Lenders › Northeast Entrepreneur Fund, Inc.
7(a) lenderDuluth, Minnesotanon-bank 7(a) lender355th of 2,184 by approvals
Northeast Entrepreneur Fund, Inc.
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 86 7(a) loans, worth $8.4M, through Northeast Entrepreneur Fund, Inc. of Duluth, Minnesota, a non-bank 7(a) lender in the SBA 7(a) program. By number of approvals that is 355th among 2,184 active 7(a) lenders.
In FY2025, the latest complete fiscal year, it had 3 approvals totalling $192K.
The median approval was $53K, against $190K for the 7(a) program as a whole; 87.2% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 2 states and territories and 17 counties, led by Minnesota (84.9%) and Wisconsin (15.1%). The largest industry group was accommodation and food services at 22.1% of approvals, and 1.2% of approvals were to franchise businesses.
Of 254 disbursed loans approved in FY2010 to FY2021, SBA records 0 as charged off (0.0%), 214 as paid in full and 40 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 | 3 | $192K | $49K | $64K | 40 |
| FY2024 | 2 | — | — | — | 74 |
| FY2023 | 3 | $456K | $61K | $152K | 40 |
| FY2022 | 8 | $886K | $63K | $111K | 118 |
| FY2021 | 70 | $6.7M | $53K | $96K | 618 |
| FY2020 | 71 | $7.3M | $83K | $103K | 730 |
| FY2019 | 56 | $7.5M | $113K | $133K | 636 |
| FY2018 | 38 | $5.4M | $101K | $141K | 407 |
| FY2017 | 21 | $3.9M | $150K | $187K | 465 |
| FY2016 | 1 | — | — | — | 36 |
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 187 approvals. First approval on file: FY2011.
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 | 268 | 18,934 | 639,905 |
| Cancelled or never disbursed | 14 | 2,040 | 79,313 |
| Disbursed loans | 254 | 16,894 | 560,592 |
| Paid in full | 214 | 13,664 | 435,813 |
| Charged off | 0 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 40 | 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 | 64 | 39 | 0 | 0.0% | 2.8% |
| FY2020 | 68 | 59 | 0 | 0.0% | 4.0% |
| FY2019 | 54 | 50 | 0 | 0.0% | 6.7% |
| FY2018 | 36 | 36 | 0 | 0.0% | 7.9% |
| FY2017 | 21 | 19 | 0 | — | 7.7% |
| FY2016 | 1 | 1 | 0 | — | 7.2% |
| FY2015 | 2 | 2 | 0 | — | 6.9% |
| FY2014 | 3 | 3 | 0 | — | 6.4% |
| FY2013 | 3 | 3 | 0 | — | 6.0% |
| FY2012 | 1 | 1 | 0 | — | 6.3% |
| FY2011 | 1 | 1 | 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 | $53K | $190K |
| Average approval | $98K | $518K |
| Approvals of $150,000 or less | 87.2% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 43.0% | 34.3% |
| Approvals to franchise businesses | 1.2% | 11.5% |
| Jobs supported per approval, as reported | 10.3 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 0.0% | 6.6% |
States served
| # | State of the business (2 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 73 | $7.2M | 84.9% | |
| 2 | Wisconsin | 13 | $1.2M | 15.1% |
In Minnesota the lender accounts for 0.9% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (17 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | St. Louis County, MN | 46 | $4.1M | 53.5% | |
| 2 | Douglas County, WI | 8 | $870K | 9.3% | |
| 3 | Lake County, MN | 7 | $656K | 8.1% | |
| 4 | Itasca County, MN | 6 | $1.1M | 7.0% | |
| 5 | Aitkin County, MN | 3 | $356K | 3.5% | |
| 6 | Benton County, MN | 2 | — | 2.3% | |
| 7 | Oneida County, WI | 2 | — | 2.3% | |
| 8 | Koochiching County, MN | 2 | — | 2.3% | |
| 9 | Isanti County, MN | 2 | — | 2.3% | |
| 10 | Kanabec County, MN | 1 | — | 1.2% | |
| 11 | Morrison County, MN | 1 | — | 1.2% | |
| 12 | Cass County, MN | 1 | — | 1.2% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 19 | 22.1% | |
| 2 | Retail Trade | 13 | 15.1% | |
| 3 | Other Services (except Public Administration) | 9 | 10.5% | |
| 4 | Manufacturing | 8 | 9.3% | |
| 5 | Transportation and Warehousing | 8 | 9.3% | |
| 6 | Construction | 6 | 7.0% | |
| 7 | Health Care and Social Assistance | 5 | 5.8% | |
| 8 | Real Estate and Rental and Leasing | 5 | 5.8% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 13 | 15.1% | |
| 2 | Personal Care ServicesNAICS 8121 | 4 | 4.7% | |
| 3 | Other Heavy and Civil Engineering ConstructionNAICS 2379 | 4 | 4.7% | |
| 4 | General Freight TruckingNAICS 4841 | 3 | 3.5% | |
| 5 | Beverage ManufacturingNAICS 3121 | 3 | 3.5% | |
| 6 | Automotive Repair and MaintenanceNAICS 8111 | 3 | 3.5% | |
| 7 | Other Miscellaneous Store RetailersNAICS 4539 | 3 | 3.5% | |
| 8 | Other Transit and Ground Passenger TransportationNAICS 4859 | 3 | 3.5% | |
| 9 | Management of Companies and EnterprisesNAICS 5511 | 2 | 2.3% | |
| 10 | Traveler AccommodationNAICS 7211 | 2 | 2.3% |
Approval sizes
- $50,000 or less12.8%11
- $50,001 to $150,00074.4%64
- $150,001 to $350,00010.5%9
- $350,001 to $1 million2.3%2
Loan terms
- 5 years or less7.0%6
- Over 5 to 10 years67.4%58
- Over 10 to 20 years1.2%1
- Over 20 years24.4%21
Age of the businesses
- Existing, more than 2 years old52.3%45
- New business, 2 years or less29.1%25
- Startup, loan funds will open the business14.0%12
- Change of ownership4.7%4
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | SBA Express Program | 74 | 86.0% | |
| 2 | 7a General | 12 | 14.0% |
Franchise share
1 of 86 approvals in FY2021–FY2025 (1.2%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Snap Fitness | 1 | 1.2% |
Questions and answers
How many SBA loans does Northeast Entrepreneur Fund, Inc. make?
SBA approved 3 7(a) loans through Northeast Entrepreneur Fund, Inc. in FY2025, worth $192K, and 86 over FY2021 to FY2025. That ranks 355th of 2,184 active 7(a) lenders by number of approvals.
How large are Northeast Entrepreneur Fund, Inc.'s typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $53K and the average $98K. The program-wide median was $190K.
What is Northeast Entrepreneur Fund, Inc.'s charge-off rate?
Of 254 disbursed loans approved in FY2010 to FY2021, SBA records 0 as charged off (0.0%), 214 as paid in full and 40 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 Northeast Entrepreneur Fund, Inc. lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (13); personal care services (4); other heavy and civil engineering construction (4); general freight trucking (3).
Where does Northeast Entrepreneur Fund, Inc. make SBA loans?
In 2 states and territories. Minnesota 73, Wisconsin 13. In Minnesota it accounts for 0.9% of all 7(a) approvals.
Is Northeast Entrepreneur Fund, Inc.'s SBA lending rising?
Approvals in the three latest complete fiscal years total 8, against 149 in the three before: falling (-95%).
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