Seven business have been approved and have benefited from the North Dakota Opportunity Fund (NDOF) Disaster Loan Assistance Program. The program was created on March 26, 2020 to assist small businesses impacted by the COVID-19 pandemic.
Matt Burthold is LCD Group’s commercial lending director. According to Burthold, the businesses located in Bismarck, Dickinson, Fargo, Linton, Mandan, West Fargo, Watford City, and Williston have received funding through the program. Those businesses include two restaurants, a hair salon, an auto parts store, an auto detailing and fabrications business, a dance studio, and a fuel cell and telemetry manufacturer.
Burthold says the program is working as intended and that funds are still available.
Coronavirus cases continue to increase across North Dakota just as the weather cools and more time is being spent indoors. With no real end currently in sight, the NDOF Disaster Loan Assistance Program is a designed to provide some security in these uncertain times.
Terms & Conditions
Under the program, small businesses must show they’ve been adversely affected by the pandemic and may apply for up to $50,000 in loans. Approved businesses will pay zero percent (0%) interest and not make any payments for the first six months; after six months, the loan will be four percent (4%) amortized for up to five years
Typically, businesses may use the North Dakota Opportunity Fund for construction, real estate, equipment purchases, working capital, and for interim SBA 504 loans. However, under the terms of the disaster loan program, impacted businesses can seek loans only for working capital.
About the North Dakota Opportunity Fund
The North Dakota Opportunity Fundleverages private financing to help North Dakota small businesses and manufacturers attain the loans and investments needed to expand and create jobs.
The Fund originated as part of the Small Business Jobs Act of 2010, which created the State Small Business Credit Initiative (SSBCI).
Small businesses in the communities listed on this accompanying map are members of the consortium and eligible to apply for disaster assistance loans.
Learn more about the program’s impact