Drake Bank has been designated as an Approved Lender for the Minnesota Department of Employment and Economic Development’s (DEED) Minnesota Loan Guarantee Program (MNLGP). The MNLG program provides guarantees to enrolled lenders for up to 80% of the principal on loans to eligible businesses. It is part of the State Small Business Credit Initiative and ...
What is the FDIC? The FDIC, or Federal Deposit Insurance Corporation, is an independent agency Congress created in 1933. The goal of the FDIC Is to maintain stability and public confidence in the nation’s financial system. The FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex ...
It’s the season of giving and being thankful. However, if you’ve ever hosted Thanksgiving dinner for friends and family, you know how the stress of coordinating people, cooking, and the grocery bill can add up. According to Statista, the average price for a complete ten-person Thanksgiving feast in the U.S. is $53.31. However, you’ve probably ...
Scams and fraud are on the rise – especially ACH and wire fraud. Criminals and con artists use many tactics to target unsuspecting people who have access to money, and we want you to be aware of how to keep you and your business safe from scammers. Here are some of the latest scams to ...
Life has a funny way of throwing us curveballs when we least expect it. While no one can predict what might happen, you can prepare for potential emergencies. The more prepared you are for future curveballs, the easier it is to get through them without too much stress. Preparing financially will help give you more ...
Couples agree that money is the primary source of conflict in most relationships. And it’s no wonder why. People hold different values around money depending on when and where they were raised, cultural norms, and more. For example, someone who shops at thrift stores might balk at their beau’s $100 clothing item. Individuals who value ...
The process of buying your first home can be very exciting and, at the same time, a little scary. Don’t worry, that’s normal! However, to set yourself up for success and avoid some of the stress, there are some steps you can take as you become a homeowner. First things first, you should start saving ...
Financial wellness impacts every facet of your life. Stressed about rent this month? Concerned you’re not setting aside enough for retirement? Lots of life’s daily stressors can be linked to money. Still, by moving through each of the five stages of financial wellness with a curious desire to learn and mature, you’ll have less stress ...
March is National Credit Education Month, so what better time to brush up on your knowledge? A little mysterious and sometimes confusing, credit represents the ability to borrow money assuming it will get paid back in the future, usually with interest. It's an agreement between a lender (i.e., a bank or merchant) and a borrower ...
Thinking that you need a change of scenery? Ready to get your toes in the sand (instead of some snow)? If you have been longing to escape and are thinking about planning your next vacation, here are some quick tips that may help you click ‘book’ and head to warmer (or cooler) climates faster. 1. ...