The purpose of Dakota CDC Main Street Program is to encourage the creation and stability of small businesses in North Dakota. The Main Street Program will provide financing in participation with a local economic development entity to assist start up and/or emerging small businesses as well as support their job retention mission. Dakota CDC intends to be an integral part of the economic growth and development of North Dakota.
- Type of Loans: Participation with local lenders or direct loan to business
- Eligible Businesses: Small 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 and 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: Minimum 10% investment by owner required
- Fees: 2% origination fee (minimum $100) plus all hard costs
Download more information about the Main Street Loan Program.
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