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Licensed profit, nonprofit and public child care facilities. Faith-based organizations are eligible but must follow all appropriate federal guidelines if receiving federal subsidies.
Maximum of $100,000 or availability of funds for the acquiring, leasing or remodeling of real estate facilities, purchasing equipment or working capital.
North Dakota Development Fund staff will review all applications under the childcare loan program and complete their due diligence. The funds staff can approve all requests up to the $100,000 award maximum. Those loans are then taken to a following board of directors meeting for review. (Dollar limits though are cumulative and include existing advances in determining the approval process. Any daycare that aggregates funding greater than $150,000 will require Development Fund Board of Directors approval.) If the request is acceptable to the staff, the request will be presented to the North Dakota Development Fund Board of Directors for approval. If approved, a commitment letter will be generated. If the commitment letter is accepted by the child care provider, the funding documentation will be completed. The funding process generally takes 30 to 45 days.
The enabling legislation that provided the funds for this program requires an equitable distribution of funds to the three eligible organizations: for-profit, nonprofit and public child care facilities. Therefore, the Development Fund might have to allocate dollars to the three organizational areas to ensure that the funds are being distributed equitably. Initially, funds will be provided on a first-come, first-serve basis.
The above information is from the North Department of Congress - North Dakota Development Fund.
North Dakota Development Fund
PO Box 2057
Bismarck ND 58502-2057