Minnesota Ranks in Top Ten for Tapping Emergency Small Business Loans

16 Apr 2020

Minnesota small businesses wasted little time in applying for the new federal Paycheck Protection Program (PPP) loans. As of Monday, April 13, more than 33,800 loans of approximately $7.6 billion had been approved in the state, according to the Minnesota District Office of the U.S. Small Business Administration.

According to the local SBA office: “Out of the 50 states and U.S. territories, Minnesota ranks eighth in total loan dollars and ninth in number of loans.”

But on Thursday morning, the SBA’s Minnesota District Office could not yet provide a list of the top PPP lenders in the state.

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