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:
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Purchase or improvements of real property, equipment or personal property,
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Working capital needs
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Child care home, group or center licensed by the Department of Human Services.
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Business startup expenses including accounting, legal and business planning
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Refinance or consolidate debt provided the amount of the refinance or consolidation does not exceed 20 percent of the total loan to be guaranteed
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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.