LOAN AMOUNT (UP TO):
$3,000,000
DETAILS:
The Accelerated Growth Loan Program assists North Dakota-based technology companies with solid operations, good management and strong cash flow that are positioned for a period of accelerated growth or can show consistent monthly revenues above $50,000. These companies normally have limited assets to qualify for traditional bank financing.
A lead lender is required. BND’s participation percentage is negotiated on a loan-by-loan basis. The lead financial institution must share a minimum of 10 percent of the total loan amount.
ELIGIBILITY:
The borrower can be any person or entity who owns a North Dakota-based technology company with solid operations, good management and strong cash flow that is positioned for accelerated growth but has limited assets for normal bank financing. Eligibility includes:
Strong prospects for growth that could include purchase orders for merchandise or services. The company must show through its application that the prospect for sales growth is 15% or greater over the three-year period following the inception of the loan.
Or
A demonstrated sales record with minimum monthly recurring revenues of $50,000 per month. Software as a Service (SaaS) companies must have a minimum net annual revenue retention rate of 85%.The borrower can be any person or entity who owns a North Dakota-based technology company with solid operations, good management and strong cash flow that is positioned for accelerated growth but has limited assets for normal bank financing. Eligibility includes:
Strong prospects for growth that could include purchase orders for merchandise or services. The company must show through its application that the prospect for sales growth is 15% or greater over the three-year period following the inception of the loan.
Or
A demonstrated sales record with minimum monthly recurring revenues of $50,000 per month. Software as a Service (SaaS) companies must have a minimum net annual revenue retention rate of 85%.
PROCEEDS SHALL BE USED TO:
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Finance the acquisition of real property
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Remodel or expand an existing business if owner-occupied
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Purchase equipment
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Provide working capital
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Refinance an existing loan with a maximum amount that may not exceed 30 percent of the new loan
DEADLINE:
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Ongoing