Smaller Companies Struggle to Access Funding from Federal Economic Bills /

In the quest for economic growth, some small businesses in North Carolina are facing challenges in accessing funding from federal economic stimuli, such as the Infrastructure Bill, Build Back Better, and the American Rescue Plan Act.

The efforts have allocated billions of dollars for clean energy projects and have the potential to reshape the landscape for small companies.

David Billstrom, owner of the consulting firm Flashing Red Light, who used to head a manufacturing company, said limited and often obstructed paths to funding have left smaller businesses grappling to secure the necessary support for their ventures.

“The federal programs, they don’t really address the possibility that the business is unprofitable or is reinvesting and certainly not at scale,” Billstrom pointed out. “I think that’s one of the areas that really for us to build a resilient capitalist economy through small business is that we embrace those riskier investments.”

Billstrom advised the best way for a business owner to access the right funding for their business is to do their homework and connect with someone experienced in business funding like a consultant. When it comes to business funding in North Carolina, stakeholders point to resources such as the Department of Commerce, the Small Business Administration, and North Carolina Rural Center.

Moreover, as the entrepreneurial space becomes more competitive, Billstrom emphasized it is important for business owners to get creative and explore alternative funding opportunities. He noted one overlooked option is assistance from Community Development Financial Institutions, which are nonprofit organizations dedicated to making loans to organizations that may not typically qualify.

“The CDFIs are also about education and coaching,” Billstrom observed. “They have resources in the community to help people build a stronger business or transition from being unprofitable to profitable and meet the other people who can help the business.”

Another tip Billstrom suggested for small-business owners seeking funding is to reach out to other professionals and network with fellow business owners in their community or industry. He added by connecting with others, business owners can gain valuable insights and potentially find new funding avenues.

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North Dakota has joined the raw-milk movement. The state now allows limited sales of the product, and officials are urging caution for consumers who plan on drinking it.

In recent years, dozens of states have loosened restrictions regarding the sale of unpasteurized milk amid vocal demand. Those wanting broader access say it tastes better and comes with extra health benefits.

But the Food and Drug Administration says those claims don’t outweigh the risks, including disease-causing pathogens.

North Dakota Agriculture Commissioner Doug Goehring echoed those concerns.

“Nothing’s changed in 200 years,” said Goehring. “TB, brucellosis, all those things are still present and they could be transmitted through the milk.”

He said the biggest concern is for vulnerable populations, including children, the elderly and the immunocompromised.

This year, the state Legislature passed a law that allows producers to sell raw milk directly to consumers, but retailers and wholesalers are still banned from any involvement.

And the legal sales only relate to the liquid form of raw milk, and not products such as cheese and yogurt.

As for sellers, Goehring predicted it will largely consist of smaller farms with only one or two cows looking for some extra income. He encouraged those individuals to be mindful of the risks, as well.

“If someone were to get sick from their product, and then all of a sudden, it becomes a big issue,” said Goehring. “It just puts the dairy operation in a bad place.”

Anyone who becomes sick does have the option to take legal action.

Sellers are urged to contact an insurance agent, but Goehring said getting liability coverage might be tough unless you go to great lengths to show you’re trying to keep bacteria at bay.

Under the law, the state Agriculture Department is exempted from regulating sales of raw milk.

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Amid inflation, more Ohioans are relying on credit cards to meet basic needs, and the nation is now saddled with nearly $988 billion in credit card debt, according to recent Federal Reserve Bank data.

Research showed non-housing debt, including credit cards and student loans, is on the rise, increasing 51% since 2013. Interest rates are also squeezing consumers, with the average credit card interest rate at more than 20%.

Hannah…