The CEO of the Bank of North Dakota says the state owned bank wants to help local businesses who were left out of assistance from federal PPP loans.
Erik Hardmeyer says the Bank has taken some time to identify the gaps between companies that did receive assistance and those who didn't...
"The first gap that we saw was large companies, 500 employers or more, that were left out of PPP. The second gap, there were some businesses with unique ownership structures. We really wanted to make sure there was a program for everyone."
Hardmeyer says the Small Employer Loan Fund is meant for small companies with ten employees or less that were directly impacted by executive orders. He says this fund will contain up to $50 million, and be able to serve about six thousand loans. He says the CPR or Pace Program will serve larger scale companies with 500 employees or less, which will contain up to $5 million dollars. A fund for companies with more than 500 employees will contain up to $10 million.
Hardmeyer says additional guidance for banks will be provided next week on how to administer the loans. Governor Burgum says he knows it can be hard for business owners to apply for assistance - but encourages small businesses who missed out on the last round of PPP loans to apply for these programs.