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COVID-19 PACE Recovery (CPR) Program

Loans to North Dakota Businesses to Recover from
the Coronavirus (COVID-19) Pandemic

Agency Type:

Foundation / Corporation

Funding Source:

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Bank of North Dakota

Deadline Date:



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Loans to North Dakota businesses to assist with expenses related to the financial impacts of the Coronavirus (COVID-19) pandemic. Applications must be submitted by the financial institution providing the loan. Loan funds may be used to cover bridge loans, credit card debt, working capital needs, expenses, and inventory purchases.

This program assists local financial institutions in providing low interest loans to support North Dakota businesses in their economic recovery due to negative impacts from the COVID-19 pandemic.

Proceeds may be used to:

  • Support working capital needs of a business in the state of North Dakota
  • Term out COVID-19-related bridge loans or pay credit card debt originated on or after March 13, 2020. This amount may not exceed 20% of the maximum loan amount.

Interest rate will be fixed at 3.75% for up to five years . BND to net 3.50%. The lead lender to retain a 0.25% service fee. Borrower will receive a 1% interest rate for the term of the buydown or until buydown funding is exhausted. The buydown of the interest rate to 1% will only occur on permanent financing.

Loan terms

  • Monthly principal and interest payments based on UP TO a 10-year amortization with a 5-year balloon.
  • At the discretion of the originating lender, payments may be interest only or fully deferred for six months.
  • Principal and interest payments to begin after six months or January 2021, whichever comes first, based on 10-year amortization with a 5-year balloon.
  • Loan proceeds must be advanced no later than Dec. 31, 2020.
  • Principal and interest payments must begin no later than Feb. 1, 2021.

GrantWatch ID#:

GrantWatch ID#: 189432

Estimated Size of Grant:

- For businesses of 500 or fewer employees: Maximum loan amount is the lesser of $5,000,000 or six months of operating expenses plus interest
- For businesses of 501 employees or more: Maximum loan amount is the lesser of $10,000,000 or six months of operating expenses plus interest
- Maximum buydown amount from BND is $500,000 per biennium, per borrower. Borrower is defined as an individual, corporation, limited liability company, partnership, association or any combination of these if there is common ownership.

Additional Eligibility Criteria:

The borrower can be any person or entity whose business is located in North Dakota. Loan funds may only be used to support operations in the state of North Dakota.

The business must have capacity or history of showing it can service debt before March 13, 2020. The local lender determines if the applicant’s business has incurred economic injury as a result of the COVID-19 pandemic.

Receipt of Payroll Protection Program funds does not affect eligibility.

Loan funds may not be used:

- For capital purchases or business expansion
- To refinance any existing debt
- For the relocation of the business
- For operating expenses outside of the state of North Dakota

Pre-Application Information:

All applications must be submitted by a lender at a local financial institution. Applications submitted by a business owner will not be accepted. Please contact your local lender to initiate the loan application with Bank of North Dakota.

Applications will be accepted through November 30, 2020.

BND must share in collateral with the lead lender, and on a pro-rata basis at time of liquidation.

BND may take not less than 50% or more than 80% of the total loan amount as its participation percentage. Standard underwriting procedures will apply to all loans.


Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.


URL for Full Text (RFP):

Geographic Focus:

USA: North Dakota

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