The North Dakota Development Fund, Inc. is authorized to provide financial assistance to new and expanding child care providers through the Child Care Loan Program.
Eligible Organizations: Licensed profit, nonprofit and public child care facilities. Faith-based organizations are eligible but must follow all appropriate federal guidelines if receiving federal subsidies.
Eligible Uses: The Child Care Loan Program funds may be used for the acquiring, leasing, or remodeling of real estate facilities, purchasing equipment or working capital.
|Childcare Loan Program|
|BORROWER||Any licensed child care provider|
Up to $1,000,000 per location and based on availability of funds.
The Childcare loan program can fund 100% of projects up to $100,000.
Projects over $100,000 must have a 50% match by a combination of owners equity and a loan from a financial institution. (e.g., for the construction of a childcare facility costing $600,000, the NDDF’s max participation is $300,000, with the remaining dollars coming from a combination of owners equity/loan from a financial institution).
|INTEREST RATE||2.5% - Fixed|
1-10 years for loans $100,000 or less, dependent upon project.
Loans greater than $100,000 will follow the terms established by the financial institution.
|CREDIT SCORE REQUIRED||640 or higher, otherwise need additional guarantor that qualifies|
|QUALIFICATIONS||A licensed North Dakota child care provider|
|COST AND FEES||$250|
Applications are reviewed on a first come, first-serve basis. Applications and supporting information should be submitted via email to firstname.lastname@example.org.
For question regarding the Child Care Loan Program, please contact Samantha Mattson, 701-328-7252.