The North Dakota Department of Commerce announced that the North Dakota Development Fund Inc. (NDDF) has expanded its eligibility criteria to include non-primary sector businesses. The change is intended to open financing opportunities for more rural businesses and community organizations that previously did not qualify for support.
The updated guidelines allow for-profit businesses, specific nonprofits such as economic development organizations and chambers of commerce, and political subdivisions to apply if they are located in communities with fewer than 10,000 residents or more than five miles outside city limits. Applicants must partner with a lead lender and meet standard equity and feasibility requirements.
“This expansion reflects our commitment to strengthening economic growth in communities across North Dakota,” said NDDF CEO Brian Opp. “By widening access to this fund, we are supporting more projects that help rural communities grow and remain competitive.”
NDDF financing can be used for working capital, equipment purchases, non-passive real estate acquisition, and interim construction needs. Loan amounts range from $25,000 to $1 million and may not exceed 40% of total project costs.
By DNU staff