Drake Bank has been as an Approved Lender for the Minnesota Department of Employment and Economic Development’s (DEED) Small Business Loan Guarantee (SBLG) Program

St. Paul, Minn. | April 3, 2020 – The Minnesota Department of Employment and Economic Development (DEED) is temporarily offering the Minnesota Small Business Loan Guarantee (SBLG) Program to Minnesota small businesses affected by COVID-19.

The SBLG program offers loans to Minnesota businesses with fewer than 250 employees. The loan can be used for a variety of purposes, including machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; working capital when secured by fixed assets when possible.

No loans will come directly from DEED. Loans can be secured by lenders enrolled in the program. Drake Bank has been approved as a lender for the SBLG program and is ready to help any small businesses in determining if they are eligible for this program.

“Supporting our small business community is more important than ever,” said Greg Larson, President and CEO at Drake Bank, “We understand that there may be cases where clients are finding themselves facing financial difficulties during this time. Our business bankers are ready to assist current and future clients navigate all of the programming options available to small businesses, including the SBLG program.”

As an approved lender for the SBLG program and an SBA preferred lender, Drake Bank bankers continue to closely monitor the rapidly changing events related to COVID-19. While the bank lobby is temporarily closed, our mortgage, consumer, and business banking teams continue to help our clients in finding options that make sense for their unique situations. You can contact them via email or phone at customerservice@drake-bank.com or (651) 224-5000 with any questions.

Drake Bank is a purpose driven independent bank in St. Paul. We were founded in 2002 by a group of successful entrepreneurs committed to helping others succeed for the shared prosperity of their community. Our 70+ founders invested their own money to fund the first business loans and many are still shareholders today. Start building a better future with us. Learn more at drake-bank.com.