Areas Served: Statewide North Dakota
The Business Development Loan Program is designed to assist new and existing businesses in obtaining loans that would have a higher degree of risk than would normally be acceptable to a lending institution.
Bank of North Dakota’s total outstanding amount under this program may not exceed $25 million.
Qualifying Requirements Borrower – The required location of the business is North Dakota.
Businesses are eligible for this program when financial conditions or the nature of the industry reflect a higher degree of credit risk than would normally be acceptable to a lending institution.
BND’s participation percentage is negotiated on a loan by loan basis.
In most cases, BND will consider a participation in the range of 50% to 70% of the loan.
Loan Limit – BND’s maximum loan participation amount is $1,000,000. Use of Proceeds – The proceeds of a loan shall be used to: – Establish or purchase new or existing business – Finance the acquisition of real property – Remodel or expand an existing business – Purchase or lease equipment – Provide working capital – Refinance an existing loan – Equity – There is no minimum equity requirement.
All applications are evaluated on a loan-by-loan basis.
Collateral – Adequate collateral is required.
This collateral must be of such a nature that repayment of the loan can be reasonably expected.
Contact InformationBank of North Dakota
Address: 1200 Memorial Hwy
City: Bismarck
State: North Dakota
Website:
https://bnd.nd.gov/business/
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