The Center of North America Coalition Rural Economic Area
Partnership encourages retention, expansion and start-up entrepreneurial
businesses by providing equity and/or loan opportunities in six Counties and
two Native American Reservations:
Mission: The Center of North America (CONAC) Rural Economic Area Partnership (REAP) exists to shape our future through community partnerships, building regional capacity and fostering collaboration to facilitate community development.
- Benson
- Bottineau
- McHenry
- Pierce
- Rolette
- Towner
- Spirit Lake Nation
- Turtle Mountain Band of Chippewa
Mission: The Center of North America (CONAC) Rural Economic Area Partnership (REAP) exists to shape our future through community partnerships, building regional capacity and fostering collaboration to facilitate community development.
CONAC Micro-Loan
Loan Terms:
For more information on a micro-loan contact the representatives in your area.
- Maximum loan of $10,000
- Term up to 10 years (120) months, possible deferral of repayment for up to 3 months after loan closing
- Zero percent (0%) interest rate
- One-time administrative fee of 3% of loan value due at closing
- Applicants must be legal entities, sole
proprietors and/or units of government
- Applicant must provide assurance of willingness
and ability to repay
- Applicant must complete the application process
and agree to the terms and conditions established for the loan
- The loan must be sufficient to reasonably assist
the project.
- Projects must either retain or create
jobs/self-employment or be of benefit to the community
- Loans will be made for up to 50% of project
costs
- It is preferred if loans participate with a bank. CONAC can be subordinated to another lender.
- Business plan or business summary
- Project description
- Market and competition
- Management experience
- Sources & uses of funds
- Demonstration of ability to service debt, i.e.,
balance sheet, cash flow, profit and loss, including historical if available
and projections for first 18-36 months.
- Letter from other participating lenders with brief credit analysis and participation terms.
For more information on a micro-loan contact the representatives in your area.
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