Lenders › Magnifi Financial CU
7(a) lenderMelrose, Minnesotacredit union129th of 2,184 by approvals
Magnifi Financial CU
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.
In FY2021 to FY2025 SBA approved 291 7(a) loans, worth $78.9M, through Magnifi Financial CU of Melrose, Minnesota, a credit union in the SBA 7(a) program. By number of approvals that is 129th among 2,184 active 7(a) lenders.
In FY2025, the latest complete fiscal year, it had 144 approvals totalling $35.9M, up 220% on FY2024 (45). FY2026 to 30 Jun 2026 adds 79 more.
The median approval was $202K, against $190K for the 7(a) program as a whole; 39.5% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 39 states and territories and 156 counties, led by Minnesota (34.7%), Texas (12.0%) and Florida (8.9%). The largest industry group was construction at 16.5% of approvals, and 37.5% of approvals were to franchise businesses.
Of 138 disbursed loans approved in FY2010 to FY2021, SBA records 4 as charged off (2.9%), 93 as paid in full and 41 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* | 79 | $25.1M | $311K | $317K | 550 |
| FY2025 | 144 | $35.9M | $198K | $249K | 1,098 |
| FY2024 | 45 | $14.1M | $250K | $313K | 457 |
| FY2023 | 27 | $8.9M | $322K | $331K | 288 |
| FY2022 | 28 | $7.0M | $138K | $252K | 138 |
| FY2021 | 47 | $13.0M | $165K | $276K | 312 |
| FY2020 | 31 | $9.3M | $235K | $299K | 222 |
| FY2019 | 8 | $2.4M | $115K | $305K | 30 |
| FY2018 | 18 | $7.3M | $223K | $407K | 274 |
| FY2017 | 9 | $2.8M | $150K | $307K | 78 |
| FY2016 | 7 | $1.4M | $150K | $196K | 77 |
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 73 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 | 141 | 18,934 | 639,905 |
| Cancelled or never disbursed | 3 | 2,040 | 79,313 |
| Disbursed loans | 138 | 16,894 | 560,592 |
| Paid in full | 93 | 13,664 | 435,813 |
| Charged off | 4 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 41 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 2.9% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 2.6% | 2.4% | 2.5% |
| Dollars charged off | $1.0M | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 46 | 24 | 1 | 2.2% | 2.8% |
| FY2020 | 31 | 16 | 1 | 3.2% | 4.0% |
| FY2019 | 8 | 3 | 0 | — | 6.7% |
| FY2018 | 18 | 15 | 2 | — | 7.9% |
| FY2017 | 9 | 9 | 0 | — | 7.7% |
| FY2016 | 7 | 7 | 0 | — | 7.2% |
| FY2015 | 1 | 1 | 0 | — | 6.9% |
| FY2014 | 0 | 0 | 0 | — | 6.4% |
| FY2013 | 0 | 0 | 0 | — | 6.0% |
| FY2012 | 4 | 4 | 0 | — | 6.3% |
| FY2011 | 6 | 6 | 0 | — | 6.9% |
| FY2010 | 8 | 8 | 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 | $202K | $190K |
| Average approval | $271K | $518K |
| Approvals of $150,000 or less | 39.5% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 66.0% | 34.3% |
| Approvals to franchise businesses | 37.5% | 11.5% |
| Jobs supported per approval, as reported | 7.9 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 2.9% | 6.6% |
States served
| # | State of the business (39 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 101 | $28.8M | 34.7% | |
| 2 | Texas | 35 | $8.3M | 12.0% | |
| 3 | Florida | 26 | $6.7M | 8.9% | |
| 4 | Georgia | 12 | $3.3M | 4.1% | |
| 5 | North Carolina | 7 | $2.3M | 2.4% | |
| 6 | California | 7 | $1.4M | 2.4% | |
| 7 | Ohio | 6 | $2.5M | 2.1% | |
| 8 | Pennsylvania | 6 | $1.8M | 2.1% | |
| 9 | Virginia | 6 | $1.5M | 2.1% | |
| 10 | New York | 6 | $1.3M | 2.1% | |
| 11 | Tennessee | 5 | $1.7M | 1.7% | |
| 12 | Michigan | 5 | $1.6M | 1.7% |
In Minnesota the lender accounts for 1.2% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (156 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Stearns County, MN | 42 | $12.9M | 14.4% | |
| 2 | Hennepin County, MN | 11 | $2.4M | 3.8% | |
| 3 | Kandiyohi County, MN | 7 | $1.4M | 2.4% | |
| 4 | Morrison County, MN | 7 | $901K | 2.4% | |
| 5 | Dallas County, TX | 6 | $1.3M | 2.1% | |
| 6 | Collin County, TX | 5 | $1.7M | 1.7% | |
| 7 | Todd County, MN | 5 | $1.5M | 1.7% | |
| 8 | Pinellas County, FL | 5 | $821K | 1.7% | |
| 9 | Fulton County, GA | 4 | $1.3M | 1.4% | |
| 10 | Otter Tail County, MN | 4 | $1.0M | 1.4% | |
| 11 | Fort Bend County, TX | 4 | $915K | 1.4% | |
| 12 | Cook County, IL | 4 | $900K | 1.4% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 48 | 16.5% | |
| 2 | Accommodation and Food Services | 43 | 14.8% | |
| 3 | Arts, Entertainment, and Recreation | 26 | 8.9% | |
| 4 | Retail Trade | 26 | 8.9% | |
| 5 | Health Care and Social Assistance | 26 | 8.9% | |
| 6 | Administrative and Support and Waste Management and Remediation Services | 24 | 8.2% | |
| 7 | Other Services (except Public Administration) | 23 | 7.9% | |
| 8 | Manufacturing | 19 | 6.5% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 34 | 11.7% | |
| 2 | Other Amusement and Recreation IndustriesNAICS 7139 | 25 | 8.6% | |
| 3 | Building Finishing ContractorsNAICS 2383 | 20 | 6.9% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 19 | 6.5% | |
| 5 | General Freight TruckingNAICS 4841 | 12 | 4.1% | |
| 6 | Personal Care ServicesNAICS 8121 | 11 | 3.8% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 10 | 3.4% | |
| 8 | Residential Building ConstructionNAICS 2361 | 10 | 3.4% | |
| 9 | Home Health Care ServicesNAICS 6216 | 10 | 3.4% | |
| 10 | Special Food ServicesNAICS 7223 | 7 | 2.4% |
Approval sizes
- $50,000 or less3.4%10
- $50,001 to $150,00036.1%105
- $150,001 to $350,00035.4%103
- $350,001 to $1 million23.7%69
- $1 million to $2 million1.4%4
Loan terms
- 5 years or less7.2%21
- Over 5 to 10 years60.8%177
- Over 10 to 20 years25.8%75
- Over 20 years6.2%18
Age of the businesses
- Existing, more than 2 years old18.9%55
- New business, 2 years or less8.2%24
- Startup, loan funds will open the business57.7%168
- Change of ownership8.6%25
- Not answered6.5%19
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 264 | 90.7% | |
| 2 | SBA Express Program | 19 | 6.5% | |
| 3 | 7a General | 7 | 2.4% | |
| 4 | Working Capital CAPLine | 1 | 0.3% |
Franchise share
109 of 291 approvals in FY2021–FY2025 (37.5%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Hotworx | 4 | 1.4% | |
| 2 | The UPS Store | 4 | 1.4% | |
| 3 | Bricks & Minifigs | 3 | 1.0% | |
| 4 | Mosquito Squad | 3 | 1.0% | |
| 5 | Bar-B-Clean | 3 | 1.0% | |
| 6 | Koala Insulation | 2 | 0.7% | |
| 7 | Firehouse Subs | 2 | 0.7% | |
| 8 | Cabinet IQ | 2 | 0.7% |
Questions and answers
How many SBA loans does Magnifi Financial CU make?
SBA approved 144 7(a) loans through Magnifi Financial CU in FY2025, worth $35.9M, and 291 over FY2021 to FY2025. That ranks 129th of 2,184 active 7(a) lenders by number of approvals.
How large are Magnifi Financial CU's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $202K and the average $271K. The program-wide median was $190K.
What is Magnifi Financial CU's charge-off rate?
Of 138 disbursed loans approved in FY2010 to FY2021, SBA records 4 as charged off (2.9%), 93 as paid in full and 41 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 Magnifi Financial CU lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (34); other amusement and recreation industries (25); building finishing contractors (20); services to buildings and dwellings (19).
Where does Magnifi Financial CU make SBA loans?
In 39 states and territories. Minnesota 101, Texas 35, Florida 26, Georgia 12, North Carolina 7. In Minnesota it accounts for 1.2% of all 7(a) approvals.
Is Magnifi Financial CU's SBA lending rising?
Approvals in the three latest complete fiscal years total 216, against 106 in the three before: rising (+104%).
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