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.

GeneralCTB Admin