Burgum Announces Small Employer Loan Fund
The governor wants to secure long term, low interest loans.
NORTH DAKOTA – The Small Employer Loan Fund will create a $50 million fund to assist small businesses in North Dakota who have 10 full-time employees or fewer.
The COVID-19 Pace Recovery Program will provide loans of up to $5 million dollars for businesses with 500 or fewer employees and $10 million for businesses with more than 500.
“The real impact on the North Dakota economy in many ways came from the fact that we compete on global markets in both agriculture and energy. And we know from the first two, three weeks of unemployment those were really starting to pile in,” says Governor Burgum.
The program will begin to accept applications on April 28th and the deadline is November 30.