With COVID-19 significantly hindering small businesses and the job market, Drake Bank saw that its community needed help. Its mission is to “Build a Better Future,” and with the abundance of uncertainty, they leaned into their mission and core values by creating the Drake COVID-19 Relief Fund. Its goal was to provided financial assistance to community members who needed it the most.
The directors of Drake Bank, its staff and other community members came together to help with this initiative. Together, they amassed an amount of over $80,000 for distribution. Their relief fund was given in the form of $500 grants and individuals who had any relation to the bank (employees, clients, employees of clients, neighbors, or family members of any of the previous) could apply.
These grants made it possible for small business owners, parents, and individuals to pay for rent, utilities, business expenses, groceries, and more. In one case, funds went to a family to help them purchase a laptop for online learning. After receiving this grant, this recipient said, “My children have multiple google/zoom meetings that they attend throughout the week. Often, there are multiple meetings at the same time. With this grant, we purchased a laptop, so my both children are able to complete their school work.”
To help distribute these grants, they partnered with The Quorom Foundation, a local Minnesota non-profit. Applications were reviewed and funded weekly from April to June of 2020. These grants helped a total of 155 people.
In recognition of its outstanding efforts, Drake Bank is the runner-up of Social Assurance’s annual Community Spark Award. This award celebrates banks and credit unions making an outstanding difference in their local communities through unique support, volunteerism, philanthropy and development initiatives. Drake Bank also receives a $150 donation to give to a nonprofit of its choice.
Drake Bank chose to give its $150 donation award to go to the Quorom Foundation to recognize its relationship and collaboration in community improvement efforts. The Quorum Foundation is Minnesota’s LGBTQ+ and Allied Chamber of Commerce, and are leaders in the business equality movement.
Drake Bank shows that, through the good and bad, Minnesota is in it together. They exemplify a community bank’s values by partnering with non-profits to help individuals with one goal in mind – making an impact locally.
To learn more about how Social Assurance helps banks and credit unions make a difference in their community, learn how its Community Spark product can help. This platform gives banks and credit unions the tools it needs to manage community involvement, donations, loans, and investments. It not only will make it easy to track these initiatives, but also fun, helping to foster employee engagement.