Platinum Bank also is Ranked in the Top 25 Lenders for Overall SBA Loan Activity in Minnesota
October 2016, St. Paul, MN — Platinum Bank was honored as the 2016 SBA Export Programs Lender of the Year at the annual Small Business Administration Minnesota Lenders’ Conference in Minneapolis. Platinum ranks among Minnesota’s top 25 SBA lenders for 2016.
The Export Programs award is given annually to the top lender that utilizes SBA export programs. These programs provide working capital lines of credit for small businesses that export goods and services around the world. Platinum Bank has assisted several clients with SBA financing through this program. Financing has ranged from $250,000 in general working capital lines of credit to $5 million in dedicated export working capital lines that support clients’ international buyers.
Clients using this program have businesses ranging from exports of commodities and office equipment to international consulting. The program can be tailored to borrowers, whether they own a start-up or operate an established company.
“Platinum Bank is proud to support Minnesota companies, helping them achieve success here at home and also expand to a global market,” said Marc Cove, Co Founder/Market President. “We have long been an active user of the Small Business Administration’s Programs to help support our clients’ growth.”
Platinum is one of the few banks locally to regularly promote SBA Export Programs, said Andy Naughton, AVP/ SBA Manager. “We saw value in creating an area of focus on small business exporters. It takes time to understand the SBA program and do it properly, so we are proud to be recognized as a leader.”
Data obtained for the 4th Annual Minnesota SBA Lender Awards was taken from the Small Business Administration’s Minnesota District Office loan volume dashboard. Loan information was collected from July 1, 2015 to June 30, 2016, with awards based on number of guaranteed approved loans. Only 11 lenders in the state were honored this year for SBA lending activity.
Platinum Bank is an SBA Preferred Lender and specializes in assisting small-to-medium sized businesses with their banking needs. Their mission is creating a Means to a Dream by providing an entrepreneurial environment that fosters outside of the box thinking. They have 21 employees. Located in Oakdale, the bank has been in business since 2007.
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