Sign up for email updates from SBAReceive helpful business tips and upcoming events in your area.


Indiana District Office
8500 Keystone Crossing Suite 400
Indianapolis, IN 46240
United States
Phone: 317-226-7272
Hours of Operation:
Monday through Friday from 8:00 AM to 4:30 PM
Increased Funding Available for Small Businesses

Advisory Date: Wednesday, December 11, 2013
Release Date: Thursday, October 17, 2013
Release Number: ND-13-24
Related State:
North Dakota
Contact: Sheri Weston, 701-239-5131 x210

Lake Agassiz Microloan

Fargo, ND – Lake Agassiz Regional Development Corporation has received a $500,000 commitment from the Small Business Administration (SBA) for a revolving fund targeting small businesses in North Dakota. Lake Agassiz RDC can provide loans up to $50,000 to help eligible small businesses and certain not-for-profit childcare centers start up and expand.

“With these funds, we will be able to assist small business owners throughout North Dakota – especially those that are unable to obtain bank loans – with their financing needs,” said Irv Rustad, Lake Agassiz RDC Executive Director.

These funds were provided to Lake Agassiz RDC through the SBA’s Microloan Program, which makes funds available to specially designated intermediary lenders. They in turn make loans to the small businesses that may not otherwise be able to get financing on reasonable terms.

SBA Microloans can be used for working capital, inventory, supplies, furniture, fixtures, machinery and equipment. Loan repayment terms vary, but the  maximum repayment term allowed by SBA is six years.

“We are grateful for Lake Agassiz’s commitment of supporting local small businesses through the Microloan program,” said Acting District Director, Mike Gallagher. “Access to capital is a major concern for start-up businesses. A Microloan from Lake Agassiz RDC can help a business get started and create new jobs, thus providing a positive impact for our economy.”

For additional information on SBA Microloans in North Dakota, contact Randy Kingsley, Lake Agassiz RDC at 701-235-1197 or randy@lakeagassiz.com or visit their website at www.lakeagassiz.com. The SBA’s North Dakota District Office can be contacted at 701-239-5131 or north.dakota@sba.gov.

 

# # #

Encore Entrepreneurs

An Introduction to Starting Your Own Business

LAUNCH COURSE

Need Help Writing a Business Plan? Our step-by-step tool makes it easy.  Start Your plan.

Get Local Assistance Right in Your Area

Counseling, mentoring, and training from an SBA District Office, SCORE Chapter, Small Biz Development Center or Women’s Biz Center in your area.

FIND RESOURCES