| $2–5 million | SHAW-LUNDQUIST ASSOCIATES, INC. | SAINT PAUL, MN | First Western Bank & Trust |
| $1–2 million | SHEEHY CONSTRUCTION COMPANY | SAINT PAUL, MN | North Star Bank |
| $150,000–350,000 | SHELTERTECH CORPORATION | SAINT PAUL, MN | Premier Bank |
| $150,000–350,000 | SHEPHERD MONTESSORI LLC | SAINT PAUL, MN | MY CU |
| $150,000–350,000 | SHEPHERD OF THE VALLEY LUTHERAN CHURCH | SAINT PAUL, MN | Bremer Bank, National Association |
| $350,000–1 million | SHOREVIEW SENIOR LIVING, LLC | SAINT PAUL, MN | Bell Bank |
| $1–2 million | SHUMAKER & SIEFFERT, P.A. | SAINT PAUL, MN | Bremer Bank, National Association |
| $2–5 million | SILVER TREE PLUMBING & HEATING, LLC | SAINT PAUL, MN | Vermillion State Bank |
| $1–2 million | SIMCOTE INC | SAINT PAUL, MN | PNC Bank, National Association |
| $350,000–1 million | SISTERS OF ST JOSEPH OF CARONDELET, ST PAUL PROVINCE | SAINT PAUL, MN | U.S. Bank, National Association |
| $150,000–350,000 | SITE SOLUTIONS, INC. | SAINT PAUL, MN | First State Bank and Trust |
| $150,000–350,000 | SJ GROUP 3 INC | SAINT PAUL, MN | Associated Bank, National Association |
| $150,000–350,000 | SJOBERG & TEBELIUS, P.A. | SAINT PAUL, MN | Associated Bank, National Association |
| $150,000–350,000 | SKATES AND SPORTS INC | SAINT PAUL, MN | City & County CU |
| $150,000–350,000 | SKY GROUP, INC | SAINT PAUL, MN | U.S. Bank, National Association |
| $150,000–350,000 | SMC CARE INC | SAINT PAUL, MN | 21st Century Bank |
| $150,000–350,000 | SMITH MICRO TECHNOLOGIES, LLC | SAINT PAUL, MN | Minnesota Lakes Bank |
| $150,000–350,000 | SNYDER HEALTH CARE SYSTEMS INC. | SAINT PAUL, MN | BankCherokee |
| $150,000–350,000 | SOLID INC | SAINT PAUL, MN | Bank of America, National Association |
| $1–2 million | SOLID-EMPLOYEES LLC | SAINT PAUL, MN | Bell Bank |
| $350,000–1 million | SOMMERVILLE-WILSON, INC. | SAINT PAUL, MN | Bremer Bank, National Association |
| $150,000–350,000 | SORNA CORPORATION | SAINT PAUL, MN | Alerus Financial, National Association |
| $2–5 million | SOUTH METRO HUMAN SERVICES | SAINT PAUL, MN | Bremer Bank, National Association |
| $1–2 million | SOUTHERN MINNESOTA REGIONAL LEGAL SERVICES | SAINT PAUL, MN | Alliance Bank |
| $350,000–1 million | SOUTHVIEW ANIMAL HOSPITAL PA | SAINT PAUL, MN | Gateway Bank |
| $350,000–1 million | SOUTHVIEW COUNTRY CLUB | SAINT PAUL, MN | Platinum Bank |
| $2–5 million | SOUTHVIEW DESIGN, INC. | SAINT PAUL, MN | Platinum Bank |
| $150,000–350,000 | SOUTHVIEW SENIOR LIVING, LLC | SAINT PAUL, MN | Bell Bank |
| $150,000–350,000 | SPARTAN PROMOTIONAL GROUP INC | SAINT PAUL, MN | Alerus Financial, National Association |
| $150,000–350,000 | SPCO LLC | SAINT PAUL, MN | Choice Financial Group |
| $350,000–1 million | SPECIALIZED TREATMENT SERVICES, INC | SAINT PAUL, MN | 21st Century Bank |
| $150,000–350,000 | SPECIALTY ENGINEERING INC | SAINT PAUL, MN | U.S. Bank, National Association |
| $1–2 million | SPEEDY NOVUS GLASS LLC | SAINT PAUL, MN | U.S. Bank, National Association |
| $350,000–1 million | SPRIGGS PLUMBING AND HEATING, INC. | SAINT PAUL, MN | Premier Bank |
| $150,000–350,000 | SPRINGBOARD FOR THE ARTS | SAINT PAUL, MN | Old National Bank |
| $150,000–350,000 | SQUARED C HOLDINGS INC | SAINT PAUL, MN | Associated Bank, National Association |
| $150,000–350,000 | ST D LLC | SAINT PAUL, MN | Wells Fargo Bank, National Association |
| $150,000–350,000 | ST MARYS HEALTH CLINICS | SAINT PAUL, MN | U.S. Bank, National Association |
| $2–5 million | ST PAUL ACADEMY AND SUMMIT SCHOOL | SAINT PAUL, MN | Bremer Bank, National Association |
| $150,000–350,000 | ST PAUL HOTEL LLC | SAINT PAUL, MN | Itria Ventures LLC |
| $150,000–350,000 | ST PAUL PIPEFITTERS JOINT JOURNEYMEN AND APPRENTICE TRAINING | SAINT PAUL, MN | City & County CU |
| $1–2 million | ST PAUL PLUMBING & HEATING CO | SAINT PAUL, MN | U.S. Bank, National Association |
| $150,000–350,000 | ST PAUL'S MONASTERY | SAINT PAUL, MN | Lake Elmo Bank |
| $350,000–1 million | ST. ANDREW'S EVANGELICAL LUTHERAN CHURCH | SAINT PAUL, MN | Old National Bank |
| $150,000–350,000 | ST. CROIX FALLS COH, LLC | SAINT PAUL, MN | Old National Bank |
| $350,000–1 million | ST. CROIX LUTHERAN HIGH SCHOOL ASSOCIATION | SAINT PAUL, MN | Vibrant Credit Union |
| $150,000–350,000 | ST. CROIX SCREENPRINTING, INC. | SAINT PAUL, MN | Old National Bank |
| $150,000–350,000 | ST. PASCAL REGIONAL CATHOLIC SCHOOL | SAINT PAUL, MN | Premier Bank |
| $150,000–350,000 | ST. PAUL ALLERGY & ASTHMA CLINIC, P.A. | SAINT PAUL, MN | Choice Financial Group |
| $150,000–350,000 | ST. PAUL BRASS FOUNDRY COMPANY | SAINT PAUL, MN | Minnesota Bank and Trust, A Division of HTLF Bank |
| $150,000–350,000 | ST. PAUL DENTAL CENTER, LLC | SAINT PAUL, MN | 21st Century Bank |
| $150,000–350,000 | ST. PAUL FAMILY DENTISTRY PARTNERSHIP, LLP | SAINT PAUL, MN | Gateway Bank |
| $150,000–350,000 | ST. PAUL GRILL, LLC | SAINT PAUL, MN | Lake Elmo Bank |
| $150,000–350,000 | ST. PAUL INFECTIOUS DISEASE ASSOCIATES, LTD. | SAINT PAUL, MN | BankCherokee |
| $350,000–1 million | ST. PAUL MOTORCYCLES, LLC | SAINT PAUL, MN | Security Bank |
| $150,000–350,000 | ST. PAUL PEDIATRIC DENISTRY, PC | SAINT PAUL, MN | Vibrant Credit Union |
| $150,000–350,000 | ST. PAUL PET HOSPITAL, LLC | SAINT PAUL, MN | Sunrise Banks National Association |
| $350,000–1 million | ST. PAUL RADIOLOGY OUTPATIENT IMAGING,LLC | SAINT PAUL, MN | Old National Bank |
| $150,000–350,000 | ST. PAUL RHEUMATOLOGY, PA | SAINT PAUL, MN | BankCherokee |
| $350,000–1 million | ST. PAUL SAINTS BASEBALL CLUB, INC. | SAINT PAUL, MN | Associated Bank, National Association |
| $150,000–350,000 | ST. PAUL SCHOOL OF NORTHERN LIGHTS | SAINT PAUL, MN | Bell Bank |
| $350,000–1 million | ST. PAUL STAMP WORKS, INC. | SAINT PAUL, MN | U.S. Bank, National Association |
| $350,000–1 million | ST. PAUL UTILITIES AND EXCAVATING, INC. | SAINT PAUL, MN | Bell Bank |
| $150,000–350,000 | ST. PAUL'S CHILDHOOD CENTER | SAINT PAUL, MN | 21st Century Bank |
| $150,000–350,000 | ST. TERESA MEDICAL, INC. | SAINT PAUL, MN | Bremer Bank, National Association |
| $350,000–1 million | STAC INC | SAINT PAUL, MN | Old National Bank |
| $350,000–1 million | STAFF SERVICES, LLC | SAINT PAUL, MN | Old National Bank |
| $350,000–1 million | STAFFING TRAINING AND ALTERNATIVE RESOUR | SAINT PAUL, MN | Wells Fargo Bank, National Association |
| $150,000–350,000 | STATE SUPPLY CO., INC. | SAINT PAUL, MN | Tradition Capital Bank |
| $150,000–350,000 | STEPPING STONES ELC INC. | SAINT PAUL, MN | 21st Century Bank |
| $2–5 million | STERN DRYWALL INC | SAINT PAUL, MN | Bremer Bank, National Association |
| $150,000–350,000 | STEVE'S APPLIANCES INC | SAINT PAUL, MN | BankCherokee |
| $1–2 million | STEVENS EQUIPMENT SUPPLY LLC | SAINT PAUL, MN | ProGrowth Bank |
| $1–2 million | STEVENS UNLIMITED OF SAINT PAUL INC | SAINT PAUL, MN | 21st Century Bank |
| $150,000–350,000 | STONE MACHINERY INC | SAINT PAUL, MN | Alliance Bank |
| $150,000–350,000 | STONEHAVEN SENIOR HOUSING OPERATOR, LLC | SAINT PAUL, MN | Coastal States Bank |
| $350,000–1 million | STRANIK INC | SAINT PAUL, MN | UMB Bank, National Association |
| $350,000–1 million | STRUCTURAL WOOD CORPORATION | SAINT PAUL, MN | Farmers & Merchants Savings Bank |
| $350,000–1 million | STRUCTURAL, INC. | SAINT PAUL, MN | Sunrise Banks National Association |
| $150,000–350,000 | STUDIO ON FIRE, LLC | SAINT PAUL, MN | 21st Century Bank |
| $350,000–1 million | STYLE 2000 INC | SAINT PAUL, MN | American National Bank |
| $350,000–1 million | SUBURBAN AUTO BODY, INC. | SAINT PAUL, MN | Hiawatha National Bank |
| $1–2 million | SUBURBAN RADIOLOGIC CONSULTANTS, LTD | SAINT PAUL, MN | Old National Bank |
| $350,000–1 million | SUMMIT BREWING COMPANY | SAINT PAUL, MN | Associated Bank, National Association |
| $350,000–1 million | SUMMIT INFORMATION RESOURCES, INC. | SAINT PAUL, MN | Scale Bank |
| $150,000–350,000 | SUMMIT MACHINE INC | SAINT PAUL, MN | Sunrise Banks National Association |
| $150,000–350,000 | SUN CONTROL OF MINNESOTA, INC. | SAINT PAUL, MN | North Star Bank |
| $350,000–1 million | SUN FOODS II, INC. | SAINT PAUL, MN | Sunrise Banks National Association |
| $150,000–350,000 | SUN WORLD SUPERMARKET, INC. | SAINT PAUL, MN | Sunrise Banks National Association |
| $150,000–350,000 | SUNFISH CELLARS, LLC | SAINT PAUL, MN | Vermillion State Bank |
| $350,000–1 million | SUNLIGHT SENIOR LIVING I LLC | SAINT PAUL, MN | Falcon National Bank |
| $150,000–350,000 | SUNNY HOLLOW MONTESSORI | SAINT PAUL, MN | Associated Bank, National Association |
| $350,000–1 million | SUNTIDE REALTY SERVICES, INC. | SAINT PAUL, MN | Scale Bank |
| $1–2 million | SUPERIOR BROKERAGE SERVICES, INC. | SAINT PAUL, MN | Choice Financial Group |
| $350,000–1 million | SUPERIOR COLLISION & PAINT, INC. | SAINT PAUL, MN | Merchants Bank, National Association |
| $1–2 million | SUPERIOR CONCEPTS | SAINT PAUL, MN | Deerwood Bank |
| $350,000–1 million | SUPERIOR FREIGHT SERVICES, INC. | SAINT PAUL, MN | Vibrant Credit Union |
| $350,000–1 million | SUPERIOR THIRD PARTY LOGISTICS, INC. | SAINT PAUL, MN | Choice Financial Group |
| $150,000–350,000 | SUPERIOR VENDING INC | SAINT PAUL, MN | The First National Bank of River Falls |
| $150,000–350,000 | SUPERMERCADO LOMABONITA 4 INC | SAINT PAUL, MN | Associated Bank, National Association |