Fargo-Moorhead deals with economic impact of coronavirus

Businesses in trouble are encouraged to reach out to their banks for assistive programs

FARGO, N.D. — In the wake of the coronavirus pandemic, many businesses in the Fargo-Moorhead area are left struggling.

“If a business is still operating, sales are down 60-70%,” said Downtown Community Partnership President/CEO, Melissa Brandt.Some have found creative ways to sell their product online or are offering pickup or takeout. Others have made the tough decision to lay off all employees or have completely closed.”

For those who are experiencing unemployment for the first time, Cass County Commission encourages them to reach out to learn more about assistive programs that include food stamps, low-income childcare assistance, and low-income heat and energy assistance.

“We know there is a number of layoffs and with that, the support network that we have in the county most people don’t know about because they have been gainfully employed and have never had to worry about visiting the courthouse,” said Cass County Commission Chair, Chad Peterson.

In Moorhead, the government is doing all it can to help as many local businesses as possible.

“The Department of Employment and Economic Development has a small business emergency loan that has been active now for about five days,” said Downtown Moorhead Inc. President/CEO, Derrick LaPoint. “Minnesota is trying to get money quickly to our small businesses.”

For any business that does find itself in trouble, it is important to reach out to their bank to see what can be done to help.

“There are disaster programs out there. The FBA has a disaster program that has been out there for a while and that is a direct lending program,” explained Bremer Bank Senior Region President, Judd Graham. There are other state programs on North Dakota and Minnesota side. There is just a lot of information that your bankers should be understanding and getting a lot of information on.”

Categories: Business, Coronavirus, Coronavirus-MN, Coronavirus-ND, Local News