Revolving Loan Fund (RLF)

North Central Planning Council has established a revolving loan fund to meet the economic development needs of  Benson, Cavalier, Eddy, Ramsey, Rolette  and Towner Counties. 

The objectives of the Revolving Loan Fund include:

1. Creation of permanent jobs
2. Economic Diversification
3. Leveraging of private and local investments
4. Benefits to the county, region and state economy
5. Assistance to disaster impacted businesses

Applicants need to complete the NCPC Request for Financial Assistance with the documents listed on the application checklist.  Once all the items are submitted the application will be reviewed by the NCPC Loan Committee at a regularly scheduled meeting.

Eligible applicants are private developers, development groups or cities or counties taking an active role in an economic development project within the counties of Region III.

Eligible activities are, but not limited to:

• Acquisition of real property
• Constructions
• Reconstruction
• Rehabilitation
• Site improvements
• Equipment, fixtures and inventory
• Operating capital

Funding Criteria:

• Minimum loan amount $5,000, Maximum loan amount $150,000
• The RLF shall not participate as the lead lender and the loan amount shall not exceed 45% of the total project
• Interest rates are fixed over the life of the loan; however lending rates may vary depending on the type of the loan
• Term limits:  Building and Real Estate - 20 years, Equipment and Machinery - 10 years, Inventory and Working Capital - 5 years
• A minimum of 10% developer equity is required for each project
• Adequate collateral must be pledged for the loan with no less than a second position
• A personal guarantee is required on each loan