St. Paul, Minn. | January 24, 2023 – Drake Bank has been approved as a lender in the Minnesota Loan Guarantee Program by the Minnesota Department of Employment and Economic Development (DEED).
The Minnesota Loan Guarantee Program (MNLGP) provides guarantees to enrolled lenders for up to 80% of principal on loans to eligible businesses. It is part of the State Small Business Credit Initiative and helps enrolled Minnesota lenders mitigate risk so they can increase capital to small businesses across Minnesota.
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 MNLGP and is ready to help any Minnesota-headquartered small businesses determine their eligibility for this program.
“We believe that when small businesses thrive, the entire community thrives,” said Greg Larson, President and CEO at Drake Bank. “Our team is ready to assist current and future clients navigate through this process.”
As an approved lender for the MNLG program and an SBA-preferred lender, Drake Bank is here to help. You can reach our banking staff via email or phone at customerservice@drake-bank.com or (651) 224-5000 with any questions.
Drake Bank is a purpose-driven, independent community bank in St. Paul. Founded in 2002, the Drake team focuses on building authentic relationships and building a better future for the local communities. Drake team members work individually with each client to provide business, consumer, cash management, and mortgage services to help them reach their goals. Outside of the Bank’s traditional banking services, it partners with mission-aligned financial technology companies to expand its mission to other communities. Start building a better future. Learn more at drake-bank.com.
