Lenders › Platinum Bank
7(a) lenderOakdale, MinnesotaFDIC-insured bank121st of 2,184 by approvals
Platinum Bank
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
In FY2021 to FY2025 SBA approved 317 7(a) loans, worth $262M, through Platinum Bank of Oakdale, Minnesota, an FDIC-insured bank in the SBA 7(a) program. By number of approvals that is 121st among 2,184 active 7(a) lenders.
In FY2025, the latest complete fiscal year, it had 92 approvals totalling $61.5M, about level with FY2024 (98). FY2026 to 30 Jun 2026 adds 15 more.
The median approval was $500K, against $190K for the 7(a) program as a whole; 17.7% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 27 states and territories and 93 counties, led by Minnesota (59.6%), California (7.6%) and Texas (5.7%). The largest industry group was arts, entertainment, and recreation at 21.5% of approvals, and 37.5% of approvals were to franchise businesses.
Of 254 disbursed loans approved in FY2010 to FY2021, SBA records 7 as charged off (2.8%), 197 as paid in full and 50 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 15 | $14.2M | $500K | $944K | 347 |
| FY2025 | 92 | $61.5M | $500K | $669K | 1,518 |
| FY2024 | 98 | $73.0M | $482K | $745K | 1,694 |
| FY2023 | 38 | $29.8M | $500K | $783K | 939 |
| FY2022 | 47 | $38.9M | $400K | $828K | 1,293 |
| FY2021 | 42 | $59.1M | $910K | $1.4M | 1,121 |
| FY2020 | 35 | $29.4M | $656K | $840K | 927 |
| FY2019 | 19 | $14.9M | $285K | $786K | 100 |
| FY2018 | 28 | $23.1M | $268K | $824K | 433 |
| FY2017 | 34 | $22.1M | $225K | $651K | 295 |
| FY2016 | 23 | $8.4M | $150K | $364K | 135 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 139 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Minnesota | 7(a) program |
|---|---|---|---|
| Approvals in these years | 273 | 18,934 | 639,905 |
| Cancelled or never disbursed | 19 | 2,040 | 79,313 |
| Disbursed loans | 254 | 16,894 | 560,592 |
| Paid in full | 197 | 13,664 | 435,813 |
| Charged off | 7 | 778 | 36,891 |
| Still outstanding (status exempt from disclosure) | 50 | 2,452 | 87,888 |
| Charged off, share of disbursed loans | 2.8% | 4.6% | 6.6% |
| Dollars charged off, share of disbursed dollars | 1.6% | 2.4% | 2.5% |
| Dollars charged off | $3.0M | $131M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 41 | 23 | 1 | 2.4% | 2.8% |
| FY2020 | 31 | 15 | 0 | 0.0% | 4.0% |
| FY2019 | 16 | 7 | 0 | — | 6.7% |
| FY2018 | 27 | 24 | 0 | — | 7.9% |
| FY2017 | 34 | 30 | 2 | 5.9% | 7.7% |
| FY2016 | 23 | 21 | 1 | — | 7.2% |
| FY2015 | 16 | 14 | 1 | — | 6.9% |
| FY2014 | 22 | 21 | 0 | — | 6.4% |
| FY2013 | 17 | 17 | 0 | — | 6.0% |
| FY2012 | 14 | 12 | 2 | — | 6.3% |
| FY2011 | 9 | 9 | 0 | — | 6.9% |
| FY2010 | 4 | 4 | 0 | — | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $500K | $190K |
| Average approval | $828K | $518K |
| Approvals of $150,000 or less | 17.7% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 46.1% | 34.3% |
| Approvals to franchise businesses | 37.5% | 11.5% |
| Jobs supported per approval, as reported | 20.7 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 2.8% | 6.6% |
States served
| # | State of the business (27 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Minnesota | 189 | $179M | 59.6% | |
| 2 | California | 24 | $13.2M | 7.6% | |
| 3 | Texas | 18 | $10.5M | 5.7% | |
| 4 | Wisconsin | 11 | $12.7M | 3.5% | |
| 5 | Florida | 11 | $5.0M | 3.5% | |
| 6 | Illinois | 9 | $3.4M | 2.8% | |
| 7 | South Carolina | 8 | $3.5M | 2.5% | |
| 8 | Georgia | 6 | $2.0M | 1.9% | |
| 9 | Pennsylvania | 5 | $4.0M | 1.6% | |
| 10 | Washington | 5 | $3.5M | 1.6% | |
| 11 | Colorado | 4 | $7.0M | 1.3% | |
| 12 | Ohio | 4 | $4.4M | 1.3% |
In Minnesota the lender accounts for 2.3% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (93 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Hennepin County, MN | 91 | $91.6M | 28.7% | |
| 2 | Anoka County, MN | 22 | $19.7M | 6.9% | |
| 3 | Ramsey County, MN | 19 | $19.6M | 6.0% | |
| 4 | Washington County, MN | 16 | $12.0M | 5.0% | |
| 5 | Dakota County, MN | 14 | $15.8M | 4.4% | |
| 6 | St. Croix County, WI | 6 | $6.8M | 1.9% | |
| 7 | Scott County, MN | 6 | $5.4M | 1.9% | |
| 8 | Santa Clara County, CA | 6 | $2.8M | 1.9% | |
| 9 | Carver County, MN | 5 | $3.7M | 1.6% | |
| 10 | Los Angeles County, CA | 5 | $3.1M | 1.6% | |
| 11 | Olmsted County, MN | 4 | $3.8M | 1.3% | |
| 12 | Alameda County, CA | 4 | $2.1M | 1.3% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Arts, Entertainment, and Recreation | 68 | 21.5% | |
| 2 | Other Services (except Public Administration) | 50 | 15.8% | |
| 3 | Construction | 34 | 10.7% | |
| 4 | Professional, Scientific, and Technical Services | 30 | 9.5% | |
| 5 | Retail Trade | 27 | 8.5% | |
| 6 | Accommodation and Food Services | 22 | 6.9% | |
| 7 | Manufacturing | 20 | 6.3% | |
| 8 | Wholesale Trade | 19 | 6.0% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Amusement and Recreation IndustriesNAICS 7139 | 63 | 19.9% | |
| 2 | Personal Care ServicesNAICS 8121 | 33 | 10.4% | |
| 3 | Restaurants and Other Eating PlacesNAICS 7225 | 21 | 6.6% | |
| 4 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 10 | 3.2% | |
| 5 | Other Personal ServicesNAICS 8129 | 10 | 3.2% | |
| 6 | Services to Buildings and DwellingsNAICS 5617 | 9 | 2.8% | |
| 7 | Computer Systems Design and Related ServicesNAICS 5415 | 8 | 2.5% | |
| 8 | Building Equipment ContractorsNAICS 2382 | 8 | 2.5% | |
| 9 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 7 | 2.2% | |
| 10 | Building Finishing ContractorsNAICS 2383 | 7 | 2.2% |
Approval sizes
- $50,000 or less6.3%20
- $50,001 to $150,00011.4%36
- $150,001 to $350,00022.7%72
- $350,001 to $1 million38.2%121
- $1 million to $2 million11.4%36
- Over $2 million10.1%32
Loan terms
- 5 years or less4.4%14
- Over 5 to 10 years64.4%204
- Over 10 to 20 years27.4%87
- Over 20 years3.8%12
Age of the businesses
- Existing, more than 2 years old46.4%147
- New business, 2 years or less12.9%41
- Startup, loan funds will open the business33.1%105
- Change of ownership7.6%24
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 188 | 59.3% | |
| 2 | SBA Express Program | 92 | 29.0% | |
| 3 | 7a General | 22 | 6.9% | |
| 4 | Working Capital CAPLine | 7 | 2.2% | |
| 5 | 7a with EWCP | 6 | 1.9% | |
| 6 | Seasonal CAPLine | 2 | 0.6% |
Franchise share
119 of 317 approvals in FY2021–FY2025 (37.5%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Anytime Fitness | 46 | 14.5% | |
| 2 | Waxing the City | 25 | 7.9% | |
| 3 | Red's Savoy Pizza | 5 | 1.6% | |
| 4 | Seniors Helping Seniors | 4 | 1.3% | |
| 5 | Burn Boot Camp Fitness | 3 | 0.9% | |
| 6 | Sky Zone | 2 | 0.6% | |
| 7 | Petland | 2 | 0.6% | |
| 8 | Sylvan Learning Centers | 2 | 0.6% |
Questions and answers
How many SBA loans does Platinum Bank make?
SBA approved 92 7(a) loans through Platinum Bank in FY2025, worth $61.5M, and 317 over FY2021 to FY2025. That ranks 121st of 2,184 active 7(a) lenders by number of approvals.
How large are Platinum Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $500K and the average $828K. The program-wide median was $190K.
What is Platinum Bank's charge-off rate?
Of 254 disbursed loans approved in FY2010 to FY2021, SBA records 7 as charged off (2.8%), 197 as paid in full and 50 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Platinum Bank lend to most?
By number of approvals in FY2021 to FY2025: other amusement and recreation industries (63); personal care services (33); restaurants and other eating places (21); foundation, structure, and building exterior contractors (10).
Where does Platinum Bank make SBA loans?
In 27 states and territories. Minnesota 189, California 24, Texas 18, Wisconsin 11, Florida 11. In Minnesota it accounts for 2.3% of all 7(a) approvals.
Is Platinum Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 228, against 124 in the three before: rising (+84%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error