Lenders › First Resource Bank
7(a) lenderLino Lakes, MinnesotaFDIC-insured bank322nd of 2,184 by approvals
First Resource 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.
First Resource Bank (Lino Lakes, Minnesota) is an FDIC-insured bank in the SBA 7(a) program, 322nd of 2,184 by approvals in FY2021 to FY2025: 97 loans worth $52.8M.
In FY2025, the latest complete fiscal year, it had 38 approvals totalling $27.0M, up 73% on FY2024 (22). FY2026 to 30 Jun 2026 adds 22 more.
The median approval was $256K, against $190K for the 7(a) program as a whole; 39.2% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 7 states and territories and 18 counties, led by Minnesota (91.8%), California (2.1%) and Wisconsin (2.1%). The largest industry group was construction at 19.6% of approvals, and 5.2% of approvals were to franchise businesses.
Of 64 disbursed loans approved in FY2010 to FY2021, SBA records 7 as charged off (10.9%), 51 as paid in full and 6 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is above 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* | 22 | $15.6M | $334K | $711K | 301 |
| FY2025 | 38 | $27.0M | $460K | $709K | 538 |
| FY2024 | 22 | $14.4M | $300K | $655K | 243 |
| FY2023 | 16 | $5.5M | $175K | $345K | 107 |
| FY2022 | 16 | $5.0M | $219K | $315K | 262 |
| FY2021 | 5 | $825K | $100K | $165K | 60 |
| FY2020 | 2 | — | — | — | 410 |
| FY2019 | 0 | — | — | — | 0 |
| FY2018 | 6 | $925K | $155K | $154K | 144 |
| FY2017 | 7 | $1.1M | $140K | $161K | 87 |
| FY2016 | 6 | $5.2M | $105K | $867K | 47 |
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 21 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 | 68 | 18,934 | 639,905 |
| Cancelled or never disbursed | 4 | 2,040 | 79,313 |
| Disbursed loans | 64 | 16,894 | 560,592 |
| Paid in full | 51 | 13,664 | 435,813 |
| Charged off | 7 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 6 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 10.9% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 4.5% | 2.4% | 2.5% |
| Dollars charged off | $1.4M | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 3 | 0 | 0 | — | 2.8% |
| FY2020 | 2 | 1 | 0 | — | 4.0% |
| FY2019 | 0 | 0 | 0 | — | 6.7% |
| FY2018 | 6 | 5 | 1 | — | 7.9% |
| FY2017 | 7 | 6 | 0 | — | 7.7% |
| FY2016 | 6 | 6 | 0 | — | 7.2% |
| FY2015 | 5 | 4 | 1 | — | 6.9% |
| FY2014 | 5 | 4 | 0 | — | 6.4% |
| FY2013 | 2 | 2 | 0 | — | 6.0% |
| FY2012 | 3 | 3 | 0 | — | 6.3% |
| FY2011 | 9 | 8 | 1 | — | 6.9% |
| FY2010 | 16 | 12 | 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 | $256K | $190K |
| Average approval | $544K | $518K |
| Approvals of $150,000 or less | 39.2% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 21.6% | 34.3% |
| Approvals to franchise businesses | 5.2% | 11.5% |
| Jobs supported per approval, as reported | 12.5 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 10.9% | 6.6% |
States served
| # | State of the business (7 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 89 | $47.1M | 91.8% | |
| 2 | California | 2 | — | 2.1% | |
| 3 | Wisconsin | 2 | — | 2.1% | |
| 4 | Colorado | 1 | — | 1.0% | |
| 5 | Pennsylvania | 1 | — | 1.0% | |
| 6 | Florida | 1 | — | 1.0% | |
| 7 | Washington | 1 | — | 1.0% |
In Minnesota the lender accounts for 1.1% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (18 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 34 | $21.6M | 35.1% | |
| 2 | Ramsey County, MN | 18 | $11.7M | 18.6% | |
| 3 | Washington County, MN | 17 | $4.0M | 17.5% | |
| 4 | Dakota County, MN | 8 | $4.5M | 8.2% | |
| 5 | Anoka County, MN | 5 | $1.9M | 5.2% | |
| 6 | St. Croix County, WI | 2 | — | 2.1% | |
| 7 | Chisago County, MN | 2 | — | 2.1% | |
| 8 | Orange County, CA | 1 | — | 1.0% | |
| 9 | Scott County, MN | 1 | — | 1.0% | |
| 10 | Lake of the Woods County, MN | 1 | — | 1.0% | |
| 11 | Denver County, CO | 1 | — | 1.0% | |
| 12 | Butler County, PA | 1 | — | 1.0% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 19 | 19.6% | |
| 2 | Manufacturing | 16 | 16.5% | |
| 3 | Professional, Scientific, and Technical Services | 16 | 16.5% | |
| 4 | Accommodation and Food Services | 11 | 11.3% | |
| 5 | Wholesale Trade | 10 | 10.3% | |
| 6 | Retail Trade | 8 | 8.2% | |
| 7 | Real Estate and Rental and Leasing | 6 | 6.2% | |
| 8 | Health Care and Social Assistance | 3 | 3.1% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Residential Building ConstructionNAICS 2361 | 9 | 9.3% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 8 | 8.2% | |
| 3 | Miscellaneous Durable Goods Merchant WholesalersNAICS 4239 | 5 | 5.2% | |
| 4 | Beverage ManufacturingNAICS 3121 | 5 | 5.2% | |
| 5 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 5 | 5.2% | |
| 6 | Professional and Commercial Equipment and Supplies Merchant WholesalersNAICS 4234 | 4 | 4.1% | |
| 7 | Accounting, Tax Preparation, Bookkeeping, and Payroll ServicesNAICS 5412 | 4 | 4.1% | |
| 8 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 4.1% | |
| 9 | Commercial and Industrial Machinery and Equipment Rental and LeasingNAICS 5324 | 4 | 4.1% | |
| 10 | Architectural and Structural Metals ManufacturingNAICS 3323 | 3 | 3.1% |
Approval sizes
- $50,000 or less11.3%11
- $50,001 to $150,00027.8%27
- $150,001 to $350,00019.6%19
- $350,001 to $1 million30.9%30
- $1 million to $2 million5.2%5
- Over $2 million5.2%5
Loan terms
- 5 years or less3.1%3
- Over 5 to 10 years91.8%89
- Over 10 to 20 years2.1%2
- Over 20 years3.1%3
Age of the businesses
- Existing, more than 2 years old62.9%61
- New business, 2 years or less11.3%11
- Startup, loan funds will open the business10.3%10
- Change of ownership15.5%15
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 37 | 38.1% | |
| 2 | SBA Express Program | 31 | 32.0% | |
| 3 | 7a General | 20 | 20.6% | |
| 4 | Working Capital CAPLine | 5 | 5.2% | |
| 5 | Builders CAPLine | 3 | 3.1% | |
| 6 | Contract CAPLine | 1 | 1.0% |
Franchise share
5 of 97 approvals in FY2021–FY2025 (5.2%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | 1-Tom-Plumber | 2 | 2.1% | |
| 2 | Subway | 1 | 1.0% | |
| 3 | Superior Fence & Rail | 1 | 1.0% | |
| 4 | CarePatrol | 1 | 1.0% |
Questions and answers
How many SBA loans does First Resource Bank make?
SBA approved 38 7(a) loans through First Resource Bank in FY2025, worth $27.0M, and 97 over FY2021 to FY2025. That ranks 322nd of 2,184 active 7(a) lenders by number of approvals.
How large are First Resource Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $256K and the average $544K. The program-wide median was $190K.
What is First Resource Bank's charge-off rate?
Of 64 disbursed loans approved in FY2010 to FY2021, SBA records 7 as charged off (10.9%), 51 as paid in full and 6 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is above 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 First Resource Bank lend to most?
By number of approvals in FY2021 to FY2025: residential building construction (9); restaurants and other eating places (8); miscellaneous durable goods merchant wholesalers (5); beverage manufacturing (5).
Where does First Resource Bank make SBA loans?
In 7 states and territories. Minnesota 89, California 2, Wisconsin 2, Colorado 1, Pennsylvania 1. In Minnesota it accounts for 1.1% of all 7(a) approvals.
Is First Resource Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 76, against 23 in the three before: rising (+230%).
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