In response to the economic fallout from the COVID-19 pandemic, Lewis & Clark Development Group is offering a range of assistance programs and services for small businesses and communities.
North Dakota Opportunity Fund Disaster Loan Assistance Program
The North Dakota Opportunity Fund leverages private financing to help North Dakota small businesses and manufacturers attain loans and investments needed to expand and create jobs. Funds may be used for real estate, equipment purchases, working capital, and interim SBA 504 loans. A consortium of 38 municipalities has received funding for operating this loan participation program, which is administered by LCD Group.
Under the terms of this special disaster loan assistance program, businesses may seek loans only for working capital. To qualify, businesses…
– Must show they’ve been adversely impacted by the pandemic
– May apply for up to $50,000 in loans
– Will pay zero percent (0%) interest
– Will not make any payments for the first six months
– After six months, the loan will be four percent (4%0 amortized for up to five years.
The following are some of the businesses that have benefited from the program…
– BWR Innovations, Fargo
– The DFY Project Company Dance Studio, Dickinson
– Unique Attractions Salon, Linton
Learn more about the NDOF Disaster Loan Assistance Program here.
Small Business Pandemic Recovery Revolving Loan Program
As part of the federal CARES Act, LCD Group has received a $1,133,000 investment award through the U.S. Economic Development Agency (EDA) to capitalize a Small Business Pandemic Recovery Revolving Loan Fund (RLF).
To be eligible for financing, business must be adversely impacted by the pandemic and located in one of the following ten counties: Burleigh, Emmons, Grant, Kidder, McLean, Mercer, Morton, Oliver, Sheridan, and Sioux.
With the Small Business Pandemic Recovery Revolving Loan Fund, LCD Group is able to provide:
– Small business loans aimed at alleviating the sudden and severe dislocation caused by the pandemic
– Offer permanent resources to support economic resiliency
– Further the long-term economic adjustment objectives within the region.
Coordinating a Regional Economic Response
LCD Group is the federally designated Economic Development District (EDD) serving Burleigh, Emmons, Grant, Kidder, McLean,
Mercer, Morton, Oliver, Sheridan, and Sioux counties. In this role, LCD Group is coordinating an economic response to the pandemic by…
– Develop a regional economic recovery and resilience plan to address the pandemic’s economic impacts
– Offer technical assistance to businesses, local governments, and other local economic stakeholders
– Offer the services of a disaster recovery coordinator to the region
Let Lewis & Clark Development Group Help You
To learn more about the NDOF Disaster Assistance Loan Program and the Small Business Pandemic Recovery RLF, contact Matt Burthold at (701) 667-7601 or at matt@lcdgroup.org.
Contact Paulette Paulson for more information about our EDA CARES services at (701) 667-7606 or at paulette@lcdgroup.org.
