About this programme
The Angel Match Program (AMP) is run by the North Dakota Development Fund (NDDF), part of the North Dakota Department of Commerce, to support early-stage primary sector businesses by matching private investor commitments dollar for dollar, up to $250,000 per business.
AMP is funded through the State Small Business Credit Initiative (SSBCI), reauthorized under the American Rescue Plan Act in March 2021. North Dakota's total SSBCI allocation for the program is $13,641,843, meant to help small businesses access the capital needed for job-creating growth.
The fund operates on a revolving basis: as matched investments are returned, the money is reinvested into future rounds.
How it works
AMP matches private investment 1:1, with a minimum match of $10,000 and a maximum match of $250,000 per business. The combined round, private investment plus the AMP match, cannot exceed $2,000,000. The investment can take the form of convertible securities or direct equity, and AMP receives identical terms to the matched private investment.
The matched AMP investment must close on the same date as the private investment it is matching; retroactive matching of investments already closed is not allowed. Public-sector funds (state, county, city, or federal) are not eligible for matching.
Process: the business first raises private funds and secures soft investor commitments, then submits an application with required documentation to NDDF. NDDF reviews for SSBCI compliance and program fit, followed by a legal review (legal fees for NDDF-incurred costs run $250/hour). NDDF issues a commitment or denial letter with a proposed closing date; on the closing date, investment agreements are signed by NDDF and the matched investors, and funds are advanced to the company. Ongoing reporting is required afterward. Reviews typically take 2 to 4 weeks.
A business may apply once per financing round, and may receive a maximum of three separate AMP investments over its lifetime.
Who can apply
The business must be a high-growth, early-stage startup with a demonstrated 5 to 10 year exit path, registered with the North Dakota Secretary of State, and hold primary sector certification from the ND Department of Commerce.
It must be headquartered in North Dakota with its principal address registered there, have at least one C-suite employee who is a North Dakota resident, and have 25% or more of its W2 employees as North Dakota residents (verified through certified employee lists; C-suite residency is verified via ND driver's license and proof of residency such as a mortgage or lease).
The business must employ fewer than 250 people at the time of investment, maintain active business liability insurance, and comply with applicable state and federal securities laws. Principals convicted of sex offenses against minors disqualify the business.
Investors can be individuals, LLCs, businesses, trusts, or investment funds and must comply with securities laws. Investments made by business principals themselves do not qualify for AMP matching.
How to apply
- Raise private investment and secure soft commitments from investors before applying.
- Submit the Angel Match Program Application along with the required certification forms to NDDF, reviewed on a first-come, first-served basis via email.
- NDDF reviews the application for SSBCI compliance and program alignment, followed by a legal review.
- Receive a commitment or denial letter, which includes a proposed closing date if approved.
- Sign investment agreements with NDDF and the matched investors on the closing date; funds are then advanced to the company.
- Complete ongoing reporting as required after the investment closes.
Documents you’ll typically need
- Angel Match Program Application
- Principal Certification (SFN 62276)
- SEDI-Owned Business Certification (SFN 62258)
- SSBCI Demographics Form (SFN 62259)
- Use of Proceeds & Conflict of Interest Certification (SFN 62260)
- Sex Offender Investee Certification (SFN 62261)
- Addendum to Investment Agreement
Frequently asked
How much will AMP match, and at what ratio?
AMP matches private investment 1:1, with a minimum match of $10,000 and a maximum of $250,000 per business, and the combined round cannot exceed $2,000,000.
How many times can my company use AMP?
You can apply once per financing round, and a business can receive at most three separate AMP investments in total.
Do I need to already be North Dakota-based?
Yes. The business must be headquartered in North Dakota, with at least one C-suite employee and 25% of W2 employees who are North Dakota residents, and it must hold primary sector certification from the ND Department of Commerce.
Can I apply after my private round has already closed?
No. The AMP investment must close on the same date as the private investment it matches; retroactive matching of an already-closed round is not allowed.
How long does the review take?
NDDF's review, including SSBCI compliance and legal review, typically takes 2 to 4 weeks.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.