The Center of North America Coalition Rural Economic Area Partnership encourages retention, expansion and start-up entrepreneurial businesses by providing equity and/or loan opportunities in six Counties and two Native American Reservations:
- Benson
- Bottineau
- McHenry
- Pierce
- Rolette
- Towner
- Spirit Lake Nation
- Turtle Mountain Band of Chippewa
Vision: Strong vibrant communities shaped by dynamic partnerships.
Mission: The Center of North America (CONAC) Rural Economic Area Partnership (REAP) exists to shape our future through community partnerships, building regional capacity and fostering collaboration to facilitate community development.
CONAC Micro-Loan
Loan Terms:
- Maximum loan of $10,000
- Term up to 10 years (120) months, possible deferral of repayment for up to 3 months after loan closing
- Zero percent (0%) interest rate
- One-time administrative fee of 3% of loan value due at closing
General lending criteria:
- Applicants must be legal entities, sole proprietors and/or units of government
- Applicant must provide assurance of willingness and ability to repay
- Applicant must complete the application process and agree to the terms and conditions established for the loan
- The loan must be sufficient to reasonably assist the project.
- Projects must either retain or create jobs/self-employment or be of benefit to the community
- Loans will be made for up to 50% of project costs
- It is preferred if loans participate with a bank. CONAC can be subordinated to another lender.
The applicant must provide the following for an application to be reviewed:
- Business plan or business summary
- Project description
- Market and competition
- Management experience
- Sources & uses of funds
- Demonstration of ability to service debt, i.e., balance sheet, cash flow, profit and loss, including historical if available and projections for first 18-36 months.
- Letter from other participating lenders with brief credit analysis and participation terms.