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Souris Basin Revolving Loan Fund |
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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. |
| GEOGRAPHICAL AREA SERVED: |
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North Dakota Planning Region II covering Bottineau, Burke, McHenry, Mountrail, Pierce, Renville and Ward Counties. |
| 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 primary sector businesses resulting in job creation or retention of which at least 51 percent benefit low and moderate income persons.
- Loan Limits - $5,000 minimum; $127,500 maximum (depending on jobs created).
- Leverage - $2 Private - $1 Public.
- Equity - 10 percent minimum.
- Loan Terms - Fixed Assets 10 years; Equipment 7 years; Working Capital 5 years.
- Interest - Negotiable (not less than 4 percent).
- Lien Position - Subordinate position.
- Security - Must be secured with fixed assets, personal guarantees 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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