Support Services for Business

Few things are as important to your success as ready access to money and expertise.

Minnesota has some of the most pro-business commercial lenders in the nation, strong support from the U.S. Small Business Administration, and an eager pool of venture capital companies and equity investors.

Great business performances require a great supporting cast. Minnesota is rich in the professional, technical and creative services that make every company shine.

Financial Industry

Companies benefit from a wide variety of capital sources including loans, stock offerings and venture capital from institutions headquartered or operating in Minnesota. In addition, a variety of federal, state and local programs are available to support business financing.

Here’s a quick snapshot of Minnesota's financial industry, in 2010:

  • U.S. Bancorp is Minnesota's most prominent bank holding company with combined assets of $307.8 billion.
  • The state has more than 380 commercial banks, ranking third in the nation by number of banks. The combined assets of these banks are $55.7 billion.
  • Minnesota ranks ninth nationwide in Small Business Administration (SBA) approved loans ($513 million).
  • Minnesota ranks 20th nationwide and fourth in the Midwest with $140 million in venture capital investments.

Top Bank Holding Companies And Assets (2010)
1. U.S. Bancorp $307.8 billion
2. TCF Financial Corporation $18.5 billion
3. Otto Bremer Foundation $8.1billion
4. Minnwest Corporation $1.6 billion
5. Klein Financial Inc. $1.3 billion

Source: Federal Deposit Insurance Corporation. 
Top Commercial Banks And Assets (2010)
1. Ameriprise Bank $3.9 billion
2. Bremer Bank $2.9 billion
3. KleinBank $1.5 billion
4 Think Mutual Bank $1.4 billion
5. Anchor Bank $1.3 billion 
Source: Federal Deposit Insurance Corporation. 
Top SBA Lenders And Loan Amounts (2010)
1. Wells Fargo Bank $41.0 million
2. Twin Cities Metro Certified Development Co. $36.7 million
3. Minnesota Business Finance Corporation. $32.6 million
4. Bremer Bank National Association $30.2 million
5. Anchor Bank National Association $21.8 million 
Source: SBA, Minneapolis Office. 
Top Venture Capital Firms And Capital Raised Since Inception Through 2009
1. Oak Investment Partners $8.4 billion
2. Split Rock Partners $2.4 billion
3. Vesbridge Partners $1.7 billion
4. El Dorado Ventures $700 million
5. Thomas, McNerny & Partners $593 million  

Source: Minneapolis/St. Paul Business Journal Book of Lists, 2011.  
Top Asset Management Firms And Asset Managed (Most Recent Fiscal Year)
1. Wells Fargo Wealth Management $340 million
2. Columbia Management $140 million
3. FAF Advisors $97.7 million
4. Galliard Capital Management $52.7 million
5. RBC Global Asset Management $44.7 million 
Source: Minneapolis/St. Paul Business Journal Book of Lists, 2011.

Top Securities Broker/Dealer Firms And Revenues (FY 2009)
1. Ameriprise Financial $7.8 billion
2. AXA Advisors $3.1 billion
3. RBC Wealth Management $1.2 billion
4. Piper Jaffray Cos. $468.8 million
5. Woodbury Financial Services $264 million 
Source: Minneapolis/St. Paul Business Journal Book of Lists, 2011.

Top Credit Unions and Assets, 2009-2010
1. Wings Financial Federal Credit Union $3.2 billion
2. Affinity Plus Federal Credit Union $1.3 billion
3. Highway Federal Credit Union $829 million
4. U.S. Federal Credit Union $803 million
5. TruStone Financial $643 million

Source: National Credit Union Association.

Professional Services

From management, accounting and law firms to advertising, public relations and web design our companies are recognized nationally for their expertise, innovation and creativity.

Rankings of Professional Services

Top Advertising Agencies And Revenue
1. Campbell Mithun $53 million
2. Periscope $46.2 million
3. Carmichael Lynch, Inc. $40.5 million
4. Fallon Worldwide $40 million
5. Martin/William Advertising $36.6 million 

Top Public Relations Firms And Net Income
1. Padilla Speer Beardsley Inc $15.2 million
2. Exponent Public Relations $6.2 million
3. Risdall McKinney Public Relations $4.7 million
4. Public Affairs Company $3.9 million
5. Olson $3.7 million 

Top Accounting Firms And Number of CPAs
1. Deloitte 621
2. McGladrey 454
3. Ernst & Young 390
4. LarsonAllen 361
5. PricewaterhouseCoopers 358 

Top Law Firms And Number of Attorneys
1. Faegre & Benson, LLP 311
2. Dorsey & Whitney LLP 300
3. Fredrikson & Byron, PA 215
4. Briggs and Morgan 185
5. Leonard, Street and Deinard 168

Top Management Consulting Companies And Number of Consultants
1. Genesis10 352
2. Ciber Inc. 225
3. Deloitte 222
4. Aon Hewitt 188
5. Accenture 137 

Top Web Development And Design Firms And Estimated Web Revenue
1. Risdall Advertising Interactive $34.6 million
2. Magnetic Technologies $24.2 million
3. Olson $14.2 million
4. Gage $13.1 million
5. MRM Worldwide/Campbell-Mithun $13 million

Source For All Professional Services: Minneapolis/St. Paul Business Journal Book of Lists, 2011.

Business Incubators

Business incubators can be especially useful in nurturing new small businesses and setting them on the pathway to success. Here is a listing of some business incubators in the state: