Jigar Shah

So the only reason that they're going through the loan programs office is because they can't get a loan from the private sector, right? And so let's be clear about the risk profile that the loan programs office is expecting to take on, right? And so we want to make sure these things are successful.

So the only reason that they're going through the loan programs office is because they can't get a loan from the private sector, right? And so let's be clear about the risk profile that the loan programs office is expecting to take on, right? And so we want to make sure these things are successful.

Now, what I would suggest to you is that the amount of time it took to get people through the loan programs office in 2021 was a lot longer than today. Today, there are some people who come into loan programs office and are leaving with a conditional commitment within seven months. And so it is a lot faster. Why? Because they're amazingly better prepared.

Now, what I would suggest to you is that the amount of time it took to get people through the loan programs office in 2021 was a lot longer than today. Today, there are some people who come into loan programs office and are leaving with a conditional commitment within seven months. And so it is a lot faster. Why? Because they're amazingly better prepared.

They listened to some of the guidance that we've given people. They're like, oh, we can't just phone this in. We have to do real homework. Oh, okay. I guess we'll do that work. And now things are moving much faster than the loan programs office.

They listened to some of the guidance that we've given people. They're like, oh, we can't just phone this in. We have to do real homework. Oh, okay. I guess we'll do that work. And now things are moving much faster than the loan programs office.

I'm not going to apologize for the fact that we've taught American entrepreneurs, innovators, and investors how to do big things, and they're finally listening and figuring out how to do that.

I'm not going to apologize for the fact that we've taught American entrepreneurs, innovators, and investors how to do big things, and they're finally listening and figuring out how to do that.

Well, to be clear, right, there were no requirements. I mean, the requirements for the loan program's office is you have to pay Davis-Bacon wages during construction, and you've got to, you know, meet some of the other statutory requirements around the Cargo Preference Act and some of that stuff, right? And so our projects were not required to use union. What we said to people is show us

Well, to be clear, right, there were no requirements. I mean, the requirements for the loan program's office is you have to pay Davis-Bacon wages during construction, and you've got to, you know, meet some of the other statutory requirements around the Cargo Preference Act and some of that stuff, right? And so our projects were not required to use union. What we said to people is show us

That the people that you're hiring actually have experience on building what you are building. And it turned out that most of those were union contractors, right? We also, by the way, like if you talk to the unions, like they didn't love me either because I was like, what? where's your marketing materials? Like, what are you doing to like promote the fact that you're reducing risk, right?

That the people that you're hiring actually have experience on building what you are building. And it turned out that most of those were union contractors, right? We also, by the way, like if you talk to the unions, like they didn't love me either because I was like, what? where's your marketing materials? Like, what are you doing to like promote the fact that you're reducing risk, right?

You know, we had a lot of tough conversations with the unions and I think the unions are more competitive today than they were four years ago around how they win business because we held them accountable too, right? And so, you know, this is not something where this was a requirement. This is something where we said, okay, we have low unemployment rates, right?

You know, we had a lot of tough conversations with the unions and I think the unions are more competitive today than they were four years ago around how they win business because we held them accountable too, right? And so, you know, this is not something where this was a requirement. This is something where we said, okay, we have low unemployment rates, right?

This project is going to fail if the people you hire are not people who can actually do the skilled work that you are suggesting that you need in the loan application to loan programs office. So this is a source of risk for us, right? On the community side, I'd say,

This project is going to fail if the people you hire are not people who can actually do the skilled work that you are suggesting that you need in the loan application to loan programs office. So this is a source of risk for us, right? On the community side, I'd say,

A lot of the times our companies were led by extraordinary CEOs who were not focused on communities, not because they're bad people, but because they're focused on their technology succeeding. So they would outsource this work to their head of HR. But the head of HR would be like, well, let's put in a playground. And I was like, seriously, that's what you think the community needs?

A lot of the times our companies were led by extraordinary CEOs who were not focused on communities, not because they're bad people, but because they're focused on their technology succeeding. So they would outsource this work to their head of HR. But the head of HR would be like, well, let's put in a playground. And I was like, seriously, that's what you think the community needs?

And so we would hold a listening session with the community and say, what do you need? And we would make the CEO and CFO come there. And it was clear that they had never met the community leaders before. They had outsourced this to the HR people.

And so we would hold a listening session with the community and say, what do you need? And we would make the CEO and CFO come there. And it was clear that they had never met the community leaders before. They had outsourced this to the HR people.