Magnifi Financial Credit Union (MN)
SBA loan rates, programs and alternatives for this credit union in Minnesota.
Magnifi Financial is a credit union headquartered in Melrose, Minnesota. It was known as Central Minnesota Credit Union until 2022 and serves members across central Minnesota from St. Cloud to the Twin Cities' western suburbs.
Credit unions can make SBA loans just as banks do, and Magnifi Financial's business lending team offers 7(a) loans to member businesses, with a focus on agricultural and small-town commercial borrowers in its field of membership. You'll need to join the credit union to borrow.
Maximum SBA rates at Magnifi Financial
Every SBA lender must stay at or below the SBA's caps, which are tied to the prime rate (7.00%). A loan over $350,000 can't carry a variable rate above 10.00%.
| Loan amount | Maximum spread | Maximum variable rate today |
|---|---|---|
| $50,000 or less | Prime + 6.5 | 13.50% |
| $50,001 to $250,000 | Prime + 6.0 | 13.00% |
| $250,001 to $350,000 | Prime + 4.5 | 11.50% |
| Over $350,000 | Prime + 3.0 | 10.00% |
Ask Magnifi Financial for its spread over prime. Two lenders can both be under the cap and still be a full point apart. See how SBA 7(a) rates are set.
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Get matched with an SBA lender
Answer four questions and see SBA lenders that fit your state, loan size and industry, with your maximum rate. Compare at least two quotes before you sign. Rates move monthly: check current SBA loan rates and the 504 rate.
Before you apply
- Ask whether the lender is an SBA Preferred Lender and how many SBA loans it closed last year in your industry.
- Request the spread over prime, the fixed-rate option, and all fees in writing.
- Get at least one more quote. Our lender directory lists other SBA lenders in Minnesota.
Questions
Does Magnifi Financial offer SBA loans?
Magnifi Financial Credit Union appears in SBA's public lending data as a participating SBA lender. Confirm which programs it offers today and whether it has Preferred Lender (PLP) status, which lets it approve loans without waiting on the SBA.
What rate will I get on an SBA loan from Magnifi Financial?
The lender sets your rate below the SBA maximum. With prime at 7.00%, variable 7(a) caps run from 10.00% to 13.50%. Your rate depends on loan size, term, collateral, credit and cash flow.
Where is Magnifi Financial based?
Magnifi Financial Credit Union is headquartered in Melrose, Minnesota. It was known as Central Minnesota Credit Union until 2022 and serves members across central Minnesota from St. Cloud to the Twin Cities' western suburbs.
Sources: SBA 7(a) terms, conditions and maximum variable rates; Federal Reserve H.15 selected interest rates (bank prime loan rate); November 2026 SBA 504 debenture pricing, as published by CDCs; SBA FOIA 7(a) and 504 loan-level data.