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Magnifi Financial CU

MELROSE, MN 56352

⭐ SBA Preferred Lender
349
Loans Approved
$96.1M
Total Volume
$275K
Avg Loan Size
40
States Served

States Served

AlaskaAlabamaArkansasArizonaCaliforniaColoradoConnecticutWashington D.C.FloridaGeorgiaIdahoIllinoisIndianaKansasKentuckyLouisianaMassachusettsMarylandMichiganMinnesotaMissouriMontanaNorth CarolinaNorth DakotaNebraskaNew JerseyNevadaNew YorkOhioOregonPennsylvaniaRhode IslandSouth CarolinaTennesseeTexasUtahVirginiaVermontWashingtonWisconsin

Top Industries Financed

  • Fitness and Recreational Sports Centers
  • Limited-Service Restaurants
  • Janitorial Services
  • Home Health Care Services
  • Residential Remodelers

Quick Summary

Magnifi Financial CU is an SBA-approved lender headquartered in MELROSE, Minnesota. They are an SBA Preferred Lender, meaning they can approve loans without prior SBA review. Since 2020, they have approved 349 SBA 7(a) loans totaling $96.1M, with an average loan size of $275K. They serve businesses across 40 states.

About Magnifi Financial CU

Magnifi Financial CU is an SBA-approved lender headquartered in MELROSE, Minnesota. Since 2020, they have approved 349 SBA 7(a) loans totaling $96.1M, with an average loan size of $275K. As an SBA Preferred Lender, they have delegated authority to approve SBA loans without prior SBA review, resulting in faster processing times. They serve businesses across 40 states.

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Helpful SBA Borrower Guides

SBA 7(a) RequirementsDocuments ChecklistHow to Choose a Lender

Frequently Asked Questions

Is Magnifi Financial CU an SBA Preferred Lender?

Yes, Magnifi Financial CU is an SBA Preferred Lender (PLP). This means they have delegated authority from the SBA to approve loans without prior SBA review, resulting in faster approvals — typically 7–10 business days instead of 4–6 weeks.

How many SBA loans has Magnifi Financial CU approved?

According to SBA FOIA public records, Magnifi Financial CU has approved 349 SBA 7(a) loans totaling $96.1M since 2020. Their average loan size is $275K.

What states does Magnifi Financial CU serve?

Magnifi Financial CU serves businesses in 40 states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Washington D.C., Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Jersey, Nevada, New York, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin.

How do I apply for an SBA loan with Magnifi Financial CU?

To apply for an SBA 7(a) loan with Magnifi Financial CU, contact them directly through the form on this page. Before applying, check your FICO SBSS score (the SBA's pre-screening score) and have your financial statements, business plan, and tax returns ready. Most SBA lenders require 2+ years in business, $100K+ annual revenue, and a personal credit score of 640+.

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SBA 7(a) loans up to $5M · Rates from 10.5% · As fast as 7 days