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
• Amount: Minimum: $1,000
• Maximum: $24,999
• Term: Working capital: 1-18 months
  • Equipment: up to 3 years
  • Maximum: 5 years
• Rates: Fixed rate – established at time of Loan approval
• Repayment: ACH payments required on the 1st of month
• Collateral: Personal guaranty; 1st lien assets; cosigners, etc.
• Equity: Min. 10% Investment by owner required
• Fees: 2% origination fee (min $100) plus all hard costs