Lenders › Granite Bank
7(a) lenderCold Spring, MinnesotaFDIC-insured bank232nd of 2,184 by approvals
Granite 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.
Granite Bank (Cold Spring, Minnesota) is an FDIC-insured bank in the SBA 7(a) program, 232nd of 2,184 by approvals in FY2021 to FY2025: 160 loans worth $39.0M.
In FY2025, the latest complete fiscal year, it had 14 approvals totalling $2.6M, down 39% on FY2024 (23). FY2026 to 30 Jun 2026 adds 6 more.
The median approval was $140K, against $190K for the 7(a) program as a whole; 55.6% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 11 states and territories and 25 counties, led by Minnesota (92.5%), Texas (1.3%) and Colorado (1.3%). The largest industry group was transportation and warehousing at 27.5% of approvals, and 10.0% of approvals were to franchise businesses.
Of 203 disbursed loans approved in FY2010 to FY2021, SBA records 6 as charged off (3.0%), 170 as paid in full and 27 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* | 6 | $2.6M | $300K | $440K | 86 |
| FY2025 | 14 | $2.6M | $113K | $187K | 129 |
| FY2024 | 23 | $6.9M | $176K | $299K | 185 |
| FY2023 | 26 | $4.7M | $151K | $179K | 206 |
| FY2022 | 41 | $7.0M | $105K | $171K | 334 |
| FY2021 | 56 | $17.8M | $135K | $319K | 497 |
| FY2020 | 37 | $9.7M | $118K | $261K | 372 |
| FY2019 | 8 | $1.1M | $63K | $131K | 72 |
| FY2018 | 22 | $4.7M | $81K | $212K | 169 |
| FY2017 | 24 | $2.1M | $51K | $88K | 205 |
| FY2016 | 21 | $3.2M | $81K | $155K | 247 |
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 112 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 | 218 | 18,934 | 639,905 |
| Cancelled or never disbursed | 15 | 2,040 | 79,313 |
| Disbursed loans | 203 | 16,894 | 560,592 |
| Paid in full | 170 | 13,664 | 435,813 |
| Charged off | 6 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 27 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 3.0% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 2.3% | 2.4% | 2.5% |
| Dollars charged off | $1.2M | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 49 | 39 | 0 | 0.0% | 2.8% |
| FY2020 | 35 | 29 | 0 | 0.0% | 4.0% |
| FY2019 | 7 | 6 | 0 | — | 6.7% |
| FY2018 | 22 | 18 | 1 | — | 7.9% |
| FY2017 | 24 | 20 | 1 | — | 7.7% |
| FY2016 | 21 | 21 | 0 | — | 7.2% |
| FY2015 | 4 | 3 | 0 | — | 6.9% |
| FY2014 | 5 | 5 | 0 | — | 6.4% |
| FY2013 | 8 | 6 | 1 | — | 6.0% |
| FY2012 | 5 | 5 | 0 | — | 6.3% |
| FY2011 | 16 | 14 | 0 | — | 6.9% |
| FY2010 | 7 | 4 | 3 | — | 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 | $140K | $190K |
| Average approval | $244K | $518K |
| Approvals of $150,000 or less | 55.6% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 39.4% | 34.3% |
| Approvals to franchise businesses | 10.0% | 11.5% |
| Jobs supported per approval, as reported | 8.4 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 3.0% | 6.6% |
States served
| # | State of the business (11 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 148 | $36.0M | 92.5% | |
| 2 | Texas | 2 | — | 1.3% | |
| 3 | Colorado | 2 | — | 1.3% | |
| 4 | Georgia | 1 | — | 0.6% | |
| 5 | Illinois | 1 | — | 0.6% | |
| 6 | Ohio | 1 | — | 0.6% | |
| 7 | Arizona | 1 | — | 0.6% | |
| 8 | North Carolina | 1 | — | 0.6% | |
| 9 | Indiana | 1 | — | 0.6% | |
| 10 | North Dakota | 1 | — | 0.6% | |
| 11 | Wisconsin | 1 | — | 0.6% |
In Minnesota the lender accounts for 1.8% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (25 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 54 | $10.3M | 33.8% | |
| 2 | Anoka County, MN | 33 | $7.9M | 20.6% | |
| 3 | Ramsey County, MN | 19 | $7.2M | 11.9% | |
| 4 | Dakota County, MN | 12 | $1.5M | 7.5% | |
| 5 | Stearns County, MN | 11 | $3.5M | 6.9% | |
| 6 | Sherburne County, MN | 6 | $1.5M | 3.8% | |
| 7 | Scott County, MN | 5 | $1.2M | 3.1% | |
| 8 | Kandiyohi County, MN | 3 | $2.1M | 1.9% | |
| 9 | DeKalb County, GA | 1 | — | 0.6% | |
| 10 | Wright County, MN | 1 | — | 0.6% | |
| 11 | DuPage County, IL | 1 | — | 0.6% | |
| 12 | Hamilton County, OH | 1 | — | 0.6% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Transportation and Warehousing | 44 | 27.5% | |
| 2 | Construction | 24 | 15.0% | |
| 3 | Accommodation and Food Services | 16 | 10.0% | |
| 4 | Professional, Scientific, and Technical Services | 14 | 8.8% | |
| 5 | Retail Trade | 13 | 8.1% | |
| 6 | Manufacturing | 10 | 6.3% | |
| 7 | Health Care and Social Assistance | 10 | 6.3% | |
| 8 | Arts, Entertainment, and Recreation | 8 | 5.0% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Specialized Freight TruckingNAICS 4842 | 37 | 23.1% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 12 | 7.5% | |
| 3 | Other Specialty Trade ContractorsNAICS 2389 | 9 | 5.6% | |
| 4 | Other Amusement and Recreation IndustriesNAICS 7139 | 8 | 5.0% | |
| 5 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 6 | 3.8% | |
| 6 | General Freight TruckingNAICS 4841 | 6 | 3.8% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 5 | 3.1% | |
| 8 | Legal ServicesNAICS 5411 | 5 | 3.1% | |
| 9 | Offices of Real Estate Agents and BrokersNAICS 5312 | 4 | 2.5% | |
| 10 | Gasoline StationsNAICS 4471 | 4 | 2.5% |
Approval sizes
- $50,000 or less21.9%35
- $50,001 to $150,00033.8%54
- $150,001 to $350,00030.0%48
- $350,001 to $1 million11.3%18
- $1 million to $2 million1.9%3
- Over $2 million1.3%2
Loan terms
- 5 years or less35.6%57
- Over 5 to 10 years58.1%93
- Over 10 to 20 years5.0%8
- Over 20 years1.3%2
Age of the businesses
- Existing, more than 2 years old56.3%90
- New business, 2 years or less24.4%39
- Startup, loan funds will open the business15.0%24
- Change of ownership4.4%7
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | SBA Express Program | 133 | 83.1% | |
| 2 | 7a General | 22 | 13.8% | |
| 3 | Preferred Lenders Program | 4 | 2.5% | |
| 4 | 7a with EWCP | 1 | 0.6% |
Franchise share
16 of 160 approvals in FY2021–FY2025 (10.0%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Jimmy John's | 6 | 3.8% | |
| 2 | Nautical Bowls | 3 | 1.9% | |
| 3 | Floor to Ceiling | 2 | 1.3% | |
| 4 | The UPS Store | 1 | 0.6% | |
| 5 | Gameday Men's Health | 1 | 0.6% | |
| 6 | Express Employment Professional | 1 | 0.6% | |
| 7 | Dunn Brothers Coffee | 1 | 0.6% | |
| 8 | Homewatch CareGivers | 1 | 0.6% |
Questions and answers
How many SBA loans does Granite Bank make?
SBA approved 14 7(a) loans through Granite Bank in FY2025, worth $2.6M, and 160 over FY2021 to FY2025. That ranks 232nd of 2,184 active 7(a) lenders by number of approvals.
How large are Granite Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $140K and the average $244K. The program-wide median was $190K.
What is Granite Bank's charge-off rate?
Of 203 disbursed loans approved in FY2010 to FY2021, SBA records 6 as charged off (3.0%), 170 as paid in full and 27 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 Granite Bank lend to most?
By number of approvals in FY2021 to FY2025: specialized freight trucking (37); restaurants and other eating places (12); other specialty trade contractors (9); other amusement and recreation industries (8).
Where does Granite Bank make SBA loans?
In 11 states and territories. Minnesota 148, Texas 2, Colorado 2, Georgia 1, Illinois 1. In Minnesota it accounts for 1.8% of all 7(a) approvals.
Is Granite Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 63, against 134 in the three before: falling (-53%).
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