New Market Bank Helps Nearly 180 Small Businesses Access Paycheck Protection Program in First-Round of Funding





New Market Bank Helps Nearly 180 Small Businesses Access Paycheck Protection Program in First-Round of Funding


Bank can help any eligible business access new funds now available


ELKO NEW MARKET, Minn., April 24, 2020 – New Market Bank, with locations in Lakeville, Prior Lake and Elko New Market, has helped nearly 180 small businesses in the south metro tap into the Small Business Association’s Paycheck Protection Program (PPP) since the program began accepting applications on Friday, April 3. New Market Bank has assisted any eligible small business, regardless if the business has an active account with the bank. On Thursday, April 23, Congress approved additional PPP funding. New Market Bank is now taking applications for that funding, which will be available soon on a first-come, first-served basis to eligible small businesses.


“As a community bank, New Market Bank wants to help any eligible business in our area access relief programs, including the Paycheck Protection Program,” said Anita Drentlaw, CPA, president of New Market Bank. “As a small business ourselves, New Market Bank knows the challenges small businesses face. We’re committed to helping them and our communities remain as economically strong as possible through these tough times.”


All businesses – including nonprofits, veterans’ organizations, tribal business concerns, sole proprietorships, self-employed individuals and independent contractors – with 500 or fewer employees can apply for the PPP. The application process is simple and can be done by email. The only supporting documentation needed is 2019 payroll data. Approval generally takes less than 24 hours and funds are dispersed within 10 days.


Paycheck Protection Program loans can be used for:

  • Payroll costs, including benefits.
  • Interest on mortgage obligations, incurred before February 15, 2020.
  • Rent, under lease agreements in force before February 15, 2020.
  • Utilities, for which service began before February 15, 2020.


More details are available on this fact sheet.


About New Market Bank
Founded in 1905 as the First State Bank of New Market, New Market Bank is an independent, fourth-generation, family-owned bank serving the southern Twin Cities area with offices in Lakeville, Prior Lake and Elko New Market. For over 100 years, New Market Bank has built trusted relationships with its customers by providing banking as easy and sincere as a handshake. New Market Bank is an Equal Housing Lender, Member FDIC. For more information, visit www.NewMarket.Bank.


Media Contact: Amy Nugent, 651.450.9222 or