Qualified projects are taken to the Development Fund Board of Directors for consideration. Requests for loans greater than $150,000 are presented at the regular board meeting the last Thursday of the month. Requests of $150,000 or less may also be presented by teleconference. (Dollar limits are cumulative and include existing advances in determining the approval process.)
To determine whether or not your project is eligible, you must contact your local financial institution, a local economic development office or the ND Development Fund staff. We recommend an early meeting between investors, entrepreneurs, community developers and other appropriate team players.
After you've submitted sufficient information to determine the merits of your request, the Fund requires a 15-20 day lead time to conduct due diligence and complete other details needed to process debt and equity requests.
After board review, applicants receive written notice of approval or denial. Once you accept the commitment letter and provide necessary documents, closing takes place. This process usually takes 15-30 days.
For applications and other forms, please visit the NDDF Forms page.