Detroit Lakes Bank Helps Bring Millions of SBA Loans to Local Businesses

DETROIT LAKES, Minn. –At Midwest Bank in Detroit Lakes on Tuesday, April 21, there was still talk of nights, days and weekends spent getting Small Business Administration loans to clients.

“They announced this paycheck protection program and we were sure it would be a big deal,” said bank president Steve Daggett.

Between the end of March and the first part of April, the bank decided to go all out. First of all, it increased the number of its loan officers.

“Typically, we have an agent to do SBA loans,” Daggett said. “Our senior credit manager said this (trade relief) was going to be important, we (needed) to have more SBA officers here at the bank and we got nine approved.”

Second, they spoke with customers to help them complete the requests. According to Daggett, the bank was able to get 80 loans approved on day one.

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Then they got the big news: Congress approved $ 484 billion in additional aid on Tuesday, just days after the SBA received the requests. The bank is said to be able to provide $ 37 million in SBA loans to businesses in Detroit Lakes trying to keep workers on the payroll.

“Businesses face incredible challenges,” Daggett said. “(This) isn’t something that we go through for the next few weeks and then get back to normal; this program helps deal with that uncertainty.”

The $ 37 million in loans and grants in cities like Detroit Lakes are keeping some businesses that faced dire results during the pandemic from going insolvent.

Smaller groups like the Detroit Lakes Community and Cultural Center were able to secure the SBA loan before funds ran out.

“Ultimately it may seem invisible, but it will become more visible and it will make a difference in people’s lives every day,” said Center CEO Peter Jacobson.

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