Dakota Business | Recovery Resources for North Dakota Small Businesses

North Dakota District Office

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Dakota Business Newsletter, July 28, 2020

NEW: North Dakota Department of Commerce Economic Resiliency Grant (ERG)

The North Dakota Department of Commerce's Economic Resiliency Grant (ERG) Program has been created to help restore consumer confidence in the marketplace while reducing the spread of COVID-19.

North Dakota businesses can apply for grant funding up to $50,000 (up to $100,000 for businesses with more than one location) for investments with the purpose of reducing the spread of COVID-19.

The ERG application process is anticipated to open July 31, 2020. Applications will be considered on a first-come, first-serve basis.

Learn More About ERG


Paycheck Protection Program (PPP) Loan Money Still Available

The Paycheck Protection Program (PPP) has money available to help North Dakota businesses that have been negatively impacted by COVID-19. 

The PPP is a forgivable loan to help businesses and nonprofits pay employees for up to 24 weeks. Sole proprietors and independent contractors are also eligible. Loan funds can also be used for rent, mortgage interest, or utilities.

The deadline for loan approval has been extended to August 8, 2020. Contact your local lender to learn more and to apply.

Learn More About PPP


Economic Injury Disaster Loans (EIDL)

SBA's Economic Injury Disaster Loan (EIDL) program is a long-term, low interest, working capital loan that can help small businesses, non-profits, sole proprietors, and independent contractors pay expenses that they are not able to pay due to income loss caused by the COVID-19 pandemic.

Update on the EIDL Advance:  After providing 6 million small businesses and nonprofits with grants of up to $10,000, the EIDL Advance's $20 billion has been fully allocated

Learn More About EIDL


Debt Relief For New SBA-Guaranteed Loans

As part of our coronavirus debt relief efforts, the SBA is paying six months of principal, interest, and any associated fees for current and new SBA-guaranteed loans disbursed before September 27, 2020. Start or grow your business with an SBA-guaranteed loan!

Learn More About SBA Debt Relief


USDA-Rural Development Business & Industry (B&I) Loan Guarantee CARES Act Program

This program offers loan guarantees to lenders for their loans to rural businesses and agricultural producers to supplement their working capital to prevent, prepare for and respond to the economic impacts of the coronavirus.

Contact your local lender to learn more and to apply.

Learn More About USDA-RD B&I Loan Guarantee


Bank of North Dakota Loans

The Bank of North Dakota (BND) is offering two financing programs to assist North Dakota businesses in obtaining long-term, low-interest loans to assist in the state's economic recovery from the COVID-19 pandemic. The loan programs will help both small and large businesses secure working capital and replenish inventory.

The Small Employer Loan Fund (SELF) will provide a loan of up to $50,000 to small businesses with a full-time employee equivalent (FTE) of 10 employees or less. These loans may be used for working capital, recurring expenses and replenishing inventory. Business owners will work with their local lender to access the program. The loan has a maximum term of 10 years and a fixed interest rate of 1%, with deferral of loan payments for up to six months.

The COVID-19 PACE Recovery Program (CPRP) will provide a loan of up to $5 million for businesses of less than 500 employees and a loan of up to $10 million for businesses with more than 500 employees. Loan payments may be deferred for up to six months, at which time the loan will term out with up to a 10-year amortization. The interest rate on the loan will be bought down by BND to 1% for a period of time, with a maximum buydown of $500,000. Business owners will access the program through their local lender. Unlike other PACE program offerings from BND, there is no community match required.

The deadline to apply is November 30, 2020.

Learn More About BND Loans


Local Assistance

These past few months have been challenging and we hope that you are all safe and healthy amid the COVID-19 pandemic.

The SBA's North Dakota network of resource partners are committed to help your small business recover from the economic impact of COVID-19. We encourage you to connect with them for one-on-one assistance, training opportunities and additional resources.


Beware of Scams and Fraud Schemes

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters are targeting small business owners during these economically difficult times.  Be on the lookout for grant fraud, loan fraud, and phishing.

SBA Programs - Scams and Fraud Alerts


 
Upcoming Events:


ND SBDC 4R Project: Creative Marketing in the Hospitality Industry

Tuesday, August 4, 2020
Online

COVID-19 has been a life-changing event for us all. It’s the kind of event that has lasting effects on people that we can’t even truly see just yet. Meanwhile, we need to be sure as small business owners we are keeping our message creative and transparent. What are some ideas and ways to keep your customers coming back and feeling safe during this time? What are others doing to be creative? Join the webinar to hear some ideas and creative strategies!

Register


Government Contracting: Doing Business With the States of MN, ND & SD

Tuesday, August 4, 2020
Online

This workshop will provide an overview and details about contracting with the states of Minnesota, North and South Dakota. Topics to be covered include an overview of each state’s purchasing practices, where the dollars come from, how the dollars can be spent, how to get registered as a vendor, where to find business opportunities, and what the state expects of its contractors.

Register


Business Builders Live: Use YouTube to Grow Your Business

Tuesday, August 11, 2020
Online

Get best practices for creating a YouTube Channel and compelling video content that promotes your products and services and drives engagement with your brand.  

In this workshop we’ll discuss best practices for:

  • Understanding different video formats
  • How to setup a YouTube channel
  • Making good content, and how to target and measure the results

Register


Construction Quality Management Certification (CQM) Course

Wednesday, August 12, 2020
Fargo, ND

This course offers prospective QC Managers and Administrators the opportunity to satisfy the CQM-C training requirements specified in most USACE and NAVFAC construction contracts. This course must be taken and the final test must be passed by any person aspiring to be the QC Manager or Alternate.

Space is limited to the first 35 registrants. $100 per person (course materials & exam); checks payable at the door to U.S. Army Corp of Engineers

To register, contact Sherri Komrosky, SBA, at 701-239-5856 or sherri.komrosky@sba.gov


Financial Management Webinar: Eight Easy Numbers

Thursday, August 20, 2020
Online

This SBA webinar will look at the management advantages of ratio analysis through eight measures. Learn how to understand and apply these measures to strengthen your decision-making and guide your business to a more profitable future.

Register