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Small Employer Loan Fund (SELF)

Loans to North Dakota Small Businesses for Assistance in
Recovering 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 of up to $50,000 to North Dakota small businesses for assistance in recovering from 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 and certified development corporations (CDCs) in providing loans to assist very small North Dakota businesses in their recovery from the negative impacts caused by the COVID-19 pandemic.

Proceeds shall be used to:

  • Support working capital needs, recurring expenses and replenish inventory
  • Term out COVID-19-related bridge loans or credit card debt originated on or after March 13, 2020. This amount may not exceed 20% of the maximum loan amount.

Loan Terms:

  • Loan term: 120 months. There is no pre-payment penalty.
  • Payments must be made monthly; principal and interest payments will be deferred for six months. BND highly encourages the lead lender to set up automatic payments.
  • BND will purchase 100% of the loan.
  • All loans require unlimited personal guarantees.

GrantWatch ID#:

GrantWatch ID#: 189433

Estimated Size of Grant:

The maximum loan amount is equal to six months of operating expenses plus interest as well as any amount needed to replenish inventory, or a maximum loan of $50,000, whichever is less.

Additional Eligibility Criteria:

The borrower must be a North Dakota business, with an employee count of 10 full-time equivalents (FTE) or less. The borrower is defined as an individual, corporation, limited liability company, partnership, association or any combination of these if there is common ownership.

The local lender determines if the applicant’s business has incurred economic injury as a result of the COVID-19 pandemic.

As of March 13, 2020, the business must have:

- Had a physical presence in North Dakota
- Been current on financial obligations
- Along with any guarantors, showed the capacity or historical ability to service debt
- Had an employee count of 10 or less full-time equivalents (FTE)
- Had an owner with at least 20% ownership, or a guarantor with a pre-pandemic minimum credit score of 650.

Commission-based independent contractors are eligible.

Receipt of Payroll Protection Program funds does not affect eligibility.

Agriculture producers are not eligible. f

Loan funds may not be used to:

- Fund capital purchases or business expansion
- Refinance any existing debt
- Provide distributions or dividends to owners

Pre-Application Information:

Loan applications must be received by November 30, 2020.

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. The originating lender must complete the SELF application and is not required to submit a credit presentation.

BND will pay a one-time service fee to the lead financial institution of $250 or 1% of loan amount on loans over $25,000.

No collateral is required for loans $25,000 and under. A shared lien on all business assets is required for loans over $25,000.

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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