2020 was perceived to be a hallmark for the future and technology. However, it unfolded differently than anyone could have ever imagined. While we may like to leave behind any remembrance of the year, there are things to celebrate, remember, and learn from our perseverance.
The Drake Team
In March, the financial services sector was identified as an Essential Critical Infrastructure Workforce. Since then, the Drake Bank team has committed to providing a source of liquidity and support to our community.
- Paycheck Protection Program (PPP)
Our team originated over 25% of our total loan volume from March 31, 2020, in just over eight weeks. Additionally, community banks originated 60% of all PPP loans.
- MN DEED Small Business Loan Guarantee Program (SBLG)
As a preferred SBA lender committed to supporting local small businesses, Drake Bank was approved as a lender for the SBLG program in April.
- Federal Reserve Main Street Lending Program
In November, Drake Bank was approved as an eligible lender for the temporary Main Street Lending Program, which provided small- and mid-sized organizations credit to maintain their operations through the pandemic.
- Relief Checks
To help individuals receive the full amount of government, state, or city-issued relief checks, Drake Bank cashed client and non-client relief checks without fees.
- Drake COVID-19 Relief Fund
Inspired and funded by our Board of Directors and staff, we distributed over $80,000 to our clients, families, friends, and neighbors that were financially impacted by COVID-19. $500 grants were distributed to 155 individuals in eight weeks.
Additionally, we helped our clients stay aware of external financing and grant programs, including:
- US Pandemic Unemployment Assistance Program
- SBA Economic Injury Disaster Loan Program
- MN DEED Small Business Emergency Loan Program
- City of St. Paul Bridge Foundation for Families & Small Businesses
- US Chamber of Commerce Foundation’s Save Small Business Fund
- LISC Small Business Relief Grants
- St. Paul Small Business & Cultural Organization COVID-19 Grants
- Biz Recycling Relief Grants
- Cultural Star General Operations Grants
- Ramsey County Small Business Relief Fund
- Hennepin County Small Business COVID-19 Emergency Funding
- Minnesota Small Business Relief Grants
Rebeca Rainey, President and CEO of Independent Community Bankers of America, summarized the commitment and impact of community bankers in ICBA’s National Community Service Awards announcement. “ICBA is proud to honor the extraordinary dedication and commitment of community bankers, whose spirit of service shined through when our country needed it most. We are so fortunate to represent such thoughtful and compassionate community leaders, and we commend their efforts to go above and beyond, even during times of challenge.”
Due to our clients’ support, our deposits grew from $87.2 million to $130.9 million, reserves grew from $1.9 million to $3 million, and capital grew from $11.5 million to $12.5 million. Our team also expanded throughout the year to continue meeting the needs of our clients.
In recognition of our staff’s extraordinary dedication this year, each team member was named a community hero in December. In this recognition, they received a special bonus and a 2020 hero pin.
Many industries and individuals within our community also stepped up into the role of a hero throughout the pandemic: working on the frontlines, staffing our grocery stores, keeping our communities safe, and teaching our next generations, to name a few.
hero: a person admired for achievements and noble qualities; one who shows great courage – Merriam Webster Dictionary
As part of the community hero recognition in December, our staff was also challenged to pay-it-forward to other community heroes that they know. Here are some of those stories:
- A daycare person who has been helping a Drake employee’s child with hybrid learning and schoolwork and adapting to the new school schedules this year.
- A healthcare worker who transitioned to a new role and juggled double-duty between the departments as needed due to demand and staffing levels, on top of caring for her two young children.
- A single mom with two little boys who works in the hospitality industry who has been laid off twice this year.
- A cardiac ICU nurse who has worked on the frontlines throughout the pandemic. Despite testing and precautions, she contracted COVID-19 at work, and it took about a month to get back to normal.
- A community development leader who did not show panic during times of chaos and crisis, showing true heroic strength while managing the needs of the business and residential community.
- A police force leader for their poise, commitment, and laser-focus on public safety during a challenging year.
- An emergency pilot who has been flying emergency COVID patients to receive the care they need.
Thank you to all the community heroes for their achievements, courage, and dedication to building a better future. #WeAreMNThisTogether