake Minnetonka, heated indoor winter storage carries the model through five frozen months, which makes storage capacity and rate analysis the center of any credible Minnesota marina study.
FEASIBILITY TRIGGER
Marinas are on the SOP 50 10 8 special-purpose list; a third-party study is normally required with an industry-experienced going-concern appraiser and elevated equity, and in Minnesota the off-season is the business model.
Between FY2010 and FY2026, SBA lenders approved and disbursed 12 7(a) and 504 loans for marina and boat storage projects in Minnesota, totaling $3.9 million in approved financing at an average of $326,000 per loan. Minnesota ranks #12 of 38 states tracked for marina and boat storage SBA lending volume and accounts for 1.0% of national marina and boat storage SBA dollar volume. 66.7% of these loans were made under the 7(a) program, the remainder under 504. 0 loans have been approved since FY2024.
| Disbursed loans (FY2010–FY2026) | 12 |
| Approved volume | $3.9 million |
| Average loan size | $326,000 |
| 7(a) share | 66.7% |
| Approvals since FY2024 | 0 |
| State rank by loan count | #12 of 38 |
The state-level seasoned cohort in this segment is below our publication threshold of 30 loans, so no state rate is shown. Nationally, seasoned marina and boat storage loans (approvals FY2010–FY2021) show an adverse-resolution rate of 3.0%, against 7.3% across all industries.
Source: SBA 7(a) and 504 FOIA loan-level data, as of March 31, 2026. Disbursed loans only. See data methodology.
An adverse-resolution rate of 3.0%, close to the national marina and boat storage benchmark of 3.0%, puts Minnesota deals in this class on ordinary SBA credit footing. Across 12 loans averaging $326,000, the underwriting question is deal-specific: a rigorous third-party feasibility study is where documented demand and stressed coverage decide the credit outcome.
Every Minnesota marinas and boat storage 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.
Minnesota leads the nation in boats per capita at 143.6 per 1,000 residents as of 2022, with more than 613,000 registered motorized boats and a $6.9 billion recreational boating economy across 700-plus businesses and 25,887 jobs per the NMMA's 2023 study; from the Brainerd Lakes chains to Lake Minnetonka, heated indoor winter storage carries the model through five frozen months, which makes storage capacity and rate analysis the center of any credible Minnesota marina study.
For a national view of this asset class, see our marina and boat storage SBA feasibility overview, and read our related analysis in the marina and boat storage lending research on our blog.
Public SBA and CDC program records, cited as program evidence
SBA 504 acquisition through PeopleFund
Lakefront resort and marina, national program evidence
Sunrise Beach, Llano County, Texas
SBA 504 refinance with cash-out through TMC Financing and First Bank
Marina property, national program evidence
Alameda, Alameda County, California
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