Alerus Financial, National Association

Grand Forks, ND7(a) lenderTop sector: Full-Service Restaurants

Is this my lender?

Loans approved

873

FY1991–FY2026

Dollars approved

$502.5M

$162.5M since FY2021

Average loan

$576K

$879K recently

Charge-off rate

2.5%

by dollars · 7.5% by count

Approvals over time

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What they lend against

Full-Service Restaurants24 Assisted Living Facilities for the Elderly21 Hotels (except Casino Hotels) and Motels20 Beauty Salons19 Offices of Chiropractors19 Gasoline Stations with Convenience Stores18

Loan count by NAICS industry, whole record. Each row opens that industry’s profile, where this lender is ranked against everyone else writing it.

Where they lend

Minnesota347 · 40%Arizona237 · 27%North Dakota236 · 27%Wisconsin23 · 3%Iowa9 · 1%Utah6 · 1%California5 · 1%Colorado2 · 0%

Share is of this lender’s entire book, so the 8 states shown need not sum to 100%. Together they account for 99% of its lending.

At a glance

Rank by recent volume#207 of 2321

First approvalFY1991

Latest approvalFY2026

States lent into8+

What they charge

Typical pricingPrime + 1.50

Median rate 9.50%Fixed 26%69 loans

Median initial rate on this lender's 7(a) loans approved FY2024 onward, against a market median of Prime + 2.75. That is cheaper than the market typically prices. It is the rate at approval, not an offer, and says nothing about fees.

Program mix

7(a) · 100% (872)504 · 0% (1)

Split by loan count.

7(a) $502.4M504 $136K

Loss rate in context

This lender2.5%

Both programs, all lenders4.6%

Charged-off dollars over dollars approved. By loan count this lender is at 7.5%; the two measures diverge when a book is weighted toward small loans.

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