North Dakota Leaders Discuss Emergency Business Financing
As coronavirus cases continue to rise, small business owners continue to take a hit
FARGO, N.D. — From complete closures to adjusting distribution methods, small business owners in North Dakota have had to deal with a new way of life.
“There is 73,000 small businesses in North Dakota. There’s 30 million small businesses across the country. All of them have been impacted by this coronavirus,” says Small Business Administration District Director Al Haut.
As more people across the state are told to stay home and continue practicing social distancing, some service providers want local business owners to know they’re here to help.
“Your financial institution is considered an essential service in that meaning that if something were to occur in the state, banks will continue to be open,” says North Dakota Bankers Association CEO and President Rick Clayburgh. “Financial institutions will continue to be open, and you’ll be able to access your money.”
Getting access to money amid the economic standstill would mean borrowing for many business owners across the state.
“Our banks in this situation are well-capitalized. We are in a strong position to help the communities,” says Clayburgh.
Although not yet finalized, the Coronavirus Aid, Relief, and Economic Security Act, or CARES, offers assistance to businesses with less than 500 employees to receive fee-free loans of up to 10 million dollars.
Economic Injury Disaster Loans through the Small Business Administration are available and can be used to pay payroll, and other bills that can’t be paid due to the coronavirus outbreak.
“At the end of the day, there’s going to be a number of options for small businesses to get the financing they need. We just need to have a little patience to get there,” says Haut.
There are multiple eligibility requirements small businesses must meet for federal or state assistance.
Visit www.ndresponse.gov for more information.