The North Dakota Development Fund (NDDF) has made available $3 million through the NDDF Equipment Purchase Loan Program to be used by primary sector businesses to purchase equipment needed in the operation of their business.
The maximum loan amount is $300,000 with a minimum 10% down payment, 3% to 3.5% interest rate and a maximum 7-year payback. Also, the company will need to show one new FTE will be created in two years for each $20,000 in loan proceeds, but job retention will also be considered. The Development Fund will require three years of historical financial statements and tax returns on the company requesting the funding along with personal financial statements on the owners of the company and two years personal tax returns to process the request.
The program will run from April 1, 2012 through July 31, 2012, and the approval process generally takes 30 to 45 days.
For more information, you can visit the Development Fund's website at www.nddevelopmentfund.com or contact Dean Reese at 701-328-5334 or Scot Long at 701-328-7256.
DISCLAIMER: This is intended for informational purposes only. This communication in no way constitutes a guarantee of assistance or incentive from the BMDA or the aforementioned agency.