Consortium receives $9.7 million for loans
Organizational efforts by the Lewis & Clark Regional Development Council, the City of Mandan and the 38 partner communities should be completed by December, and the coalition will be ready to begin making loans to businesses through the Small Business Credit Initiative.
A total of $9.7 million will be available to help finance businesses with projects in the participating communities. The funds will be used to provide loans to businesses with less than 750 employees, with a specific priority given to those smaller than 500 employees. Businesses will be able to apply for loans that range from $10,000 to $1 million, with the average loan anticipated to be approximately $100,000.
The consortium is led by the city of Mandan and includes the cities of Almont, Beach, Beulah, Bismarck, Bowman, Carson, Casselton, Crosby, Dickinson, Dodge, Dunn Center, Fargo, Garrison, Glen Ullin, Halliday, Hazelton, Hazen, Hebron, Hettinger, Killdeer, Lincoln, Linton, McClusky, Minot, Mott, New England, New Salem, Regent, Sentinel Butte, Steele, Turtle Lake, Underwood, Watford City, West Fargo, Williston and Wilton, plus the Standing Rock Sioux Indian Tribe.