ND Dominates Paycheck Protection Program In A BIG Way.
North Dakota taking care of business by literally taking care of businesses. Not just businesses, but more importantly their employees. Employees who were facing furloughs, layoffs, and potential permanent loss of employment. How'd we do it? Well, owning your own bank sure doesn't hurt.
The Washington Post has a fantastic story about how North Dakota was able to quickly secure their share of funds in the early days or should I say early hours of the introduction of the Paycheck Protection Program.
Before reading on- I suggest you skim the article recently published by the Washington Post. Click here. Take your time, we'll wait for you to come back.
With local lenders working in concert with the state-owned Bank of North Dakota, North Dakotans were able to quickly secure the funding needed to keep their companies afloat and their workers employed. Look, I realize the situation isn't as rosy as all that- but it could have been a lot worse.
Just ask the 49 other states lagging behind us and wondering how the heck we pulled that off. Now we may be in the bottom 10 states has far as total cash received but that makes sense, we don't have a whole lotta people. But per capita, North Dakota breezes to the finish line pretty far ahead of all other states.
It was interesting to read that our state has more banks per person than any other state in the country. Kinda figures since every old gas station or shut down fast food location that didn't didn't become a nail salon most likely became a bank.
Most impressive of all is how they all pulled together with guidance from the Bank of North Dakota. Well done y'all