The Bank of Elk River
Headquartered in ELK RIVER, MN. Analysis based on 76 SBA 7(a) loans approved between FY2020 and 2025-12-31, totaling $47.0M.
Total 7(a) loans
76
Total approved
$47.0M
Average loan
$619K
States funded in
2
Charge-off rate
7.02%
FY2020–FY2023 cohort
Paid-in-full rate
15.79%
Average rate
6.59%
Average term
118 mo
Top 10 industries financed
| NAICS | Industry | Loans |
|---|---|---|
| 621310 | Offices of Chiropractors | 9 |
| 332710 | Machine Shops | 5 |
| 238910 | Site Preparation Contractors | 5 |
| 238210 | Electrical Contractors | 3 |
| 811111 | General Automotive Repair | 3 |
| 561790 | Other Services to Buildings and Dwellings | 3 |
| 611620 | Sports and Recreation Instruction | 3 |
| 238290 | Other Building Equipment Contractors | 2 |
| 332999 | All Other Miscellaneous Fabricated Metal Product Manufacturing | 2 |
| 441210 | Recreational Vehicle Dealers | 2 |
Top 10 states
| State | Loans |
|---|---|
| MN | 75 |
| WI | 1 |
Top franchise brands financed
16 franchise loans across 7 distinct brands.
| Franchise | Loans |
|---|---|
| The UPS Store (f/k/a Mail Box | 5 |
| HealthSource Chiropractic | 5 |
| Tommy's Express | 2 |
| Spherion General Staffing | 1 |
| DOJO Karate (Minnesota only) | 1 |
| Buff City Soap | 1 |
| Hardware Hank | 1 |
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Data source & methodology
All figures computed from the SBA Office of Capital Access FOIA dataset (7(a) loans, FY2020–present, as of 2025-12-31). Charge-off and paid-in-full rates are calculated on the FY2020–FY2023 cohort only, so loans have had time to mature. Charge-off rank covers lenders with ≥500 mature loans.