A primary goal of the EDC is helping companies get the resources they need to support a path to success. Resources can be connections, information or even time and of course, resources can also be money.
Roughly $460 Million Supported Local Businesses in 2020
In 2020, we helped connect local businesses to state and federal monies through loans and grants. And it was no small amount. Roughly $460 Million supported businesses in Cass and Clay Counties through Federal and State dollars. And that’s just what we’ve been able to track down.
While this isn’t a complete list, here is a snapshot of some of the funds that came into the region to help local businesses.
North Dakota New Jobs (NDNJ) Training Program grants
PACE interest buydown through State of North Dakota
Bioscience Innovation Grant (BIG) through the State of North Dakota
Ag Product Utilization Commission (APUC) through the State of North Dakota
Innovation Technology Loan Fund (LIFT) funds through State of North Dakota
The five programs listed, including the financial support they provide, represents funding directly provided to EDC clients for some of the projects we supported in 2020.
CARES funding through the Federal Government
Payroll Protection Program through the Federal Government
* The funds listed above don’t include additional funding to support county and local government COVID-19 related needs
This year’s pandemic created the unfortunate, but welcomed, need for federal assistance to bolster the finances of thousands of businesses and workers throughout the region. The EDC, through the work of the COVID-19 Business Task Force organizations, helped connect companies to more than $445 million in direct federal support*.
Survey Results Show PPP Funds Supported Local Job Retention
Based on survey results, 3,000 jobs were retained due to PPP funding. The results also indicated that the PPP program was most impactful for mid-sized businesses with 10-49 employees. Of these mid-sized businesses, 82% of them responded that they had applied for the PPP with 92% of applications successful.**
**Survey conducted by the COVID-19 Business Taskforce, April 27- May 11, 2020