PACE Program (Partnership in Assisting Community Expansion)
The PACE Fund is designed to assist North Dakota communities in expanding their economic base by providing for new job development. This program has two major elements: (1) the participation by BND with a local lender in a community based loan, and (2) the participation by the PACE Fund with the local community in reducing the borrower's overall interest rate (Interest rate buy down).
North Dakota Providers: BND
South Dakota Providers:
The MATCH Program
The MATCH program is designed to encourage and attract financially strong companies to North Dakota. The program is targeted to manufacturing, processing and value-added industries. Through this program, BND will participate in loans to financially strong companies and provide interest rates at some of the lowest in the nation.
North Dakota Providers:
South Dakota Providers: Not available
North Dakota Development Fund
Loans, equity investments and relocation grants for primary sector projects. Primary sector is defined as "any individual, corporation, partnership, or association which, through the employment of knowledge or labor, adds value to a product, process, or exported service (including tourism) that results in the creation of new wealth." 15% minimum owner equity is required; lending limits are set by Board policy. The Fund cannot finance production agriculture (growing, raising, producing, or warehousing of crops and livestock). Interest rates and terms vary based on borrower and project.
North Dakota Providers: ND Department of Commerce
South Dakota Providers: Not available
BUSINESS AND INDUSTRY GUARANTEED LOANS (B&I)
The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits. It is not intended that the guarantee authority will be used for marginal or substandard loans or for relief of lenders having such loans.
North Dakota Providers:
South Dakota Providers:
IRP (Rural Development Intermediary Relending Program)
The purpose of the IRP program is to alleviate poverty and increase economic activity and employment in rural communities. Under the IRP program, loans are provided to local organizations (intermediaries) for the establishment of revolving loan funds. These revolving loan funds are used to assist with financing business and economic development activity to create or retain jobs in disadvantaged and remote communities. Intermediaries are encouraged to work in concert with State and regional strategies, and in partnership with other public and private organizations that can provide complimentary resources.
North Dakota Providers: SBA, Regional Councils and Dakota CDC
South Dakota Providers:
Rural Business Enterprise Grant Program (RBEG)
The RBEG program provides grants for rural projects that finance and facilitate development of small and emerging rural businesses help fund distance learning networks, and help fund employment related adult education programs. To assist with business development, RBEGs may fund a broad array of activities.
North Dakota Providers:
South Dakota Providers:
Rural Economic Development Loan and Grant Program (REDLG)
The REDLG program provides funding to rural projects through local utility organizations. Under the REDLoan program, USDA provides zero interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is responsible for repayment to the Agency. Under the REDGrant program, USDA provides grant funds to local utility organizations which use the funding to establish revolving loan funds. Loans are made from the revolving loan fund to projects that will create or retain rural jobs. When the revolving loan fund is terminated, the grant is repaid to the Agency.
North Dakota Providers:
South Dakota Providers:
Rural Business Opportunity Grants (RBOG)
The RBOG program promotes sustainable economic development in rural communities with exceptional needs through provision of training and technical assistance for business development, entrepreneurs, and economic development officials and to assist with economic development planning. The maximum grant for a project serving a single states is $50,000. The maximum grant for a project serving two or more states is $150,000.
North Dakota Providers:
South Dakota Providers:
Section 9006 Grant Program
The Section 9006 Grant Program provides grants for agricultural producers and rural small businesses to purchase and install renewable energy systems and make energy efficiency improvements. The emergence of a viable renewable energy markets represents a historic opportunity for job and wealth creation in rural America. The grants are awarded on a competitive basis and can be up to 25% of total eligible project costs. Grants are limited to $500,000 for renewable energy systems and $250,000 for energy efficiency improvements. Grant requests as low as $2,500 for renewable energy systems and $1,500 for energy efficiency improvements will be considered.
North Dakota Providers:
South Dakota Providers:
Section 9008, Biomass Research and Development Initiative
The U.S. Department of Energy (DOE) and the U.S. Department of Agriculture (USDA), Rural Development jointly solicit applications for financial assistance addressing research and development of biomass based products, bioenergy, biofuels and related processes. The Program is intended to promote innovation and development related to biomass. It supports the Biomass Research Development Act of 2000, Section 9008 of the 2002 Farm Bill, the Healthy Forest Restoration Act of 2003, the Energy Policy Act of 2005, and stated Federal policy. Grants may be awarded in a range of $250,000 to $2 million. Grants are highly competitive and require successful completion of a two phase pre-application and application process. Based on a technical merit review of the pre-applications, full-applications are submitted by invitation only.
North Dakota Providers:
South Dakota Providers:
CDBG (Community Development BLOCK Grant)
The CDBG program provides financial assistance to eligible units of local Governments in the form of grants and loans for Public Facilities, Housing Rehabilitation, and Economic Development projects. The primary beneficiaries of these projects must be very low and low income individuals. Examples of projects funded by CDBG in the respective emphasis areas are housing, public facilities and economic development.
North Dakota Providers: Regional Development Councils
South Dakota Providers:
SBA 7(a) Loan Guaranty Program
Funds can be used for start-up or expansion, equipment purchase, working capital, inventory or real estate acquisition. The interest rate terms are determined by the lead lender and equity requirements are typically standard for that type of industry (this type of loan can be used in conjunction with a PACE interest rate buy down through your county Job Development Authority). Maximum loan amount $2 Million and SBA's max. exposure is $1.5 Million.
North Dakota Providers: Dakota CDC, BND, Devils Lake Dev. Corp, SBA
South Dakota Providers: Northern Hills Community Development, Inc.
CAPLine
This program specializes in working with businesses' short term, cyclical working capital needs. Them maximum loan amount is $2 million and is available in five lines 1) Seasonal 2) Contract 3) Builders 4) Standard Asset Based and 5) Small Asset Based. Loan proceeds will generally be advanced against a borrower's anticipated inventory or accounts receivable.
North Dakota Providers:
South Dakota Providers:
SBA Express
This program is available to any credit-worthy start up or existing business in North Dakota that cannot obtain financing of reasonable terms through normal channels . The maximum loan amount is $350,000 and the maximum guarantee is 50%. Lenders must be authorized by SBA to make Express Loans based on the bank's own underwriting guidelines and forms.
North Dakota Providers:
South Dakota Providers:
APEX Fund (Agricultural Processing and Export)
The APEX (Agricultural Processing and Export) Loan Program is designed to assist companies in communities with a population of 25,000 or less, or which add value to raw agricultural products through processing. The program is open to for-profit businesses and local economic development corporations.
North Dakota Providers:
South Dakota Providers: SD Economic Development and GOED representatives
SBA 504
Licensed and regulated by the Small Business Administration (SBA) the SBIC is a privately owned and managed investment firm. The SBIC uses its own funds, plus money borrowed with SBA guarantees, to make venture capital investments in small businesses, SBIC provides risk capital in the form of debt and equity financing to small business for their start-up, growth, modernization or expansion. Funding is available to all types of manufacturing and services industries.
North Dakota Providers: Dakota CDC, BND, Devils Lake Dev. Corp
South Dakota Providers: Northern Hills Community Development, Inc.
SBA MicroLoan Program
The Microloan Program provides very small loans to start-up, newly established, or growing small business concerns. Under this program, SBA makes funds available to nonprofit community based lenders (intermediaries) which, in turn, make loans to eligible borrowers in amounts up to a maximum of $35,000. The average loan size is about $13,000. Applications are submitted to the local intermediary and all credit decisions are made on the local level.
North Dakota Providers: Regional Development Councils, DCDC, Devils Lake Development Corps.
South Dakota Providers: SD Economic Development
REDI Fund (Revolving Economic Development and Initiative)
We give new meaning to the phrase "ready, willing and able." Our REDI (Revolving Economic Development and Initiative) Fund is designed to help promote job growth in South Dakota. This low interest loan fund is available to start-up firms, businesses that are expanding or relocating and local economic development corporations. The REDI Fund provides up to 45 percent of a project's total cost. Companies should secure matching funds and be able to provide a 10 percent minimum equity contribution before applying to the Board of Economic Development for a REDI Fund loan.
North Dakota Providers: NOT AVAILALE IN ND
South Dakota Providers: SD Economic Development
RAIN Fund
RAIN Source Capital is a multi-state network of RAINŽ funds that works with angel investors who are interested in supporting growing companies. RAIN SourceŽ helps bring together like-minded angel investors to form individual RAIN funds ~ and then provides these funds with capital, a process for due diligence, legal templates, management support, access to deal flow and other resources.
NATIONWIDE
Start-up Entrepreneur Program (STEP)
The SBA loan purchase program was established to finance job creation and retention in businesses involved in production, manufacturing, processing and retail trade. The program provides low interest rates to businesses receiving SBA loan guarantees.
Community Development Loan Fund (CDLF)
Debt and equity (purchase of preferred stock financing up to as much as $300,000 is available for primary sector, service or retail business within city limits and surrounding communities, and rural areas. A minimum of 10% equity and dollar-for-dollar match is required. Terms are based upon need.
Northern Plains Electric Revolving Loan Fund
When it comes to economic and business development, one more resource never hurt, click on the link to find out more information about a program that is offered exclusively by Northern Plains Electric Cooperative to bolster commerce in its service area (which extends from south of Jamestown to the Canadian border). Northern Plains' Revolving Loan Fund provides loans from a minimum of $5,000 (goes up, depending on project and what is available in the fund which totals $400,000) to provide temporary or permanent financing for capital costs (land, buildings, infrastructure), equipment, and working capital on worthy projects.
North Dakota Providers: Northern Plains Electric Co-Op
South Dakota Providers: NOT AVAILABLE IN SD
Dakota Valley Electric Zero Interest Rate Loans
Dakota Valley Electric Cooperative (DVEC) is dedicated to economic development in all of the communities it serves. Through DVEC, area businesses have access to zero-percent interest and low-interest money for the development of a new business or the expansion of an existing business.
North Dakota Providers: Dakota Valley Electric Co-Op
South Dakota Providers: NOT AVAILABLE IN SD
Lake Region Growth Fund
A portion of the Devils Lake city sales tax dedicated to economic development projects. These local funds can be used for Interest buydowns (PACE program), reduced interest loans, direct grants, equity positions and other appropriate financial incentives.
North Dakota Providers: Devils Lake Development Corp.
South Dakota Providers: NOT AVAILABLE IN SD
North Central Planning Council Revolving Loan Fund (NCPC RLF)
A portion of the Devils Lake city sales tax dedicated to economic development projects. These local funds can be used for Interest buydowns (PACE program), reduced interest loans, direct grants, equity positions and other appropriate financial incentives.
North Dakota Providers: Devils Lake Development Corp.
South Dakota Providers: NOT AVAILABLE IN SD
SBA Main Street Program
The SBA loan purchase program was established to finance job creation and retention in businesses involved in production, manufacturing, processing and retail trade. The program provides low interest rates to businesses receiving SBA loan guarantees.North Dakota Providers: Devils Lake Development Corp.
North Dakota Providers: Devils Lake Development Corp.
South Dakota Providers: NOT AVAILABLE IN SD
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