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Souris Basin Intermediary Relending Program |
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| PURPOSE: |
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To provide for the creation and retention of permanent private sector jobs and expand the area's economic base. To improve the public infrastructure and facilities which enhance the area's potential for economic development. |
| GEOGRAPHICAL AREA SERVED: |
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North Dakota Planning Region II covering Bottineau, Burke, McHenry, Mountrail, Pierce, Renville and Ward Counties (excluding areas within the corporate boundaries of the City of Minot). |
| ELIGIBLE APPLICANTS: |
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Any private developer, development group, city or county actively involved in economic development. |
| FUNDING CRITERIA: |
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- Use of Funds - New or expanding business or infrastructure that will enhance the area's economy. At least 30 percent of jobs created must benefit low and moderate income persons.
- Loan Limits - $10,000 minimum; $150,000 maximum.
- Leverage - $1 Private - $1 Public.
- Equity - 10% minimum.
- Loan Terms - Fixed Assets 20 years; Equipment 10 years; Working Capital 5 years.
- Interest - Negotiable (not less than 4 percent).
- Lien Position - First or shared first position.
- Security - Must be secured with fixed assets or other reasonable collateral.
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| CONTACT: |
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Donald W. Longmuir, Jr., AICP, EDFP
Economic Development Planner
925 20th Avenue SW
PO Box 2024
Minot, ND 58702-2024
701-839-6641
Fax: 701-838-8955
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www.sourisbasin.org |
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Last Updated ( Tuesday, September 25, 2007 )
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