Business Loan Programs
The Red River Regional Council provides financing to new and expanding businesses within Grand Forks, Nelson, Pembina, and Walsh Counties.
Catalyst Fund
The Catalyst Fund was established in 2020 with support from the U.S. Department of Commerce: Economic Development Administration to support recovery and resiliency from the COVID-19 pandemic that has had an impact on the business sector. During the initial disbursement of this fund, the RRRC financed 17 new, expanding, and transitions of Region 4 businesses. Today, the fund is in its revolving status.
Terms available:
- $5,000 to $250,000
- Fluctuates with NY Prime – approximately 5% currently
- Principal payments may be deferred for up to 12 months
- May fund working capital, inventory, machinery/equipment, fixed assets
- Personal guarantees required
Flex PACE
In partnership with the BND Flex PACE Program, the Nelson, Pembina and Walsh County Job Development Authorities (JDA) can offer a deferred loan as local match for the Bank of North Dakota’s PACE program (reducing the fixed interest rate to as low as 1%).
Contact your county JDA for more information.
Direct Loans
The Nelson, Pembina and Walsh County Job Development Authorities (JDA) can also offer an option for unique financing situations. Applications are reviewed by the JDA Board of Directors on a bi-monthly or as-needed basis.
Contact your county JDA for more information.
County Job Development Authorities
Loan Program Application Requirements
- Business Loan Application
- Resume(s) for all owners
- Organizational Papers and copies of necessary permits/licenses to operate the business
- Business Plan
- Interim Financial Statements (most recent month-end)
- Financial Projections with assumptions for at least the first 2 years of operation (Projected Income Statement | Projected Balance Sheet)
- 2 years of Business Tax Returns
- Business Debt Schedule
- Bank Commitment Letter
- Personal Financial Statement(s) for all owners
- 2 years of Personal Tax Returns for all owners
- Evidence of at least 10% equity available (copy of bank statement)
- Detailed list of available collateral and associated values