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 |
FUNDING LIMIT |
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 |
TERM |
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. |
MINIMUM EQUITY REQUIREMENT |
N/A |
CREDIT SCORE REQUIRED | 640 or higher, otherwise need additional guarantor that qualifies |
PERSONAL/CORPORATE GUARANTEES |
Yes |
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 smattson@nd.gov.
For question regarding the Child Care Loan Program, please contact Samantha Mattson, 701-328-7252.
North Dakota Child Care Loan Program Application
Additional Resources:
Accountability Information Release
North Dakota Women's Business Center