Question 1

Q. What happens if I’m approved?

Accepted Answer

A. If your project is approved for financing, the next step is to schedule your loan closing. This can be dependent on the type/use of funding you receive.

Question 2

Q. What happens after I apply?

Accepted Answer

A. Once all allocation requirements are met, the financing team will present your project at our next scheduled Mountrail County JDA Loan Review Committee meeting. The committee is made up of experienced lenders and business professionals that are excited to advance economic progress in our region!

Question 3

Q. How long does the application process take?

Accepted Answer

A. The time it takes to complete an application will vary with each project. All projects remain in the application phase until all application requirements are met.

Question 4

Q. Can the Mountrail County JDA help with financial projections, creating a budget, and business plan?

Accepted Answer

A. Mountrail County JDA does not provide technical expertise to work with businesses in this capacity. We strongly encourage all applicants that need this technical assistance to reach out to the North Dakota Small Business Development Center (SBDC) located in Minot, ND. The North Dakota SBDC has the experience and expertise to help start-up entrepreneurs work through the steps that are needed prior to the financing stage. This expertise is provided at no cost to you.
Experienced entrepreneurs are also encouraged to utilize the valuable services of the North Dakota SBDC.
Visit https://ndsbdc.org/ for more information.

Question 5

Q. What paperwork and documents do I need to apply?

Accepted Answer

A. The following documents will be required to complete your application. Additional documents may be requested based on the project. 
·         Employer tax documentation
·         ND Secretary of State Certificate of Good Standing 
·         Copies of government issued IDs for all applicants
·         Personal financial statements from principals controlling 20% or more of the business
·         Personal tax returns from the past three years of principals controlling 20% or more of the business
·         Credit report of principals controlling 20% or more of the business 
·         Letter from other proposed financing sources stating conditions for participation
·         Business Plan
·         Financials Projections
*Existing businesses must also provide company tax returns for the past three years and year-end balance sheets and P/L statements for the past three years

Question 6

Q. How do I start the loan application process?

Accepted Answer

A. The first step is to talk to your current financial institute/lender to share your project, and give us a call if you have questions about our programs. The Mountrail County JDA has experience working with local lenders – we suggest approaching more than one lender; every lender is different! Find the lender that is right for you, and your project.

Question 7

Q. How does the Growth Fund differ from a loan from a regular bank?

Accepted Answer

A. The Growth Fund may offer appealing rates for projects that have higher risk. The Mountrail County JDA does not take on the role of a traditional lender. Lender participation is not required in all instances, but it is encouraged for potential applicants to approach their lender to see if their project can be packaged with the Growth Fund.