Magnifi Financial is designated as a Preferred Lender with the Small Business Administration (SBA).
This allows us to provide expedited credit decisions and processing for our members. SBA loans can provide flexible financing options that include fully amortized longer loan terms with no balloon payment, lower monthly payments, and lower down payments. Being an SBA Preferred Lender provides Magnifi Financial the authority to approve, process, and service SBA loans without having to first obtain SBA approval.
Small businesses can utilize SBA loans for owner-occupied commercial real estate purchases, equipment purchases, payment of operating expenses, starting up a new business, purchasing a business, and more.
SBA loans are guaranteed by the government and offer advantages such as lower down payments and flexible repayment terms. As an SBA Preferred Lender, our Magnifi Financial commercial lending team has the experience to guide you through your options and suggest the SBA program that best fits your financing needs. Credit decisions, processing, and servicing of our Magnifi Financial SBA loans are completed locally.
Award-Winning SBA Credit Union
As the largest commercial-lending credit union in Minnesota, Magnifi Financial has been recognized year after year for our commitment to small business success. In 2022, Magnifi Financial was identified as the Minnesota credit union of the year with the highest participation in the SBA 7(a) loan program. This is the 6th year Magnifi Financial has received this recognition since 2015.
Thank you to our Member Small Businesses for your trust in Magnifi Financial to provide SBA loan products to meet your financial needs, we truly appreciate the opportunity.
Our partnership with SBA allows the Magnifi Financial team to make credit decisions on loan applications locally which leads to efficient processing.
As the largest commercial-lending credit union in Minnesota, Magnifi Financial has the ability to offer more competitive rates and terms for business loans.
Our local Commercial Banking Officers work directly with you to build a relationship and help determine the right solutions for your business.
SBA Loans For Any Business
Banking Officers will help you finance SBA loans for any situation. No matter if your business
is small or large, our team offers guidance throughout the entire process to get you on track to
your goals. Small Business Administration (SBA) Financing can be used for businesses in need of
financial assistance for the following:
Fund Start-Up Operations
Consolidating Higher-Interest Debt
Commercial Real Estate Purchase (Owner-Occupied)
Refinance Existing Debt to a Longer Term
Grow or Expand a Business
Line of Credit Needs up to $350,000
SBA Loan Programs
Magnifi Financial works with your business to determine the right program for your needs.
SBA 7(a) Loans
- Can be used for almost any business need
- Maximum Loan Amount $5,000,000
- Flexible loan terms (longer maturities and less money down)
- Loan Term (Maturity) Up to 25 years for commercial real estate and up to 10 years for all other purposes
- Can combine multiple uses into one loan (Real Estate, equipment, Working Capital etc.)
- No Guarantee Fee to borrowers
- Click here for application form
SBA Express Loan Program
The SBA Express loan program is ideal for businesses in need of a line of credit.
The maximum loan amount is $350,000.
Click here for application form
SBA 504 Loan Program
The SBA 504 loan program can be used to build, refinance, construct or purchase commercial real estate or larger equipment.
The SBA 504 loan program financing is through both Magnifi Financial (50%) and a Certified Development Company (40% - SBA Portion), with a 10% borrower injection. An increased borrower injection is required for a startup businesses or if the commercial property is deemed to be special-purpose real estate per SBA guidelines.
- The interest rate for the SBA 504 (CDC) portion of the loan is very competitive.
- Borrow equity injection can be as little as 10%.
- SBA 504 maximum loan amount is $5,000,000. Project can be higher.
- Terms are up to 25 years for commercial real estate and up to 10 years for machinery or equipment.
Financial Information Required for SBA Loans
- Tax Returns – Three years for guarantors and/or all individuals who own 20% or more of the business.
- Personal Financial Statement (Joint with Spouse) within 90 days (SBA form 413)
- Business Tax Returns – Three years with all supporting schedules.
- Year to State Interim Financials (Profit and Loss and Balance Sheet within 120 days.
- Projections – 2 years of projection are required if your business is less than 3 years old. For a new start-up business, the first year of projections need to be month to month.
- If an owner has a controlling interest in another business, provide the last three years of tax returns and interim financials.
Business Acquisition Loan
- Seller Business Tax Returns – Three years with all supporting schedules.
- Seller Year to date Interim Financials (Profit and Loss and Balance Sheet within 120 days)
- Purchase Agreement
Additional Information to Submit
- SBA Application (view application information under program details)
- Business Plan – Startup business or business acquisition
- Business Debt Schedule
- Franchise Disclosure Document (FDD) and Franchise Agreement for franchise purchases
Fill out our online form with some information about your business and the products or services of interest. Your local Commercial Banking Officer will be in touch within 1-2 business days.
Locate a Branch
You can open a business account or loan at any Magnifi Financial location. Each location has a designated Commercial Banking Officer, but we recommend you call ahead to make an appointment.
We have a dedicated phone line for business members which will help you reach someone who can help faster and save you precious time.
Business and Commercial Loan Options
Check out some of the other business loan options available with Magnifi Financial
Line of Credit
Join the Magnifi Family!
At Magnifi, you're not just a member-owner of an award-winning credit union, you become part of the Magnifi family and receive all the benefits and perks you need to succeed financially.