As the lead agency responsible for economic development in the Devils Lake region, FORWARD Devils Lake Development Corporation (FDL) promotes economic, industrial and information technology growth through existing business expansion, entrepreneurial start-ups and by aggressively pursuing company expansions from outside of North Dakota. FDL can provide detailed information about all the financial programs identified in this section. We also have the expertise to help match your company with the financial and other programs that will provide the greatest benefits to your company and make the Devils Lake area the most profitable place for your company to do business.

Mini – Grant Program - FDL offers small grants to primary sector businesses (which includes tourism) that have their corporate headquarters in the Devils Lake area. Mini-grants can be utilized for research and development, business plans, marketing plans, feasibility studies, marketing tasks and patent fees. Project requests not directly benefiting a for-profit business will be referred directly to the Growth Fund and Devils Lake City Commission. Click here for Application.

Lake Region Growth Fund - A portion of the Devils Lake city sales tax dedicated to economic development projects. These local funds can be used for Interest buydowns (PACE program), reduced interest loans, direct grants, equity positions and other appropriate financial incentives. Click here for Application.

Industrial Revenue Bonds - The City of Devils Lake may participate in an economic or industrial development project by lending its name to sell Municipal Industrial Revenue Bonds to help finance a project. Information is available by contacting the Devils Lake City Auditor at 701-662-7600.

NCPC-RLF - Revolving loan fund program managed and administered by North Central Planning Council located in Devils Lake. This Revolving Loan fund may be used for debt financing, except refinancing, by primary sector, service or retail business for equipment, machinery, working capital and inventory. Terms of the loans are based on need, and a minimum equity is 10%. This fund can loan up to $150,000, and requires a match of at least one-to-one from any sources.

Community Development Loan Fund (CDLF) - Debt and equity (purchase of preferred stock financing up to as much as $300,000 is available for primary sector, service or retail business in Devils Lake and surrounding communities, and rural areas. A minimum of 10% equity and dollar-for-dollar match is required. Terms are based upon need.

Micro Loans - Short-term (up to six year) loans of up to $15,000, $25,000 with a bank turndown, at standard bank rates are available through North Central Planning Council. Minimum equity requirement is 10%.

Devils Lake Loan Pool - A consortium of local lending institutions and utilities participating collectively in economic development projects.

Bank of North Dakota - The Bank of North Dakota (BND) is the only state owned and operated bank in the nation. Its mission is to encourage and promote agriculture, commerce and industry in North Dakota. BND offers economic and industrial development financing instruments that are not found elsewhere. Although the bank does not make direct loans to businesses, the loan programs can be accessed through participation with a lead financial institution. The following programs are available through the BND.

PACE Fund - Accessible through the Bank of North Dakota (BND). It is available for businesses involved in manufacturing, processing, value-added processing and targeted services industries (i.e. telecommunications, data processing). The program may provide up to $384,000 of interest buydown subsidy. BND participation in the buydown may be between 65% and 85% with the balance coming from community sources. The interest rate reduction is limited to the lower of 5% below the bank's yield or 3% below the national prime rate. The borrower must create a minimum of one job for every $75,000 of loan proceeds and the business must be located in North Dakota.

MATCH Program - Accessible through the Bank of North Dakota (BND). Qualifying borrowers must have a long-term credit rating of "A" or better as determined by a recognized rating agency, or an equivalent credit enhancement acceptable to BND. Financing of up to $7.5 million may be available at the U.S. Treasury rate plus .25%. The program is targeted to manufacturing, processing or value-added industries.

Start-up Entrepreneur Program (STEP) - This program is designed to provide financing for small business activities including home-based businesses, retail services, manufacturing and tourism related businesses. The net worth of the business is limited to $150,000.

SBA Main Street Program - The SBA loan purchase program was established to finance job creation and retention in businesses involved in production, manufacturing, processing and retail trade. The program provides low interest rates to businesses receiving SBA loan guarantees.

Small Business Investment Company (SBIC) - Licensed and regulated by the Small Business Administration (SBA) the SBIC is a privately owned and managed investment firm. The SBIC uses its own funds, plus money borrowed with SBA guarantees, to make venture capital investments in small businesses, SBIC provides risk capital in the form of debt and equity financing to small business for their start-up, growth, modernization or expansion. Funding is available to all types of manufacturing and services industries.

SBA 504 Loan Program - Long term, fixed asses financing. 50% is loaned by a private lender at conventional rates and terms. Borrower provides 10% in cash equity. U.S. Treasury Note rate plus 1%. Accessible through Certified Development Corporation.

SBA 7(a) Loan Program - Available to small businesses unable to obtain financing in the private credit market place. Rate of interest and equity requirements will be negotiated with local lender.

North Dakota Development Fund - Loans, equity investments and relocation grants for primary sector projects. Primary sector is defined as "any individual, corporation, partnership, or association which, through the employment of knowledge or labor, adds value to a product, process, or exported service (including tourism) that results in the creation of new wealth." 15% minimum owner equity is required; lending limits are set by Board policy. The Fund cannot finance production agriculture (growing, raising, producing, or warehousing of crops and livestock). Interest rates and terms vary based on borrower and project.