SBA 504 Interest Rates | May 2023 | 10 Yr: 6.054%, 20 Yr: 6.079%, 25 Yr: 6.026% *rates may vary Learn More »

Since 2004, Dakota Business Lending has been offering the SBA 504 loan program to small businesses located in 5 counties in western Minnesota – Ottertail, Polk, Becker, Clay, and Wilkin. In 2022, they expanded all their special loan programs to be available across these 5 counties as well, bringing even more financing solutions to small businesses.

Today, they are a multi-state CDC serving the entire state of Minnesota.

Meet the MN Team

Meet Jason, Scott, Steve, and Ann – the driving forces of Dakota Business Lending in Minnesota! With a passion for helping small businesses on their entrepreneurial journey, these four are always going the extra mile to set businesses up for success. Collaboration is their strong suit, and they seek to create partnerships that will help you secure the financing you need to start, expand, and truly make an impact.

Whether your in the beginning stages of planning your startup business or are ready to grow and expand your established business, our MN team is here for you.

Jason Gerdes

Business Development Officer

Scott Schake

Business Development Officer

Steve Dusek


Ann Peterson

VP/Loan Operations

SBA 504 Loan Program in Minnesota

Dakota Business Lending in Minnesota offers the SBA 504 loan program – one of the best kept secrets in the small business financing world today. The program can finance long-term fixed assets and offers benefits such as:


Up to 90% financing


10, 20, and 25-year term options


Fixed, below-market interest rates


Minimum 10% down payment

SBA 504 Structure Examples

Depending on the type of business and what the loan will be used for, there are several ways that your loan may be structured.

The typical SBA 504 loan is structured in a 50-40-10 model:

  • 50% financed by a third party lender
  • 40% financed by Dakota Business Lending and the SBA
  • 10% financed by the borrower in the form of a down payment

View more loan structure examples here -> 

*Loan structure may vary. Please contact us to learn more & get specific details on your project’s structure.

The SBA 504 Loan Program in Action

The real measure of our success and impact is told in the stories of our borrowers: the entrepreneurs and businesses that dared to turn a dream into a plan into a reality.  Check out how the SBA 504 loan program helped this physical therapy and fitness center in Moorhead, MN.

Total Balance Physical Therapy and Fitness

  • Born with an entrepreneurial mindset, Dr. Dan Johnson knew he wanted to start a private physical therapy practice of his own someday
  • Opened Total Balance North Fargo, ND in November 2017
  • Opened two additional locations (Hawley, MN and South Fargo, ND) within two years
  • Used the SBA 504 loan program to open a fourth addition in his hometown of Moorhead, MN
  • Now has over 20 full-time and close to 30 part-time employees

Other Loan Programs

In 2022, Dakota Business Lending expanded all their special loan programs to be available across the state. Learn more about these additional programs and the financing opportunities they offer for small business owners.

Borrower Resources

There are a variety of FREE resources and programs available for small businesses throughout Minnesota. Here are a few that we commonly refer our borrowers to for entrepreneurial development resources such as education, training, and technical assistance:

Women Venture

Assists current & potential women business owners with training, technology, & business development

MN Small Business Development Center

Assists small businesses with business plans and financial projections

SCORE Mentors

Retired business owners volunteer to mentor and counsel small business owners

The Small Business Administration (SBA) website also contains a wealth of information on starting and running a business, including:

Small Business Resource Guide

Download this guide that includes various aspects on starting and operating a business

SBA Learning Center

This portal includes many online training courses on almost every aspect of business ownership

Dakota Business Newsletter

Email dedicated to providing valuable information about starting & growing a small business

Lender Resources

Are you wanting to know more about the SBA 504 loan program and if it’s the right fit for your borrower? Download our resources below to get an overview of the SBA 504 / Debt Refinance programs and their requirements.

Contact DBL in MN

From start-up to major expansion, we want to help! Contact our DBL in MN team to learn more and get your project started.