Who is Willing to Step up and Play Big?

I am calling out for a GoFundMe project. But first, let me tell you why I am suggesting this. It seems the government has been doling out a lot of money lately, with more to come. Putting aside politics, it is a phenomenal gesture with, to be expected, guarded questions about the “payback.”  One question I have heard concerns the payback from the businesses agreeing to receive this money. Another question asks how this “bailout” will affect future taxes and inflation. These are relevant questions, for which responses are guarded, whispered, or left for later. That worries me.

I have donated to a few GoFundMe campaigns during this COVID-19 shelter in place and have observed the results and outcomes of these and additional contributions. One was for an alma mater housing its students who couldn’t return home, one was for a restaurant to buy, prepare and deliver food to the stressed and overworked hospital workers, still another for an organization on the frontline of providing shelter to women in transition from homeless to housing. I am delighted to participate but it is not enough. “Who can do enough?” I asked myself.  

There is a giving pledge where billionaires have committed to give away at least 50% of their wealth to philanthropic projects. Now, here is where impactful money resides. Should any of their influencers or they themselves be reading this, I have an idea. Put together a bank for business. Seed it with a portion of your pledge and help those small businesses who need a lifeline. Googling, I discovered that 99 percent of the businesses are considered small businesses-over 30 million; 88 percent of them have 20 employees or less. This “bank” could offer a programs where they become the source that pays back these debts to the government. Have you heard of John Beresford Tipton? He was the fictional gentleman on a TV show, The Millionaire, which you can view on YouTube, who gave away $1,00,000, with no strings attached. We could watch this epic show on our favorite streaming channel. It would eclipse Tiger King.

Business in general, and small business in particular, need to know “someone has their back.” Understandably, they do not trust the government. But they might trust the philanthropist. Who is ready to step up, not by liquidating holdings, but by raising big cash among their peers?