Beginning Entrepreneur Loan Guarantee
LOAN AMOUNT (UP TO):
$500,000
DETAILS:
The Beginning Entrepreneur Loan Guarantee Program assists with business startup financing by providing financial institutions with guaranty of a loan not to exceed $500,000. It may be used in conjunction with other BND programs.
ELIGIBILITY:
A North Dakota resident who graduated from high school or received a general equivalency certificate, has some training by education or experience in the type of revenue producing enterprise for which they are seeking a loan. Borrower’s net worth must be less than $500,000.
PROCEEDS MAY BE USED TO FINANCE:
Purchase or improvements of real property, equipment or personal property,
Working capital needs
Child care home, group or center licensed by the Department of Human Services.
Business startup expenses including accounting, legal and business planning
Refinance or consolidate debt provided the amount of the refinance or consolidation does not exceed 20 percent of the total loan to be guaranteed
BND may approve a guarantee on a loan up to $5,000 to a beginning entrepreneur for business startup expenses including accounting, legal and business planning. The Bank may approve a guarantee on a loan up to $25,000 without requiring collateral for the loan.