Alerus Financial, National Association
SBA 7(a) Lending Profile · FY 2023 analysis
Industry Focus
Top industries served by Alerus Financial, National Association
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812112 | Beauty Salons | 88 | $31.9M | $363K | 5.1% |
| 722513 | Limited-Service Restaurants | 88 | $71.3M | $810K | 5.1% |
| 447110 | Gasoline Stations with Convenience Stores | 88 | $71.8M | $816K | 5.1% |
| 623312 | Homes for the Elderly | 72 | $69.8M | $969K | 4.2% |
| 812199 | Other Personal Care Services | 48 | $25.5M | $530K | 2.8% |
| 445120 | Convenience Stores | 40 | $32.6M | $816K | 2.3% |
| 238990 | All Other Specialty Trade Contractors | 40 | $50.0M | $1.3M | 2.3% |
| 713940 | Fitness and Recreational Sports Centers | 40 | $10.5M | $263K | 2.3% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 40 | $43.2M | $1.1M | 2.3% |
| 722515 | Snack and Nonalcoholic Beverage Bars | 40 | $40.3M | $1.0M | 2.3% |
Geographic Distribution
SBA lending activity for Alerus Financial, National Association by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Arizona (AZ) | 744 | $644.7M | 43.5% |
| Minnesota (MN) | 632 | $491.2M | 36.9% |
| North Dakota (ND) | 152 | $181.9M | 8.9% |
| Wisconsin (WI) | 88 | $101.7M | 5.1% |
| Utah (UT) | 40 | $25.1M | 2.3% |
| Colorado (CO) | 16 | $10.4M | 0.9% |
| California (CA) | 8 | $4.7M | 0.5% |
| Illinois (IL) | 8 | $4.2M | 0.5% |
| Iowa (IA) | 16 | $3.5M | 0.9% |
| Tennessee (TN) | 8 | $2.6M | 0.5% |
Why Choose Alerus Financial, National Association?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 1,712 SBA loans approved, totaling $1.47B in financing
- ✓Industry Expertise: Specialized focus on Beauty Salons, Limited-Service Restaurants, Gasoline Stations with Convenience Stores
- ✓Competitive Terms: Average interest rate of 6.94% with flexible term lengths averaging 176 months
- ✓Loan Range: Loan sizes from $25K to $5.0M, with an average of $859K
- ✓Nationwide Reach: Active lending in 10 states, with strong presence in AZ, MN, ND
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about Alerus Financial, National Association SBA lending
What types of businesses does Alerus Financial, National Association typically finance?
Alerus Financial, National Association specializes in SBA 7(a) lending to specific industries including beauty salons, limited-service restaurants, gasoline stations with convenience stores, homes for the elderly. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Alerus Financial, National Association's typical SBA loan terms?
Alerus Financial, National Association's SBA 7(a) loans typically feature an average interest rate of 6.94% and average term length of 176 months (approximately 15 years). Loan sizes range from $25K to $5.0M, with an average loan size of $859K.
Do I need a business valuation for a Alerus Financial, National Association SBA loan?
Yes, Alerus Financial, National Association typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does Alerus Financial, National Association compare to other SBA lenders?
Alerus Financial, National Association has originated 1,712 SBA loans totaling $1.47B since 2020. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does Alerus Financial, National Association lend in?
Alerus Financial, National Association provides SBA 7(a) financing with particularly strong presence in AZ, MN, ND, WI, UT. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
Our industry research reports provide comprehensive intelligence for 1,000+ industries including financial benchmarks, growth trends, financing patterns, and which lenders are most active in your sector.
Explore Industry Reports →Need a Business Valuation?
Professional valuations are often required for SBA loans over $250,000.
Get your certified valuation from Fair Market Value.