Community Development Block Grant (CDBG)
The purpose of the CDBG program is to provide financial incentives for Cities and Counties to develop and implement projects, which will improve the public infrastructure and housing quality for low-income residents.
Revolving Loan Fund
The Souris Basin Revolving Loan Fund (SBRLF) was established with grant funds from the U.S. Economic Development Administration Title IX program and from the MAGIC Fund of Minot, ND. The SBRLF is not intended to duplicate or replace the capacity of banks or other lending organizations, nor will the fund be managed with the same objectives as conventional financing.
Community Development Loan Fund
The purpose of the Community Development Loan Fund (CDLF) program is to provide gap financing and equity investments that will create or save jobs for low and moderate income persons.
Souris Basin Planning Council (SBPC) Action Grants are monies awarded to new and/or small businesses that have limited research and development funds available to them. The grants are available for individual project research and development. Action Grants are intended to encourage the use of outside expertise to improve a business and can be used to gain knowledge, study ideas or concepts, or acquire patent protection. This generally enables a business to seek funding sources to help the business move forward. Action Grant awards promote entrepreneurship and help primary sector businesses grow.
Business Development Loan Program
The Business Development Loan Program assists new and existing businesses in obtaining loans that would have a higher degree of risk than would normally be acceptable to a lending institution.
Beginning Entrepreneur Loan Guarantee Program
This program assists in business start-up financing by providing a financial institution with a guaranty of 75% to 85% depending upon the loan amount. The maximum amount eligible for guaranty is $200,000. Click the following link to find out more about the Beginning Entrepreneur Loan Guarantee Program.
PACE Program - (Partnership in Assisting Community Expansion)
The PACE Fund assists North Dakota communities in expanding their economic base by providing for new job development. The PACE 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.
Flex PACE Program (Qualified Businesses)
The Flex Pace feature of the PACE program provides interest buy down to borrowers that do not fit into the traditional definition of a PACE qualifying business. Under Flex PACE, the community determines eligibility and accountability standards. Flex PACE allows communities the ability to provide assistance to borrowers with a business focus or need outside of the current requirements of PACE, such as jobs retention, technology creation with no new jobs, retail, smaller tourist businesses and essential community services.
For more information please contact:
Bank of North Dakota
1200 Memorial Hwy | PO Box 5509
Bismarck, ND 58506-5509