Increased Funding Available for Small Businesses
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 email@example.com or visit their website at www.lakeagassiz.com. The SBA’s North Dakota District Office can be contacted at 701-239-5131 or firstname.lastname@example.org.
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