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(Program available Aug. 1, 2003 through July 31, 2009)
The New Venture Capital Program is an innovative financial program that
provides flexible financing through debt and equity investments for new
or expanding businesses in the state of North Dakota. BND can fund rapidly
growing companies which require equity funding.
The Bank may provide funding for early stage companies which can show clear proof of completed product development and market acceptance as evidenced by growing sales. The Bank will invest in a variety of technologies and types of businesses, including North Dakota Department of Commerce strategic target industries. BND will also invest in growth and later stage manufacturing, service and businesses with profitable growth potential.
Qualifying Requirements
Business Criteria
- North Dakota industries or businesses that will benefit the state and/or
local communities within the state.
- A successful and experienced management team.
- Cooperative management predisposed to communicate and work closely with
outside investors toward common goals.
- A market with favorable size, growth and competitive characteristics.
- Adequate capital being raised to support operating objectives.
- Companies working to commercialize university-developed technology within
the North Dakota University System.
Loan Limit
The New Venture Capital Program will invest up to $300,000 with appropriate
capital structures favoring the following investment instruments:
- Subordinated debt with warrants to acquire common stock.
- Preferred stock with warrants to acquire common stock.
- Common stock.
Use of Proceeds
BNDs capital may be used to develop production and increase sales growth and management capabilities.
Application Process
For more information about this program or other Bank of North Dakota programs,
contact:
Bank of North Dakota
700 E Main Ave
PO Box 5509
Bismarck ND 58502-5509
(701) 328-5671
1-800-472-2166 ext 5671
TDD (Telephone Device for the Deaf) 1-800-643-3916
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