Funds are available to a new or expanding primary sector business, which is defined as "an individual, corporation, partnership or association which, through the employment of knowledge or labor, adds value to a product, process or service that results in the creation of new wealth."

Funding amount will be based upon the number of jobs created and also the economic impact to the community and surrounding area, but generally no greater than 50 percent of a project's capitalization needs.

Use of proceeds:

• Purchase or improve real estate.
• Purchase equipment.
• Provide working capital.

Repayment terms vary. The entrepreneur shall generally have, at minimum, a 15 percent equity investment in the project. Refinancing of debt is not eligible. In most cases, personal guarantees will be required from the principals. Other forms of guarantees may also be required. All loans must be secured by reasonable sources of collateral. All loan and equity requests must be accompanied by a comprehensive business plan.

The Development Fund also manages the Rural Revolving Loan Fund. This Fund is allocated equally among the eight economic development regions in North Dakota. To access the Rural Revolving Loan Fund, the primary-sector business must be located in a community of less than 8,000 in population or be located more than five miles outside the city limits.

Dean Reese, CEO
Scot Long, Vice President
Titus Williams, Credit Analyst
Lacey Carr, Technical Accounting/Credit Analyst

ND Development Fund
1600 East Century Avenue, Suite 2
PO Box 2057
Bismarck, ND 58502-2057
701-328-5300
Fax: 701-328-5320
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www.growingnd.com