Lenders › Luminate Bank
7(a) lenderMinneapolis, MinnesotaFDIC-insured bank294th of 2,184 by approvals
Luminate 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.
Luminate Bank, based in Minneapolis, Minnesota, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 112 of its 7(a) loans worth $85.1M in FY2021 to FY2025, which places it 294th of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 0 approvals totalling —.
The median approval was $543K, against $190K for the 7(a) program as a whole; 8.9% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 33 states and territories and 77 counties, led by Minnesota (16.1%), Texas (15.2%) and California (13.4%). The largest industry group was accommodation and food services at 69.6% of approvals, and 84.8% of approvals were to franchise businesses.
Of 31 disbursed loans approved in FY2010 to FY2021, SBA records 0 as charged off (0.0%), 16 as paid in full and 15 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* | 0 | — | — | — | 0 |
| FY2025 | 0 | — | — | — | 0 |
| FY2024 | 0 | — | — | — | 0 |
| FY2023 | 8 | $5.5M | $288K | $689K | 84 |
| FY2022 | 77 | $57.9M | $595K | $752K | 1,424 |
| FY2021 | 27 | $21.7M | $412K | $802K | 802 |
| FY2020 | 6 | $6.7M | $522K | $1.1M | 156 |
| FY2019 | 1 | — | — | — | 15 |
| FY2018 | 0 | — | — | — | 0 |
| FY2017 | 0 | — | — | — | 0 |
| FY2016 | 0 | — | — | — | 0 |
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 7 approvals. First approval on file: FY2019.
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 | 34 | 18,934 | 639,905 |
| Cancelled or never disbursed | 3 | 2,040 | 79,313 |
| Disbursed loans | 31 | 16,894 | 560,592 |
| Paid in full | 16 | 13,664 | 435,813 |
| Charged off | 0 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 15 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 0.0% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 0.0% | 2.4% | 2.5% |
| Dollars charged off | $0 | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 26 | 11 | 0 | — | 2.8% |
| FY2020 | 4 | 4 | 0 | — | 4.0% |
| FY2019 | 1 | 1 | 0 | — | 6.7% |
| FY2018 | 0 | 0 | 0 | — | 7.9% |
| FY2017 | 0 | 0 | 0 | — | 7.7% |
| FY2016 | 0 | 0 | 0 | — | 7.2% |
| FY2015 | 0 | 0 | 0 | — | 6.9% |
| FY2014 | 0 | 0 | 0 | — | 6.4% |
| FY2013 | 0 | 0 | 0 | — | 6.0% |
| FY2012 | 0 | 0 | 0 | — | 6.3% |
| FY2011 | 0 | 0 | 0 | — | 6.9% |
| FY2010 | 0 | 0 | 0 | — | 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 | $543K | $190K |
| Average approval | $759K | $518K |
| Approvals of $150,000 or less | 8.9% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 83.9% | 34.3% |
| Approvals to franchise businesses | 84.8% | 11.5% |
| Jobs supported per approval, as reported | 20.6 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 0.0% | 6.6% |
States served
| # | State of the business (33 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 18 | $8.4M | 16.1% | |
| 2 | Texas | 17 | $15.8M | 15.2% | |
| 3 | California | 15 | $14.1M | 13.4% | |
| 4 | Florida | 6 | $3.0M | 5.4% | |
| 5 | Colorado | 5 | $7.2M | 4.5% | |
| 6 | Georgia | 5 | $1.7M | 4.5% | |
| 7 | South Carolina | 4 | $2.5M | 3.6% | |
| 8 | Washington | 4 | $2.4M | 3.6% | |
| 9 | North Carolina | 4 | $1.8M | 3.6% | |
| 10 | Illinois | 3 | $3.5M | 2.7% | |
| 11 | Missouri | 3 | $2.0M | 2.7% | |
| 12 | Virginia | 3 | $1.5M | 2.7% |
In Minnesota the lender accounts for 0.2% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (77 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 12 | $4.7M | 10.7% | |
| 2 | Riverside County, CA | 6 | $3.2M | 5.4% | |
| 3 | Anoka County, MN | 5 | $2.5M | 4.5% | |
| 4 | Los Angeles County, CA | 4 | $4.8M | 3.6% | |
| 5 | Tarrant County, TX | 3 | $3.7M | 2.7% | |
| 6 | Harris County, TX | 3 | $2.6M | 2.7% | |
| 7 | Arapahoe County, CO | 2 | — | 1.8% | |
| 8 | Oklahoma County, OK | 2 | — | 1.8% | |
| 9 | Snohomish County, WA | 2 | — | 1.8% | |
| 10 | Bexar County, TX | 2 | — | 1.8% | |
| 11 | Fairfax County, VA | 2 | — | 1.8% | |
| 12 | Palm Beach County, FL | 2 | — | 1.8% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 78 | 69.6% | |
| 2 | Other Services (except Public Administration) | 15 | 13.4% | |
| 3 | Professional, Scientific, and Technical Services | 4 | 3.6% | |
| 4 | Manufacturing | 4 | 3.6% | |
| 5 | Administrative and Support and Waste Management and Remediation Services | 3 | 2.7% | |
| 6 | Arts, Entertainment, and Recreation | 3 | 2.7% | |
| 7 | Finance and Insurance | 2 | 1.8% | |
| 8 | Information | 1 | 0.9% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 78 | 69.6% | |
| 2 | Personal Care ServicesNAICS 8121 | 8 | 7.1% | |
| 3 | Other Personal ServicesNAICS 8129 | 4 | 3.6% | |
| 4 | Automotive Repair and MaintenanceNAICS 8111 | 3 | 2.7% | |
| 5 | Beverage ManufacturingNAICS 3121 | 3 | 2.7% | |
| 6 | Other Amusement and Recreation IndustriesNAICS 7139 | 3 | 2.7% | |
| 7 | Management, Scientific, and Technical Consulting ServicesNAICS 5416 | 2 | 1.8% | |
| 8 | Wired and Wireless Telecommunications CarriersNAICS 5173 | 1 | 0.9% | |
| 9 | Computer Systems Design and Related ServicesNAICS 5415 | 1 | 0.9% | |
| 10 | Other Schools and InstructionNAICS 6116 | 1 | 0.9% |
Approval sizes
- $50,001 to $150,0008.9%10
- $150,001 to $350,00023.2%26
- $350,001 to $1 million43.8%49
- $1 million to $2 million18.8%21
- Over $2 million5.4%6
Loan terms
- 5 years or less1.8%2
- Over 5 to 10 years63.4%71
- Over 10 to 20 years15.2%17
- Over 20 years19.6%22
Age of the businesses
- Existing, more than 2 years old11.6%13
- New business, 2 years or less33.0%37
- Startup, loan funds will open the business50.9%57
- Change of ownership3.6%4
- Not answered0.9%1
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | 7a General | 109 | 97.3% | |
| 2 | SBA Express Program | 3 | 2.7% |
Franchise share
95 of 112 approvals in FY2021–FY2025 (84.8%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Dickey's Barbecue Pit | 27 | 24.1% | |
| 2 | Scooter's Coffee | 20 | 17.9% | |
| 3 | Prose | 8 | 7.1% | |
| 4 | PJ's Coffee of New Orleans | 6 | 5.4% | |
| 5 | Teriyaki Madness | 3 | 2.7% | |
| 6 | Crave Hot Dogs & BBQ | 3 | 2.7% | |
| 7 | Zoom Room | 3 | 2.7% | |
| 8 | Fit Body Boot Camp | 3 | 2.7% |
Questions and answers
How many SBA loans does Luminate Bank make?
SBA approved 0 7(a) loans through Luminate Bank in FY2025, worth —, and 112 over FY2021 to FY2025. That ranks 294th of 2,184 active 7(a) lenders by number of approvals.
How large are Luminate Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $543K and the average $759K. The program-wide median was $190K.
What is Luminate Bank's charge-off rate?
Of 31 disbursed loans approved in FY2010 to FY2021, SBA records 0 as charged off (0.0%), 16 as paid in full and 15 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 Luminate Bank lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (78); personal care services (8); other personal services (4); automotive repair and maintenance (3).
Where does Luminate Bank make SBA loans?
In 33 states and territories. Minnesota 18, Texas 17, California 15, Florida 6, Colorado 5. In Minnesota it accounts for 0.2% of all 7(a) approvals.
Is Luminate Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 8, against 110 in the three before: falling (-93%).
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