Saint Paul is the capital and second-most populous city of the U.S. state of Minnesota. As of 2019, the city's estimated population was 309,180. Saint Paul is the county seat of Ramsey County, the smallest and most densely populated county in Minnesota. The city lies mostly on the east bank of the Mississippi River in the area surrounding its point of confluence with the Minnesota River, and adjoins Minneapolis, the state's largest city. Known as the "Twin Cities", the two form the core of Minneapolis–Saint Paul, the 16th-largest metropolitan area in the United States, with about 3.6 million residents.
Saint Paul's economy is strong and growing, with a diverse mix of businesses in the city. The city's largest industries are health care, education, and government, which together account for about two-thirds of the city's jobs. Other important sectors include finance, manufacturing, and transportation. The city is also home to a large number of small businesses, many of which are located in the downtown area.
Saint Paul's economy is strong and growing, with a diverse mix of businesses in the city. The city's largest industries are health care, education, and government, which together account for about two-thirds of the city's jobs. Other important sectors include finance, manufacturing, and transportation. The city is also home to a large number of small businesses, many of which are located in the downtown area.
Saint Paul is a great place to start and grow a small business. The city's diverse economy provides opportunities in a variety of industries, and the city's small business community is thriving. There are a number of resources available to help small businesses get started and grow, including the Saint Paul Chamber of Commerce and the Small Business Administration.
Comparing SBA loan types in Saint Paul
Three SBA programs come up most often for Saint Paul, Minnesota businesses, and they do different jobs.
Small business loans available in Saint Paul
An SBA 7(a) loan made to a Saint Paul, Minnesota business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Saint Paul
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.