SBA – Platinum Bank

SBA.

Platinum’s Preferred SBA Lender status can help you maximize your operating capital.

Paycheck Protection Program (PPP) Loan Information

MAKING SMALL BUSINESS WORK

As a Preferred SBA Lender, Platinum Bank offers you full access to all Small Business Administration loan programs. Call one of our professional business bankers today and find out what SBA lending can do for your business.

Platinum Bank: Providing Creative Solutions through SBA Loans.

Small business banking is at the heart of what we do. We strive to be there as you reach new milestones in the life cycle of your business. Our clients come from a number of industries and require financing for everything from buying a business to selling overseas.

Platinum Bank: A Leader in Financing Minnesota’s Global Efforts.

The SBA Export Working Capital Program gives local businesses the ability to sell to buyers around the world. This program was created by the SBA because banks can’t protect the security interests of overseas activities, which makes them difficult to finance. This loan program allows us to lend against foreign accounts receivable, as long as the financing is used for overseas sales.

Platinum Bank: A Preferred SBA Lender.

As a Preferred Lender with the SBA, Platinum Bank is able to process and approve most loans internally. This gives you more control and gives us flexibility to approve and close the loan on your timeline.

Platinum Bank: Offering Numerous SBA Options for Your Business.

Platinum Bank considers your specific situation before recommending a loan product that will fit for your business. Following are common situations for small businesses:

7A: Offers extended amortization and low down payment options.

Scenario: You are starting a business, acquiring a business, consolidating debt or buying a franchise.

Express: For revolving lines of credit up to $350,000.

Scenario: Your business has a seasonal sales cycle or financing gaps.

Export Express-Export Working Capital: Enhance the exporting capabilities of your business’s revolving lines of credit; purchase order financing.

Scenario: You are researching new overseas markets or need to fulfill existing orders for overseas buyers.

International Trade: Enhance the exporting capabilities of your business; term loan to finance fixed assets and/or real estate).

Scenario: You are purchasing or improving real estate or purchasing new equipment to support exporting activities.

504: Offers a minimal down payment and provides extended amortization for large investments in real estate and equipment.

Scenario: You are purchasing or constructing a commercial building.

CAPLine: For revolving lines of credit $350,001 – $5 Million.

Scenario: Your business has a seasonal sales cycle or financing gaps.

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.

For more SBA borrower information, click here.

View the Platinum SBA Checklist.