This program is created in partnership with the City of Grand Forks and the Grand Forks Region Economic Development Corporation
The purpose is to offer early seed funding to new businesses who do not qualify for commercial loans.
The benefits of this program are:
- Personal guarantee is not required
- Loans of $7,500 up to $30,000
- One year payment deferral
- Three to five year terms
- 5% interest rate
Possible uses for this funding:
- New product proof of concept
- Equipment purchases
- Training costs to scale up a new product
- Legal and accounting services
How to Get Started
Develop a business plan with the Small Business Development Center (SBDC) of ND: Contact Here
Create a sound financial plan with Senior Corps of Retired Executives (SCORE) or with SCORE: SCORE Contact
Establish your business as an LLC with the State of North Dakota: Start a Business
Have articles of incorporation created: FirstStop
(Optional) Create an EIN with the IRS: Apply for EIN
Have a turn-down notice from a bank for a commercial loan
Start the application for funding: Application
Have personal cash investment of 25% for the business
Schedule and have preliminary meeting with Brandon at the Economic Development Corporation: brandonb [at] grandforks [dot] orgÂ
Upon completion of Step One, you will meet with the Loan Committee.
You will give a 10 minute business pitch and answer about 15 minutes of Q&A.
This step typically comes with “homework” and advisement for mentorship.
After prior steps are met, you will present before the Growth Fund
Five minute business pitch with approximately two minutes of Q&A
This will occur on a third MondayÂ