Qualified projects greater than $150,000 are presented to the Development Fund Board of Directors for consideration. Requests for loans or equity investments less than $150,000 can be approved internally by the funds staff. Those projects are then reviewed by the board of directors at a following board meeting. (Dollar limits are cumulative and include existing advances in determining the approval process.) The Development Fund Board of Directors hold regular meetings depending on the number of projects that need to be presented first Thursday of each month or via teleconferences when necessary.
To determine if your project is eligible, contact your local financial institution, a local economic development office or the North Dakota 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 20-30 day lead time to conduct due diligence and complete other details needed to process debt and equity requests. This timeline is dependent on the number of requests the NDDF has in its pipeline.
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 to 30 days.
For applications and other forms, please visit the NDDF Forms page.