A Community Futures
||Small business loans may be available through the NDBDC to businesses not able to acquire traditional bank financing.
||maximum of $150,000
||prime plus 3.00 percent or 11.00 percent, whichever is greater, adjusted annually
||negotiable up to five years; amortization period up to 15 years if security is appropriate
loans are open and can be paid out at any time without penalty
||equipment, inventory, leasehold improvements, working capital, debt consolidation, land or buildings
||sufficient business and personal assets required to secure loan.
||$75 non-refundable review fee, 0.75% of principal application fee (to max of $750)
Who Can Apply?
- Client demonstrates significant commitment to the business, including sufficient security
- Client develops realistic business plan with reasonable profit
- Client has necessary skills and experience
- Number of jobs impacted in the community by business
- Traditional bank financing not available
- Prepare a business plan - your blueprint to your business proposal
- Prepare one year cash flow projection (if an existing business, provide at last two years of financial statements)
- Meet NDBDC staff to review the financing required
- Loan application fee of 0.75% of principal borrowed required with application and personal financial statements (the $75 loan review fee contributes to the cost of the application fee)