Loan Programs
SBA 504 Loan Program
About the 504:
The U.S. Small Business Administration’s 504 Program-administered in North Dakota by the Dakota Certified Development Corporation-provides affordable financing to help healthy, expanding small-and medium-sized businesses grow.
IRP Loan Program
Who is eligible for IRP loans?
Any type of legal entity may be considered as a borrower under IRP, including individuals as well as public and private organizations. This includes government entities and agencies. However, the primary purpose is to assist small businesses with their financial needs.
To qualify for an IRP loan, the borrowers must be unable to obtain the proposed loan elsewhere at reasonable rates and terms. The loan may be offered directly to applicants or leveraged with other sources of funding, including participation by local banks.
USDA Rural Development requires that at least 51 percent of the owners or members of the organization must be United States citizens or individuals admitted for permanent residence.
Main Street Loan Program
What is the MicroLoan Program?
- Type of Loan: Direct loan to business
- Type of Loans: Participation with local lenders or direct loan to business
- Eligible Small Businesses: Businesses: (new or existing) operating in North Dakota (visit with DCDC for a complete list of eligibility requirements)
- Use: Working capital, inventory, Small equipment