Once we understand the scope of your financing needs, we can assemble a package of financing that best suits your business - from low interest loans to equity investments. Some of the programs include:
USDA Rural Development Loans:
Northern Plains is also your access point for USDA Rural Development Loans, RUS Deferred Loans and RUS Distance Learning and Telemedicine Grants and Loans.
The USDA Rural Development Loan Provides zero-interest loans to Rural Utilities Service borrowers like Northern Plains, to promote rural economic development and job creation projects. Funds are passed on to third party borrowers as zero-interest loans for projects that create jobs in rural areas, or provide infrastructure or community facilities in rural areas that lead to economic stability.
North Dakota Development Fund:
The North Dakota Development Fund provides gap financing for primary sector businesses expanding or relocating in the state. Types of investments include equity, debt and other forms of innovative financing up to a limit of $300,000. One of the criteria for dollars invested is projected job creation within 24 months of funding.
ND Agricultural Products Utilization:
The ND Agricultural Products Utilization Commission (APUC) The Commission supports development of new and expanded uses of ND agricultural products through a grant program which funds one or more of the following efforts:
- Research on the development of new and/or expanded uses of ag products
- Development of a technical basis for more efficient systems of production, processing and marketing
- Efforts to increase productivity and provide added value
- Stimulate and foster agricultural diversification
- Encourage processing innovations
- Facilitate cooperative marketing and processing ventures
- Promote exportation of ND agricultural products throughout North America
Bank of North Dakota:
The State Legislature created the Bank of North Dakota (BND) in 1919. BND works with businesses, lending institutions and other funding sources to build integrated financial packages.
BND has the following programs that specifically address the needs of economic development financing in North Dakota:
- Small Business Loan - designed to assist new and existing businesses in securing competitive financing on reasonable terms and conditions
- Business Development Loan - 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.
- Partnership in Assisting Community Expansion (PACE) - 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.
- MATCH - 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 some of the lowest interest rates in the nation.
- Start-up Entrepreneurial Program (STEP) - assists entrepreneurs involved in non-farming business activity. works in conjunction with other state and federal small business loan programs, including the SA LOW DOC program. These programs are designed to provide financing for small business activities and for tourism related businesses.
North and South Central Planning Regional Funds:
The Regional Planning and Development Councils serving the Northern Plains area operate regional revolving loan funds and can access several federal programs for financing economic development.
Community Funding Sources:
Many of the communities in Northern Plains area have funds available for business development. Cooperative business staff can assist you in accessing information on these funds.
