Alerus Financial, National Association
Headquartered in GRAND FORKS, ND. Analysis based on 214 SBA 7(a) loans approved between FY2020 and 2025-12-31, totaling $183.7M.
Total 7(a) loans
214
Total approved
$183.7M
Average loan
$859K
States funded in
10
Charge-off rate
0.68%
FY2020–FY2023 cohort
Paid-in-full rate
22.30%
Average rate
6.94%
Average term
176 mo
Top 10 industries financed
| NAICS | Industry | Loans |
|---|---|---|
| 722513 | Limited-Service Restaurants | 11 |
| 812112 | Beauty Salons | 11 |
| 447110 | Gasoline Stations with Convenience Stores | 11 |
| 623312 | Homes for the Elderly | 9 |
| 812199 | Other Personal Care Services | 6 |
| 445120 | Convenience Stores | 5 |
| 541990 | All Other Professional, Scientific, and Technical Services | 5 |
| 722515 | Snack and Nonalcoholic Beverage Bars | 5 |
| 238990 | All Other Specialty Trade Contractors | 5 |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 5 |
Top 10 states
| State | Loans |
|---|---|
| AZ | 93 |
| MN | 79 |
| ND | 19 |
| WI | 11 |
| UT | 5 |
| CO | 2 |
| IA | 2 |
| TN | 1 |
| IL | 1 |
| CA | 1 |
Top franchise brands financed
36 franchise loans across 19 distinct brands.
| Franchise | Loans |
|---|---|
| Hello Sugar, Brazilian Wax and | 9 |
| Urban Wok | 3 |
| Arco (BP) Contract Dealer Gaso | 3 |
| Perspire Sauna Studio | 2 |
| Anytime Fitness | 2 |
| The Flying Locksmiths / FlyLoc | 2 |
| Qamaria Coffee | 2 |
| Culver's ButterBurgers & Froze | 2 |
| Rocky Rococo Pizza and Pasta | 1 |
| Parlor Doughnuts | 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.