Qualified projects greater than $150,000 are presented to the Development Fund Board of Directors for consideration. Requests for loans or equity investments less than $150,000 can be improved internally by the funds staff. Those projects are then reviewed by the board of directors at a following board meeting. (Dollar limits are cumulative and include existing advances in determining the approval process.) The Development Fund Board of Directors hold regular meetings depending on the number of projects that need to be presented on the 2nd and 4th Thursday of each month or teleconferences can also be used when necessary.
To determine whether or not your project is eligible, you must contact your local financial institution, a local economic development office or the ND Development Fund staff. We recommend an early meeting between investors, entrepreneurs, community developers and other appropriate team players.
After you've submitted sufficient information to determine the merits of your request, the Fund requires a 15-20 day lead time to conduct due diligence and complete other details needed to process debt and equity requests.
After board review, applicants receive written notice of approval or denial. Once you accept the commitment letter and provide necessary documents, closing takes place. This process usually takes 15-30 days.
For applications and other forms, please visit the NDDF Forms page.