Platinum Bank
Minnesota SBA Preferred Lender: 7(a), Express and 504 loans $50K to $4.8M, 10.0% median starting rate, no published credit minimum, about 30 to 90 days typical; startup and franchise focus.
Rates & Cost
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Repayment Terms
How and how fast you pay it back, and how flexible it is.
Eligibility & Access
Who qualifies and what you have to put on the line.
Speed & Service
How fast you get funded and how the lender treats you.
Company Verification
Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.
Best for: Startup and franchise owners, in Minnesota or beyond, who need an SBA 7(a), Express or 504 loan of $50K to $4.8M.
Not for: Borrowers who want posted rates, a fixed rate, unsecured credit or cash within weeks.
Lender List verdict: Platinum Bank is a strong pick for startups and franchise buyers, approving most SBA loans in-house as a Preferred Lender. The cost: a 10.0% median variable rate (about Prime + 2.5) and collateral on every loan.
Platinum Bank at a glance
| Platinum Bank | |
|---|---|
| Lender type | FDIC-insured business bank, founded 2007, Oakdale, MN; SBA Preferred Lender |
| Amounts | $50K to $4.8M (last 12 months); Express lines up to $500K |
| Cost (headline) | 10.0% median rate, variable (last 12 months) |
| Term | 10 years typical; up to 25 years for real estate |
| Funding speed | Lender does not publish; 30 to 90 days typical |
| Status | Active; last SBA approval May 26, 2026 |
What is Platinum Bank?
Platinum Bank is a $739.1 million business bank founded in 2007, with offices in Oakdale and Plymouth, Minnesota. It has approved 367 SBA 7(a) loans since FY2020 for $305.9M, with only 2 charge-offs.
Platinum Bank SBA programs
Platinum Bank offers SBA 7(a), SBA Express and SBA 504 loans, and approved 92 7(a) loans in FY2025 but 15 in FY2026's first nine months.
- Standard 7(a): 37 loans of $90,000 to $4,802,000 in the last 12 months; 33 of all 41 used Preferred Lender authority
- SBA Express: revolving lines up to $500,000
- 504: owner-occupied real estate and equipment
- Bank-stated: 66 SBA loans, $45.2M closed in 2025, #1 in Minnesota
Platinum Bank rates and fees: what it really costs
Platinum Bank's SBA 7(a) loans carried a 10.0% median starting rate over the last 12 months (8.0% to 11.75%), all variable. At today's 7.00% Prime, SBA caps variable loans above $350K at 10.0% and loans of $250,001 to $350K at 11.5%.
Worked example: $350,000 over 10 years at 10.0% costs $4,625.28 a month, $555,033.09 in total. The $7,875 SBA guaranty fee (3% of the 75% guaranteed share) lifts the APR to about 10.55%.
Platinum Bank requirements
Platinum Bank requires SBA's 10% injection for startups and acquisitions, collateral and owner guarantees, and publishes no credit-score minimum.
| Requirement | Platinum Bank minimum |
|---|---|
| Down payment | 10% for startups and acquisitions |
| Personal guarantee | Owners of 20% or more |
| Collateral | Taken on all 41 loans in the last 12 months |
| Credit score / revenue | Lender does not publish; must meet SBA size standards |
Frequently asked questions about Platinum Bank
Where Is Platinum Bank Located? Platinum Bank is headquartered at 7667 Tenth Street North in Oakdale, Minnesota (651-332-5200), with a second office in Plymouth. Since FY2020, 233 of its 367 SBA loans financed Minnesota projects; the rest went to 27 other states, led by California and Texas.
How Long Does Platinum Bank Take to Close an SBA Loan? Platinum Bank publishes no timeline; most SBA 7(a) loans fund 30 to 90 days after application. Its Preferred Lender approvals (33 of its last 41) skip the SBA's separate 5 to 10 business-day review, so a complete file can close sooner.
Does Platinum Bank Lend to Startups? Yes, and often: 21 of its last 41 SBA loans (51%) went to businesses not yet open, and 112 of 367 since FY2020. Expect a 10% equity injection, collateral and a personal guarantee from every owner holding 20% or more.
Does Platinum Bank Finance Franchises? Yes. Franchises are a core niche: 127 of its 367 SBA loans since FY2020 carried a franchise code, led by Anytime Fitness (46) and Waxing the City (25). Franchise deals also made up 22 of its last 41 SBA loans.
Compare SBA 7(a), SBA Express and SBA 504 lenders, or Midwest peer Busey Bank and national lender Newtek Bank.
SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
Best for: Startup and franchise owners, in Minnesota or beyond, who need an SBA 7(a), Express or 504 loan of $50K to $4.8M.
Not for: Borrowers who want posted rates, a fixed rate, unsecured credit or cash within weeks.
Lender List verdict: Platinum Bank is a strong pick for startups and franchise buyers, approving most SBA loans in-house as a Preferred Lender. The cost: a 10.0% median variable rate (about Prime + 2.5) and collateral on every loan.
Platinum Bank at a glance
| Platinum Bank | |
|---|---|
| Lender type | FDIC-insured business bank, founded 2007, Oakdale, MN; SBA Preferred Lender |
| Amounts | $50K to $4.8M (last 12 months); Express lines up to $500K |
| Cost (headline) | 10.0% median rate, variable (last 12 months) |
| Term | 10 years typical; up to 25 years for real estate |
| Funding speed | Lender does not publish; 30 to 90 days typical |
| Status | Active; last SBA approval May 26, 2026 |
What is Platinum Bank?
Platinum Bank is a $739.1 million business bank founded in 2007, with offices in Oakdale and Plymouth, Minnesota. It has approved 367 SBA 7(a) loans since FY2020 for $305.9M, with only 2 charge-offs.
Platinum Bank SBA programs
Platinum Bank offers SBA 7(a), SBA Express and SBA 504 loans, and approved 92 7(a) loans in FY2025 but 15 in FY2026's first nine months.
- Standard 7(a): 37 loans of $90,000 to $4,802,000 in the last 12 months; 33 of all 41 used Preferred Lender authority
- SBA Express: revolving lines up to $500,000
- 504: owner-occupied real estate and equipment
- Bank-stated: 66 SBA loans, $45.2M closed in 2025, #1 in Minnesota
Platinum Bank rates and fees: what it really costs
Platinum Bank's SBA 7(a) loans carried a 10.0% median starting rate over the last 12 months (8.0% to 11.75%), all variable. At today's 7.00% Prime, SBA caps variable loans above $350K at 10.0% and loans of $250,001 to $350K at 11.5%.
Worked example: $350,000 over 10 years at 10.0% costs $4,625.28 a month, $555,033.09 in total. The $7,875 SBA guaranty fee (3% of the 75% guaranteed share) lifts the APR to about 10.55%.
Platinum Bank requirements
Platinum Bank requires SBA's 10% injection for startups and acquisitions, collateral and owner guarantees, and publishes no credit-score minimum.
| Requirement | Platinum Bank minimum |
|---|---|
| Down payment | 10% for startups and acquisitions |
| Personal guarantee | Owners of 20% or more |
| Collateral | Taken on all 41 loans in the last 12 months |
| Credit score / revenue | Lender does not publish; must meet SBA size standards |
Frequently asked questions about Platinum Bank
Where Is Platinum Bank Located? Platinum Bank is headquartered at 7667 Tenth Street North in Oakdale, Minnesota (651-332-5200), with a second office in Plymouth. Since FY2020, 233 of its 367 SBA loans financed Minnesota projects; the rest went to 27 other states, led by California and Texas.
How Long Does Platinum Bank Take to Close an SBA Loan? Platinum Bank publishes no timeline; most SBA 7(a) loans fund 30 to 90 days after application. Its Preferred Lender approvals (33 of its last 41) skip the SBA's separate 5 to 10 business-day review, so a complete file can close sooner.
Does Platinum Bank Lend to Startups? Yes, and often: 21 of its last 41 SBA loans (51%) went to businesses not yet open, and 112 of 367 since FY2020. Expect a 10% equity injection, collateral and a personal guarantee from every owner holding 20% or more.
Does Platinum Bank Finance Franchises? Yes. Franchises are a core niche: 127 of its 367 SBA loans since FY2020 carried a franchise code, led by Anytime Fitness (46) and Waxing the City (25). Franchise deals also made up 22 of its last 41 SBA loans.
Compare SBA 7(a), SBA Express and SBA 504 lenders, or Midwest peer Busey Bank and national lender Newtek Bank.
SBA figures: SBA 7(a) FOIA data, FY2020–present, as of June 30, 2026 (data.sba.gov).
Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.
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