Platinum Bank was recognized by the Minnesota SBA as Export Lender of the Year in 2016 and 2017
Q. How difficult is the loan approval process?
Over the years, the SBA has streamlined its loan programs to make them more accessible to financial institutions. You might have heard that it takes weeks to process and approve a loan – that’s not the case. We take into consideration your requirements and deadlines for getting things done. Plus, our status as an SBA Preferred Lender allows us to handle nearly everything in-house. The SBA won’t be a roadblock for meeting your deadlines.
Q. Will I be borrowing money from the government or Platinum Bank?
You will be working with our team and borrowing directly from Platinum Bank. We’re simply utilizing a program that’s available through the government. This program gives us the guarantee and allows us to take risks such as financing a startup or expanding an existing business into new markets.
Q. What are the primary benefits of the SBA loan program?
SBA loans provide many benefits that are not available with conventional loans:
- SBA loans can offer a lower down payment than a conventional loan.
- SBA loans can provide financing when there isn’t collateral to support the loan program. Without available collateral, a conventional loan can be difficult to obtain.
- SBA loans may offer longer payment terms – up to 10 years – allowing your business to manage day-to-day cash flow.
Q. How much will my SBA loan cost?
Beyond the guaranty fee, which is established by the SBA to access the loan product, the costs are limited and based on the loan amount and program. We can provide a fee estimate very early in the loan process. In most cases, these fees can be included in your loan.
Q. Will my business qualify for SBA financing?
Whether or not you qualify for SBA financing depends on several factors. In Platinum’s years of experience lending through SBA loan programs, most, if not all, small businesses are eligible for SBA financing. We will discover early in the process the programs of which your business is eligible.