Grand Marais State Bank President Mark Youngdahl.
Grand Marais State Bank, which has served Cook County for more than 100 years, has helped protect more than 1,000 paychecks for its customers along Minnesota’s North Shore. Since COVID-19 shook the economy in the spring, the bank has funneled more than $6.5 million to its community members.
“We are committed to serving as a community banking partner our customers can trust, through both the good times and the uncharted,” said Grand Marais State Bank President Mark Youngdahl. “We are truly dedicated to the well-being of our community, including our existing customers as well as those who are looking for support.”
Grand Marais State Bank successfully protected the paychecks of all of the businesses who applied for a loan from the Small Business Association’s Paycheck Protection Program (PPP). That’s in stark contrast to many other financial institutions in Minnesota and around the country, which have unfortunately turned away many PPP applications.
The bank’s commitment to its customers has helped many North Shore businesses stay afloat, protecting hundreds of jobs and the livelihoods of many families. Since mid-March, Cook County – which relies heavily on tourism – has seen unemployment applications roughly equivalent to nearly 40 percent of the size of its 2019 workforce, according to the Minnesota Department of Employment and Economic Development. The county is one of the hardest hit in the state.
One of the bank’s customers is the Holiday gas station in Grand Marais, which has been a proud customer for more than 50 years.
“We’ve been so appreciative of the people at Grand Marais State Bank,” said Courtney Quaife, a manager at the Holiday gas station at 3 West Highway 61. “They’ve been a constant source of support and confidence over the years.”
Community members or businesses that are facing financial strain are encouraged to reach out to Grand Marais State Bank to discuss needs and options.
Leave a Reply