At its Minnesota Lenders Conference on September 15, 2022, the U.S. Small Business Administration’s (SBA) Minnesota District honored 11 lenders throughout the state for their commitment to helping small businesses succeed. Magnifi Financial was recognized at this year’s Lenders Conference as having the highest participation among credit unions in traditional SBA-backed loan programs.
Magnifi Financial is honored to receive this award for the third consecutive year. “Our team has worked tirelessly to efficiently approve and close SBA loans so business owners can focus on what they do best. We have a great support system with dedicated staff to help business owners through the entire process, and we are excited to continue serving the small business owners that support our communities in so many ways,” stated Josh Villa, Vice President of SBA Lending.
“This year, we are supporting and recognizing the incredible work of lenders who are utilizing SBA-backed loans to help Minnesota’s small businesses access the capital they need to drive our economy,” said SBA Minnesota District Director Brian McDonald. “Minnesota’s lending community, totaling nearly 300 banks, credit unions, and loan funds, have continued to step up in remarkable fashion serving thousands of Minnesota small businesses with SBA-back loans that are creating vibrant communities and jobs.”
The SBA’s ability to help small businesses access capital is tied to the country’s lending institutions and its partners’ ability and willingness to loan money to those struggling to get financing. To assist with this, the SBA guarantees the loans that the lending institutions provide to these small businesses. Lending institutions helped Minnesota-based small businesses access 2,180 loans for $1,241,511,400 in traditional 7(a) and 504 SBA-backed capital from July 1, 2021, to June 30, 2022.
About Magnifi Financial’s SBA Lending Capabilities
Magnifi Financial is the only Minnesota-based credit union with SBA Preferred Lender status. We are the #1 SBA Lending credit union in Minnesota and we are focused on providing the best financial solutions and experiences for small businesses.
We provide our business clients with:
- Local decisions
- An efficient and streamlined process
- A knowledgeable team that walks borrowers through each step
- Regular updates throughout the loan process
Learn more about Magnifi Financial’s SBA Lending program here and contact us to get started on financing your next venture.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.