Healthcare practice financing in Minnesota

Each row links the Minnesota authority behind it. How a rule lands on one practice is a legal question, and it belongs with a Minnesota lawyer. Verified

Source: SBA 7(a) and 504 approval files, fiscal year 2025. Verified

45 Minnesota cities carry approvals on this file, led by MINNEAPOLIS at $13.1 million. Geographic concentration is what decides whether an appraisal leans on nearby sales or on income. Verified

If a Minnesota category is missing, nothing is certified under it. An unloaded row carries no number on purpose, because a placeholder figure would travel further than it should. Directional

Hennepin leads Minnesota with 22 certified providers, ahead of HENNEPIN at 16. County concentration sets how much of a Minnesota file rests on the practice itself rather than on nearby closings. Verified

The employer base in Minnesota runs to 15,069 establishments, 3,968 of them residential care and treatment. The ratio of 1.3 per 100 says most Minnesota practices funded whatever they funded outside this program. Verified

Hennepin is where the Minnesota base concentrates, 4,388 establishments deep. Concentration matters to an acquisition search: where the base is thin, a buyer waits for a seller rather than choosing between them. Verified

The deepest Minnesota occupation on this table is registered nurses: 70,110 employed, $101,510 mean. The gap between planned pay and this mean is the first thing a credit analyst prices into a ramp. Verified

Hennepin tops the Minnesota list with 898 of the state's 5,820 designations. A vacancy in a designated county has a federal remedy attached; the same vacancy elsewhere is simply a gap in the schedule. Verified

• Home health and hospice: 38 Minnesota approvals totaling $29.3 million, $771,034 each. With only 38 Minnesota approvals behind $29.3 million, the underwriter reads documents rather than precedent.
• Residential care and treatment: 24 closings, $26.1 million approved, $1.1 million typical. That average is the reference point a Minnesota credit committee starts from on a similar file.
• Dental offices: 17 closings, $22.4 million approved, $1.3 million typical. That average is the reference point a Minnesota credit committee starts from on a similar file.
• Physician and specialty offices: 11 Minnesota approvals totaling $13.3 million, $1.2 million each. With only 11 Minnesota approvals behind $13.3 million, the underwriter reads documents rather than precedent.
• Med spa and personal care: average approval $353,629 over 24 closings worth $8.5 million. At $353,629 against $8.5 million of state volume, that is an equipment or fit-out request more often than an acquisition.
• Chiropractic offices: $260,585 on average, 27 approvals, $7.0 million in total. Match $260,585 and the timeline is ordinary; ask well above it and the Minnesota diligence list lengthens.
• Other outpatient care centers: 3 approvals, $5.6 million, $1.9 million average. A Minnesota request near $1.9 million sits inside the band 3 approvals already established.
• Physical, occupational, and speech therapy: $4.7 million over 12 approvals in Minnesota, $388,867 each, which sets what a comparable request can be documented against.
• Home care, non-medical: 7 approvals, $3.0 million, $424,586 average. A Minnesota request near $424,586 sits inside the band 7 approvals already established.

• The largest dollar block in Minnesota is home health and hospice: 38 approvals, $29.3 million, $771,034 on average. Files near that figure clear on documents alone; files far above it need history, collateral, or a guarantor to carry them.
• After the leaders, residential care and treatment account for 24 approvals worth $26.1 million and dental offices for 17. Thin fields are not unfundable in Minnesota, but they take a longer memo and more history.
• CMS lists 1,139 medical equipment suppliers in Minnesota. Where the certified base is large, the capital event is usually a purchase; where it is small, it is usually working capital against a payer contract.
• 30 of the Minnesota approvals came through 504 rather than 7(a), which is the real estate signal in this file: the borrower bought the premises. That program funds buildings, so the count is a rough read on how many practices here stopped renting, and it tells an owner weighing a purchase that the debenture route closes in this state.

• 197 SBA approvals to Minnesota healthcare borrowers in FY2025¹
• $125.1 million approved, averaging $634,947 per loan¹
• 1,547 CMS-certified providers across 5 categories²

• Healthcare AR line and payroll funding
• Partner buy-in, buy-out, and refinance
• Commercial real estate, owner-occupied
• Expansion, relocation, and build-out
• Medical receivables factoring
• SBA 7(a) and 504
• Working capital term loan

• Minnesota State Loan Repayment Program (SLRP), the state loan repayment route for clinicians recruited into shortage areas
• Minnesota Board of Medical Practice, licensure and ownership questions for physicians
• Minnesota Board of Dentistry, licensure and ownership questions for dentists

Also covered in Minnesota: Winona, Maple Grove, Coon Rapids, Anoka, Hutchinson, Albert Lea, Duluth, Robbinsdale, Detroit Lakes, Red Wing, Brooklyn Park, New Ulm, Mankato, Cloquet, Cambridge, Waconia, Stillwater, Shakopee, Owatonna, Fairmont, Faribault, Hastings, Inver Grove Heights, Buffalo, Rogers, Roseville, White Bear Lake, Monticello

• All states covered
• Every financing program
• Nebraska healthcare practice financing, if the practice operates across the line
• New Mexico healthcare practice financing, if the practice operates across the line
• Oklahoma healthcare practice financing, where the same fields price differently
• Home health, and the revenue mix a funder checks first
• Clinical and toxicology labs, read on the terms that field is underwritten on
• IDD services, and the revenue mix a funder checks first
• Medical billing and RCM companies, read on the terms that field is underwritten on
• Telehealth and virtual clinics, and the revenue mix a funder checks first
• Medical transcription, coding, and credentialing services, including what collections history is asked for

1. 1SBA 7(a) and 504 approvals, FY2025
2. 2CMS provider certification files
3. 3NPPES provider registry
4. 4County Business Patterns 2022
5. 5BLS Occupational Employment and Wage Statistics, OEWS 2025
6. 6HRSA health professional shortage area file
7. 7Minnesota corporate practice rules
8. 8Minnesota certificate of need
9. 9Minnesota State Loan Repayment Program (SLRP)
10. 10Minnesota Board of Medical Practice
11. 11Minnesota Board of Dentistry