About this programme
The North Dakota Development Fund (NDDF), run by the North Dakota Department of Commerce, provides flexible gap financing to new or expanding primary sector businesses in the state. It funds working capital, fixed asset purchases, real property acquisition, equipment, facility expansion, and inventory, but it cannot be used to refinance existing debt.
NDDF's portfolio spans agriculture technology, aviation, biotech, energy, manufacturing, technology, and value-added agriculture, with more than 50 companies listed on its portfolio page.
How it works
NDDF invests through direct loans, participation loans, subordinated debt, or equity, up to $3,000,000 per company, and typically targets 25% or less of the total project cost or funding round.
For debt financing, the interest rate is set based on the project's risk, terms run 1 to 10 years depending on the project, the borrower must contribute at least 15% equity, personal or corporate guarantees are required, and NDDF charges a fee of 1% of capital deployed plus legal costs.
For equity investment, NDDF typically uses preferred securities or convertible notes with a return rate also set by project risk, over a 1 to 10 year term. No personal guarantee is required, but company management must hold a meaningful financial interest in the company's success. The fee is 1% of the approved investment plus legal costs.
Applications are reviewed on a first-come, first-served basis.
Who can apply
Open to primary sector businesses in North Dakota, new or expanding. (NDDF has a separate set of guidelines for non-primary sector businesses, referenced but not detailed on this page.)
For debt financing, the borrower must put up at least 15% equity investment. For equity financing, company management must hold a meaningful financial stake in the business's success.
Funds cannot be used to refinance existing debt.
How to apply
- Review the NDDF Application Guide and FAQ document.
- Complete the NDDF Application form (SFN 59676) with the supporting information specified in the Application Guide.
- Submit the application by email to the NDDF contact, Brian Opp.
- Applications are reviewed first-come, first-served.
Documents you’ll typically need
- NDDF Application form (SFN 59676)
- Supporting information per the Application Guide
- Accountability Information Release form
Frequently asked
How much can NDDF invest and what does it cover?
Up to $3,000,000, typically targeting 25% or less of the total project cost or funding round, whether structured as debt or equity.
What can't the money be used for?
It cannot be used to refinance existing debt. Eligible uses include working capital, fixed assets, real property, equipment, facility expansion, and inventory.
Do I need to put in my own equity to get a loan?
Yes, debt financing requires the borrower to contribute at least 15% equity, plus a personal or corporate guarantee.
Is equity financing available without a personal guarantee?
Yes. NDDF's equity investments do not require a personal guarantee, but management must hold a meaningful financial interest in the company.
How is my application reviewed?
On a first-come, first-served basis after you submit the NDDF Application form and supporting documents by email.
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All 8 programmes in North Dakota →
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.