Lenders › 21st Century Bank
7(a) lenderLoretto, MinnesotaFDIC-insured bank242nd of 2,184 by approvals
21st Century Bank
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
21st Century Bank, based in Loretto, Minnesota, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 149 of its 7(a) loans worth $60.9M in FY2021 to FY2025, which places it 242nd of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 25 approvals totalling $10.6M, up 56% on FY2024 (16). FY2026 to 30 Jun 2026 adds 15 more.
The median approval was $292K, against $190K for the 7(a) program as a whole; 26.2% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 5 states and territories and 21 counties, led by Minnesota (96.6%), Iowa (1.3%) and Georgia (0.7%). The largest industry group was health care and social assistance at 19.5% of approvals, and 6.0% of approvals were to franchise businesses.
Of 527 disbursed loans approved in FY2010 to FY2021, SBA records 17 as charged off (3.2%), 398 as paid in full and 112 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 15 | $3.7M | $150K | $245K | 246 |
| FY2025 | 25 | $10.6M | $250K | $424K | 275 |
| FY2024 | 16 | $6.0M | $275K | $375K | 190 |
| FY2023 | 11 | $3.1M | $240K | $278K | 154 |
| FY2022 | 35 | $14.0M | $292K | $399K | 692 |
| FY2021 | 62 | $27.3M | $324K | $440K | 1,073 |
| FY2020 | 73 | $33.3M | $260K | $456K | 1,319 |
| FY2019 | 59 | $29.2M | $250K | $494K | 707 |
| FY2018 | 54 | $14.8M | $150K | $274K | 570 |
| FY2017 | 50 | $16.9M | $166K | $338K | 670 |
| FY2016 | 42 | $16.8M | $144K | $399K | 432 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 278 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Minnesota | 7(a) program |
|---|---|---|---|
| Approvals in these years | 586 | 18,934 | 639,905 |
| Cancelled or never disbursed | 59 | 2,040 | 79,313 |
| Disbursed loans | 527 | 16,894 | 560,592 |
| Paid in full | 398 | 13,664 | 435,813 |
| Charged off | 17 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 112 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 3.2% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 1.4% | 2.4% | 2.5% |
| Dollars charged off | $2.8M | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 53 | 24 | 0 | 0.0% | 2.8% |
| FY2020 | 60 | 35 | 0 | 0.0% | 4.0% |
| FY2019 | 56 | 26 | 1 | 1.8% | 6.7% |
| FY2018 | 48 | 30 | 1 | 2.1% | 7.9% |
| FY2017 | 46 | 37 | 1 | 2.2% | 7.7% |
| FY2016 | 37 | 32 | 3 | 8.1% | 7.2% |
| FY2015 | 56 | 52 | 2 | 3.6% | 6.9% |
| FY2014 | 47 | 46 | 1 | 2.1% | 6.4% |
| FY2013 | 34 | 32 | 2 | 5.9% | 6.0% |
| FY2012 | 34 | 32 | 2 | 5.9% | 6.3% |
| FY2011 | 28 | 28 | 0 | — | 6.9% |
| FY2010 | 28 | 24 | 4 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $292K | $190K |
| Average approval | $409K | $518K |
| Approvals of $150,000 or less | 26.2% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 23.5% | 34.3% |
| Approvals to franchise businesses | 6.0% | 11.5% |
| Jobs supported per approval, as reported | 16.0 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 3.2% | 6.6% |
States served
| # | State of the business (5 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 144 | $59.0M | 96.6% | |
| 2 | Iowa | 2 | — | 1.3% | |
| 3 | Georgia | 1 | — | 0.7% | |
| 4 | Florida | 1 | — | 0.7% | |
| 5 | Wisconsin | 1 | — | 0.7% |
In Minnesota the lender accounts for 1.8% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (21 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 45 | $17.6M | 30.2% | |
| 2 | Anoka County, MN | 29 | $15.2M | 19.5% | |
| 3 | Ramsey County, MN | 23 | $7.6M | 15.4% | |
| 4 | Washington County, MN | 9 | $3.1M | 6.0% | |
| 5 | Dakota County, MN | 8 | $2.8M | 5.4% | |
| 6 | Carver County, MN | 5 | $2.0M | 3.4% | |
| 7 | Scott County, MN | 4 | $2.0M | 2.7% | |
| 8 | Wright County, MN | 4 | $1.8M | 2.7% | |
| 9 | Sherburne County, MN | 4 | $1.0M | 2.7% | |
| 10 | Isanti County, MN | 3 | $1.3M | 2.0% | |
| 11 | St. Louis County, MN | 3 | $1.2M | 2.0% | |
| 12 | Polk County, IA | 2 | — | 1.3% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Health Care and Social Assistance | 29 | 19.5% | |
| 2 | Other Services (except Public Administration) | 16 | 10.7% | |
| 3 | Manufacturing | 15 | 10.1% | |
| 4 | Retail Trade | 14 | 9.4% | |
| 5 | Wholesale Trade | 10 | 6.7% | |
| 6 | Professional, Scientific, and Technical Services | 10 | 6.7% | |
| 7 | Arts, Entertainment, and Recreation | 10 | 6.7% | |
| 8 | Accommodation and Food Services | 8 | 5.4% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Offices of Other Health PractitionersNAICS 6213 | 10 | 6.7% | |
| 2 | Automotive Repair and MaintenanceNAICS 8111 | 7 | 4.7% | |
| 3 | Other Amusement and Recreation IndustriesNAICS 7139 | 7 | 4.7% | |
| 4 | Restaurants and Other Eating PlacesNAICS 7225 | 6 | 4.0% | |
| 5 | Lessors of Real EstateNAICS 5311 | 6 | 4.0% | |
| 6 | Offices of DentistsNAICS 6212 | 6 | 4.0% | |
| 7 | Home Health Care ServicesNAICS 6216 | 5 | 3.4% | |
| 8 | Services to Buildings and DwellingsNAICS 5617 | 5 | 3.4% | |
| 9 | Personal Care ServicesNAICS 8121 | 5 | 3.4% | |
| 10 | Other Wood Product ManufacturingNAICS 3219 | 3 | 2.0% |
Approval sizes
- $50,000 or less4.7%7
- $50,001 to $150,00021.5%32
- $150,001 to $350,00036.2%54
- $350,001 to $1 million30.9%46
- $1 million to $2 million5.4%8
- Over $2 million1.3%2
Loan terms
- 5 years or less0.7%1
- Over 5 to 10 years79.2%118
- Over 10 to 20 years7.4%11
- Over 20 years12.8%19
Age of the businesses
- Existing, more than 2 years old53.7%80
- New business, 2 years or less16.1%24
- Startup, loan funds will open the business7.4%11
- Change of ownership22.8%34
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 124 | 83.2% | |
| 2 | SBA Express Program | 22 | 14.8% | |
| 3 | 7a General | 2 | 1.3% | |
| 4 | 7(a) WCP | 1 | 0.7% |
Franchise share
9 of 149 approvals in FY2021–FY2025 (6.0%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | The UPS Store | 3 | 2.0% | |
| 2 | Bee Hive Homes | 2 | 1.3% | |
| 3 | World Fuel Services Inc. | 1 | 0.7% | |
| 4 | Discover Strength | 1 | 0.7% | |
| 5 | Peoples Organic Coffee | 1 | 0.7% | |
| 6 | The Junkluggers | 1 | 0.7% |
Questions and answers
How many SBA loans does 21st Century Bank make?
SBA approved 25 7(a) loans through 21st Century Bank in FY2025, worth $10.6M, and 149 over FY2021 to FY2025. That ranks 242nd of 2,184 active 7(a) lenders by number of approvals.
How large are 21st Century Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $292K and the average $409K. The program-wide median was $190K.
What is 21st Century Bank's charge-off rate?
Of 527 disbursed loans approved in FY2010 to FY2021, SBA records 17 as charged off (3.2%), 398 as paid in full and 112 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does 21st Century Bank lend to most?
By number of approvals in FY2021 to FY2025: offices of other health practitioners (10); automotive repair and maintenance (7); other amusement and recreation industries (7); restaurants and other eating places (6).
Where does 21st Century Bank make SBA loans?
In 5 states and territories. Minnesota 144, Iowa 2, Georgia 1, Florida 1, Wisconsin 1. In Minnesota it accounts for 1.8% of all 7(a) approvals.
Is 21st Century Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 52, against 170 in the three before: falling (-69%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error