Small Businesses make up 99.5% of Minnesota businesses and employ over 47% of Minnesota’s employees, according to the U.S. Small Business Administration, Office of Advocacy’s 2019 Small Business Profile. These strong statistics reinforce the saying: “small businesses are the backbone of our economy.”
At Drake Bank, we have a passion for serving our community and local businesses. The COVID-19 pandemic hit all companies, no matter the size or industry — and our favorite small, local businesses were no exception.
However, in these uncertain times, we have held on to our families, friends, colleagues – Community. As a community bank, we have been inspired by the community support that has continued: like supporting local businesses with take-out orders (and adult beverages) and donating meals to front-line medical professionals. Community seems to be the cornerstone of hope and resilience.
The SBA’s Paycheck Protection Program was a glimpse of hope for many small businesses, especially as they were closing doors and witnessing decreased workload. “Following its [PPP’s] launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, which will protect a vast number of American jobs,” stated U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin.
At Drake Bank, over two-thirds of our staff worked around-the-clock — answering customer questions, gathering program information, and processing 23.5% of our loan volume. Through the two phases of funding, PPP allowed our team to make the following impact, which amplified our mission of “working together with our clients and our community to discover, earn, and build a better future.”