Platinum Bank: SBA business acquisition lending record
Platinum Bank (home state MN) approved 41 SBA 7(a) loans to buy existing businesses since FY2018, totaling $38M. The median loan was $500,000. It ranks number 198 of 280 lenders by count and made 0.1% of all SBA acquisition loans nationally.
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What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $285,000 and $950,000. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Minnesota is the largest state (63% of loans). Loans appear in only 10 states, which points to a regional lender.
- Industry concentration. Fitness and Recreational Sports Centers is 12% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 350 SBA 7(a) loans of any purpose since FY2020, totaling $297M. 80% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 27% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Too few of its loans are old enough to measure a charge-off rate.
Platinum Bank acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 4 | $2M | $454,000 | |
| FY2019 | 7 | $5.2M | $630,000 | |
| FY2020 | 2 | $579K | $289,700 | |
| FY2021 | 1 | $5M | $5,000,000 | |
| FY2022 | 4 | $3.1M | $323,000 | |
| FY2023 | 2 | $1.9M | $930,000 | |
| FY2024 | 10 | $8.2M | $486,250 | |
| FY2025 | 7 | $5.8M | $826,000 | |
| FY2026 | 4 | $6.3M | $647,500 |
How often do these acquisition loans fail?
Fewer than 20 Platinum Bank acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Minnesota | 26 | 63.4% | $18.8M | |
| 2 | Pennsylvania | 3 | 7.3% | $3.2M | |
| 3 | Texas | 3 | 7.3% | $2.8M | |
| 4 | New Hampshire | 2 | 4.9% | $5M | |
| 5 | Wisconsin | 2 | 4.9% | $1.2M | |
| 6 | Colorado | 1 | 2.4% | $5M | |
| 7 | North Dakota | 1 | 2.4% | $967K | |
| 8 | Montana | 1 | 2.4% | $473K | |
| 9 | Oregon | 1 | 2.4% | $297K | |
| 10 | South Carolina | 1 | 2.4% | $260K |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Fitness and Recreational Sports Centers | 5 | 12.2% | $2.1M | |
| 2 | All Other Miscellaneous Retailers | 3 | 7.3% | $6.6M | |
| 3 | General Automotive Repair | 3 | 7.3% | $1.9M | |
| 4 | Pet and Pet Supplies Retailers | 2 | 4.9% | $2.4M | |
| 5 | Other Computer Related Services | 2 | 4.9% | $1.9M | |
| 6 | Electrical Contractors and Other Wiring Installation Contractors | 2 | 4.9% | $425K |
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Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Anytime Fitness | 3 | 7.3% | $1.7M | |
| 2 | Petland | 2 | 4.9% | $2.4M | |
| 3 | Batteries Plus | 1 | 2.4% | $1.5M | |
| 4 | Waxing the City | 1 | 2.4% | $967K | |
| 5 | Fantastic Sams | 1 | 2.4% | $612K | |
| 6 | Burn Boot Camp Fitness | 1 | 2.4% | $84K |
Questions buyers ask
Does Platinum Bank make SBA acquisition loans?
Yes. Platinum Bank approved 41 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 198 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are Platinum Bank's acquisition loans?
The median was $500,000, with the middle half between $285,000 and $950,000. The national median is $645,250, so this lender's typical loan is 23% lower than the national figure.
Which states does Platinum Bank lend in?
Minnesota (26), Pennsylvania (3), Texas (3), New Hampshire (2), Wisconsin (2), Colorado (1). Its loans appear in 10 states, so it is closer to a regional lender.
Which industries does Platinum Bank finance?
Fitness and Recreational Sports Centers (5), All Other Miscellaneous Retailers (3), General Automotive Repair (3), Pet and Pet Supplies Retailers (2), Other Computer Related Services (2). The top industry is 12% of its acquisition loans.
How have Platinum Bank's acquisition loans performed?
Fewer than 20 of this lender's loans are old enough to measure. The national benchmark is 3.5% for the FY2018 to FY2021 cohort.
The purchase agreement decides what you bought, not the loan approval.
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Related
- Minnesota acquisitions
- Pennsylvania acquisitions
- Texas acquisitions
- Fitness and Recreational Sports Centers
- All Other Miscellaneous Retailers
- General Automotive Repair
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by Platinum Bank.