I’ve been screaming into my microphone for weeks now that the State of North Dakota needs to provide bridge funding for small businesses. The Federal Government was going to pass funding for them in the form of loans turning in grants. And the time between when it was approved and when it came was vital.
North Dakota has a tool to do that. We have the Bank of North Dakota. And that bank has money in it. The Industrial Commission oversees that Bank. Its Board of Directors consists of the Governor, Attorney General and Agriculture Commissioner. Three elected officials.
They didn’t do it.
The reason that funding was so vital is that for many small businesses, it’s the difference between lights on or lights off. North Dakota knew that Congress was going to use the Small Business Administration to distribute those funds. They also knew it wasn’t going to come the next day.
When it did come, it didn’t take long to run out. Small businesses across the nation are in the same shape as ours. They need that help. It became first come first serve and many didn’t even know it was supper time.
So imagine a scenario where we had a system set up. Where small banks could go for help in passing those funds through. A place where someone is helping and looking out for them. A place that would guarantee to have their back.
That’s the Bank of North Dakota.
The Bank can’t give direct loans out to businesses. Short term or long term. But they can guarantee them. When empowered, they can help the risks the small banks would take. They can buy those small businesses time.
If you’re a small town flower shop or grocery store, it isn’t your expertise to fill out federal loans. You didn’t choose that profession. You just want to provide a service and get paid a fair price. And you want to take care of your employees as though they were family. Because in your eyes, they are.
So here we sit. The money’s gone. Our United States Senators are blaming everyone but themselves. State officials are saying they couldn’t do anything about it. And small mom and pop stores are left holding the bag.
The problem is, there’s nothing in it.
Good riding with you.
Joel Heitkamp
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