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 helps enrolled Minnesota lenders mitigate risk so they can increase capital to small businesses across Minnesota.
Are You Eligible?
The program is first-come, first-serve. The maximum loan guarantee amount is $800,000. A fee of 0.25% of the guarantee amount is charged for each enrolled loan.
Must be:
- Minnesota-headquartered small businesses
- Fewer 750 employees – includes parent company and all other locations
- Business purpose: startup costs, working capital, equipment, inventory, purchase, construction, renovation, tenant improvements (some restrictions apply), or purchase of tangible or intangible assets except goodwill.
How to Apply
Businesses seeking loans through the program will apply through enrolled lenders.
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.
