Business Lending

Local business is the backbone of our communities. We are here to assist you as you look at starting or creating a business in our region. These resources serve as gap financing and are not intended to replace traditional funding. Learn more about the different funds below.

 

Questions pertaining to the loan programs can be directed to:
Teran Doerr, Executive Director
teran@rooseveltcuster.com
701.483.1241

Rural Impact Microloan

Your Southwest North Dakota resource to establish, enhance, or expand your business at any stage.

Badlands Fund

Your Southwest North Dakota resource for BND PACE and Flex PACE Programs.

Roosevelt Fund

Your Southwest North Dakota resource to support business, build resilient communities, increase economic diversity, and create and retain jobs.

CDLF

The Community Development Loan Fund (CDLF) was established to provide gap financing and equity investment for projects that will create of retain jobs for low to moderate income persons.

Rural Impact Microloan

Your Southwest North Dakota resource to establish, enhance, or expand your business at any stage.

 

Standard Terms

  • $50,000 Loan Maximum
  • 10% of Equity Encouraged
  • Per Loan Interest Rates Determined
  • Personal Guarantee Required
  • 5 – 25 Year Maximum Terms

 

Use of Funds

  • Equipment
  • Real Estate
  • Working Capital

Badlands Fund

Your Southwest North Dakota resource for BND PACE and Flex PACE Programs.

 

Standard Terms

  • $100,000 Loan Maximum
  • 3 Year Buy Down Period
  • 3%+ Starting Interest Rate
  • Personal Guarantee Required
  • 5-10 Year Maximum Terms

 

Use of Funds

  • Business start-up and expansions
  • New or expanding childcare facilities
  • New, affordable multi-family housing
  • Purchase of real estate
  • Property improvements
  • Equipment and creating working capital

Roosevelt Fund

Your Southwest North Dakota resource to support business, build resilient communities, increase economic diversity, and create and retain jobs.

 

Standard Terms

  • $400,000 Loan Maximum
  • 10% Equity Requirement
  • Per Loan Interest Rates Determined
  • Personal Guarantee Required
  • 5-25 Year Maximum Terms

 

Use of Funds

  • Business start-up, expansions, acquisitions, construction, and refinancing
  • Purchase of real estate
  • Equipment
  • Working capital

Community Development Loan Fund (CDLF)

The Community Development Loan Fund (CDLF) was established to provide gap financing and equity investment for projects that will create of retain jobs for low to moderate income persons.

To be eligible a business must be located in Region VIII. A request for financial assistance per-application must be submitted to Roosevelt Custer Regional Council which will be evaluated by RCRC staff and presented to the Loan Review Committee. Approved projects will complete a final application which is forwarded to the North Dakota Department of Commerce Division of Community Services for final approval and financial award.

 

Funding is made available by Housing and Urban Development (HUD) through the ND DOC Division of Community Services.

 

Goals:

  • Job Creation
  • Value added manufacturing activities
  • Diversification
  • Retention and expansion of existing business
  • Use of vacant building/facilities

 

Criteria:

  • Retail sector: Minimum loan $10,000, Maximum loan $300,000
  • Primary sector: Minimum loan $50,000, Maximum loan $500,000
  • Equity requirement is 10%
  • Match requirement of 1:1
  • Term Limits: Building and Real Estate – 25 years, Equipment and
    Machinery – 10 years, Inventory and working capital – 5 years
  • Lien Position: Acceptable positions are a first, second, or shared second
  • Interest rates are determined at the time of approval
  • Projects are based on job creation/retention and must have a 50% minimum LMI benefit

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