Over 300 applications processed
Over 4,200 jobs saved
That was just April.
The highly anticipated Paycheck Protection Program (PPP) aimed at helping small businesses in urgent need of funds wasn't without flaws when it was launched. As regulatory changes were continually made, small businesses needed help and answers... that's where we came in. Our Flagship team went above and beyond working late into the evenings and over the weekends to to process as many PPP loan applications as they could. The result was staggering. Many of the larger Banks these businesses had previously worked with were not available to help them when they needed them most.
"We tried to apply for the Paycheck Protection Plan (PPP) with Wells Fargo, but they were not accepting applications in March and April. We went to Flagship Bank and started working with Brian Wagner." John Sturgess, Owner ADOGO
At Flagship Bank, we have always believed small businesses are the backbone of our region’s economy. When they needed us we were there to help them. Here is what some of our clients had to say about Flagship Bank and the PPP process:
ADOGO pet hotels
ADOGO pet hotels was designed and created by lifelong dog lover and Twin Cities resident, John Sturgess, a leading hotel industry executive with 20-plus years working for quality, service-driven hospitality brands. John says his companies revenues decreased by over 85% after the Coronavirus hit Minnesota.
"I was referred to Flagship Bank and Brian Wagner by Ken Munroe. Ken was my banker at Wells Fargo for over 10 years and is now my banker at Flagship Bank. We tried to apply for the Paycheck Protection Plan (PPP) with Wells Fargo, but they were not accepting applications in March and April. We went to Flagship Bank and started working with Brian Wagner. Brian was extremely helpful and professional. Once I made introductions to him and explained our business and economic issues during COVID-19, he sent clear and concise directions of what was needed for me to apply for the PPP. It only took a couple of days to gather the needed data and submit the application to the SBA. Within a week of applying, we were approved for the PPP loan. During this extremely stressful time, Brian and Flagship Bank made this process simple and communicated directly with me to assure me that everything was OK. This assurance was greatly appreciated during an unsure time with many other variables, such as customer communication, up in the air. We are extremely happy with this process and have moved several accounts to Flagship and will continue to do so."
Eden Prairie Community Foundation
The nonprofit Eden Prairie Community Foundation worked with Flagship Bank to obtain a PPP loan from the Small Business Administration in the first round of funding when it became clear their largest fundraising event of the year would not be held May 2 as planned. For the Eden Prairie Community Foundation relationship was key; Flagship is the Foundation’s Bank, and Flagship Senior VP Tom Kleinschmidt is part of their Finance & Investment Committee. "We reached out to Tom on April 3, inquiring about the PPP process, and by April 10 our application had been submitted, reviewed, and approved – an amazingly short timeline. Kudos to Tom and Flagship for making this critical funding source available to the Foundation in rapid order."
Jaxon Grey men's clothing store
Jaxon Grey is a men's clothing store in the North loop featuring contemporary, inspiring, ecofriendly brands that all tell a story. Owner Michael Druskin is the former CEO of the Minneapolis staple Len Druskin's discount fashion store (Len). A few years after Len closed it's doors, Michael had an idea for another retail concept. In 2019 Jaxon Grey opened inside of the co-op style women's boutique D. NOLO featuring unique brands looking for a launching pad for more visibility. For Druskin, it’s more about the quality and the story behind the piece than its price and pedigree. When a friend recommended Flasghip Bank for a PPP loan, Michael worked with Jackie and Brian in our Wayzata Branch and was able to secure the loan to save his business. "Jacqueline Moen and Brian Wagner, both were amazing people to work with." Micheal says "It was an excellent experience with amazing communication and very thorough, quick response times. I cannot say enough about the service, it has been a pleasure to do business with Flagship."
"We are very happy with the results, Flagship has shown that they care about our business and have provided us the tools we need to succeed, and continue to grow our business." Michael Druskin, owner Jaxon Grey
We are here for you Minnesota and will continue to be long after this is over.