Welcome to Lending Services!
On behalf of the State of North Dakota, the Bank administers several lending programs that promote agriculture, commerce and industry.
Financing economic development is the thrust of Bank of North Dakota’s efforts. The Bank is specifically authorized to assist numerous other financial institutions in providing financing to stimulate economic development in the state.
Rebuilders Loan Program and Supplemental Rebuilders Loan Program details released
Effective immediately, the Rebuilders Loan Program is reopened to residents in areas impacted by the 2011 spring floods. It has expanded to include rebuilding expenses incurred by owners of rental property and allows people living in FEMA units located in a community approved group housing site to purchase the FEMA home. Residents may apply through September 30, 2013 to receive up to $30,000 to cover eligible expenses.
The Supplemental Rebuilders Loan Program offers another $20,000 for expenses above the $30,000 received with the Rebuilders Loan. Residents may apply for the loan between October 1 and December 31, 2013. If a person has received less than $30,000 with the Rebuilders Loan and has incurred additional expenses, the resident must apply for these expenses before September 30. If there are expenses of more than $30,000, then a Supplemental Loan may be taken.
The loans will be originated and serviced by local banks and credit unions. Residents should make the application with their local lender.
Rebuilders Loan Program Fact Sheet – through September 30, 2013
Supplemental Rebuilders Loan Program Fact Sheet – October 1-December 31, 2013
Export Enhancement Program expected to increase state's exports
The Industrial Commission has approved a new financing tool to help North Dakota companies increase export sales, while minimizing risk for the company and local lenders.
The Export Enhancement Program, a new agreement with the Export-Import Bank of the United States (Ex-Im Bank), enables the Bank of North Dakota to make medium-term guaranteed loans.
Click here or call 1.701.328.5894 for more information.
Lending Services announces Rural Mortgage Loan Program extension and Affordable Housing Program
The Rural Mortgage Loan Program will continue with a new commitment of $10 million from Bank of North Dakota. The program allows rural financial institutions that are not FHA approved with the ability to make and sell residential loans in rural North Dakota.
The Bank announced the Flex PACE Affordable Housing Program. This pilot program will assist in the financing of affordable multi-family housing units for individuals living in counties affected by oil and gas development.
BND Disaster Relief Loan Programs
BND's Disaster Relief Loan Programs address disaster-related needs in North Dakota
Flood Damaged Home?
Click here to calculate what your payment would be to refinance the loan on your flood damaged home and include funds for repairs or purchase another home.
BND's primary trade area is the State of North Dakota. While not prohibited by law from reaching beyond the State's boundaries, BND will not make nor participate in loans to borrowers whose residence or place of business is outside of the State unless it can be shown that the benefits of a loan will flow to the State or its residents, BND will consider a loan participation outside of the State.
Type of Lending:
BND is involved in two types of lending: direct lending and participation loans.
BND by statute can do anything any other bank can do, unless restricted by statute. Mostly by practice we do not make direct loans. However, legislative action has given express lending authority to BND for:
- The purchase or acquisition of bank stock or the formation of a bank holding company.
- The acquisition or refinancing of farm real estate by qualified individuals.
- Assistance with post secondary educational costs (i.e., student loans).
All other lending by BND is through participation with a lead financial institution. This lead lender can be any qualified financial institution - most notably a bank, savings and loan, credit union or Farm Credit Services.
All loans are reviewed on an individual basis to ensure the general credit standards of BND are met. All loans require an identified purpose and a specific source of cash flow which reasonably assures repayment of the loan.
Each loan program has specific requirements for the appropriate application procedure.
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