Community Development Loan Fund
Lake Agassiz Development Group manages the Community Development Loan Fund (CDLF) for the region of Cass, Ransom, Richland, Sargent, Steele and Traill counties. A component of the Community Development Block Grant, the CDLF provides flexible financing options for new and existing businesses in the region with the exception of businesses located within the city of Fargo.
A city or county must apply for this program on behalf of a for-profit business. The CDBG requires that projects must create or retain jobs in order to receive funding, which is based on a maximum of $35,000 per job. The total maximum loan amount is $500,000. Borrowers must provide a ten percent equity contribution. Loan funds are typically subordinated to bank financing since CDFL funding is limited to 50 percent of the total project costs.