Drake Bank

This is a commercial bank offering SBA loan programs to support small and medium-sized businesses. You can find information about loan options, application processes, and personalized financial guidance here.

It's recommended to schedule an appointment with a loan officer to ensure dedicated time and personalized assistance, though walk-ins may be accommodated during business hours.

Drake Bank's lobby is open Monday through Friday, 8:30 AM to 5:00 PM, with drive-up service from 8:00 AM to 5:00 PM. Confirm these hours with the bank before visiting.

There are no fees to inquire about SBA loans or to meet with a loan officer; however, specific loan applications may involve closing costs and fees based on the loan agreement.

This bank's services are primarily available to local businesses in the region, though eligibility for SBA loans depends on meeting specific criteria regardless of residency.

A minimum personal credit score of 650 is generally preferred, but other factors such as business cash flow and collateral are also considered.

The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.

Drake Bank does not list weekend hours and appears to operate on weekdays only. Contact them to confirm.

Drake Bank is located in Minnesota — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.

This page is an independent directory listing for Drake Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by Drake Bank itself, which runs its own lending under its own ownership. If you work at Drake Bank, you can claim this listing from this page to manage it.

The core details for Drake Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with Drake Bank before applying. If you represent Drake Bank, claim this listing to keep its information up to date.

You can reach Drake Bank by phone at (651) 224-5000, email at customerservice@drake-bank.com, or through their contact form at drake-bank.com/contact-us/. For SBA loans, ask for their business lending department.

Based on its approved SBA loans, Drake Bank most often finances businesses in restaurants & food service, construction & contractors, manufacturing, cleaning, landscaping & janitorial, salons, spas & personal care, and general retail. This reflects Drake Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with Drake Bank which sectors it actively lends to before you apply.

SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether Drake Bank participates in SBA Express depends on its specific SBA lending authority. Contact Drake Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.

SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. Drake Bank can confirm its current PLP standing — ask before you apply if speed matters to you.

The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. Drake Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask Drake Bank directly whether it considers start-up loans.

For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask Drake Bank what down payment it expects for your specific commercial real estate purchase.

SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask Drake Bank to spell out any prepayment penalties before you sign.

SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with Drake Bank to confirm it qualifies and how to document it.

A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. Drake Bank weighs this case by case under its own policy, so be upfront about your history and ask Drake Bank how it evaluates prior bankruptcies.