Bank of North Dakota, the only public bank in the US, didn’t sit on its #COVID19 relief funds. Working with local community banks, it has distributed more funds per capita to workers through Paycheck Protection Plan (PPP) than in any other state. This is in sharp contrast to Arizona, which has distributed a fraction of the federal aid or the funds appropriated by the Arizona Legislature.
Read about it in this article from The American Prospect.
The $500 billion that Congress sent to the Treasury Department to stimulate the economy may be gathering mold in Steven Mnuchin’s backyard, and the PPP funds it sent to banks to distribute to small businesses may or may not have trickled down to Main Street, but at least there’s one bank with a uniquely stellar record of helping small-scale enterprises.
It’s America’s one publicly owned bank—the Bank of North Dakota, established in 1919 by the state government, then headed by onetime socialist and forever leftist Governor A.C. Townley, and never yet privatized in the 101 years since.
The Bank is the reason why North Dakota has distributed more funds per worker (more than $5,000) through the PPP program than any other state, according to a survey conducted by The Washington Post. (Read the rest here.)