Business Development Loan Process

New Loan Request or Renewal Process

Inquire/Discuss Potential Loan Submit Application Package BND Business Banker Review Lender Notified of Approval or Denial Lender Executes Commitment Letter Submit Required Documentation for Funding

Inquire/Discuss Potential Loan

Discuss potential loan with BND Business Banker.

Submit Application Package

Submit Application and supporting documentation to BND Business Banker. All required documents must be submitted before underwriting can begin.

BND Business Banker Review

  1. BND Business Banker will review application and supporting information and begin underwriting process.
  2. Loan approval timeline is dependent upon exposure and risk rating, approximately 5-7 business days.
  3. BND will contact lead bank with questions during this time.

Lender Notified of Approval or Denial

If approved, Lead Lender receives email containing commitment letter, program specific documents, and documentation checklist.  If denied, Lead Lender receives email with denial notification.

  • Commitment Letter: Contains terms of participation and conditions of the approval as well as process and contact information.
  • Program Specific Documents: Lead Bank is responsible for obtaining all required signatures and returning to BND prior to funding. Originally signed documents are not required.
  • Documentation Checklist: Outlines all documentation needed on the loan. The status will indicate if the document is required prior to funding, on-going, or needed after the loan funds.
  • Additional Requirements: BND doesn’t track these, but requires lead lender to monitor them.

Lender Executes Commitment Letter

  1. Lead Lender reviews and signs commitment letter and communicates the estimated funding date.
  2. Email executed commitment letter to
  3. Lead Lender can begin sending loan documents and supporting documentation needed prior to funding as it is available to

Submit Required Documentation for Funding

  1. Verify all preliminary unsigned documents have been sent to 24 hours before closing for review by BND.
  2. BND funding team will communicate any questions or concerns via email.
  3. Executed documents will need to be sent to prior to BND finalizing the funding. BND's cut off time is 3 p.m. CT, however, BND can back date.
  4. BND will provide verification of funding once the process is complete.

Loan Modifications or Change in Terms Process

Submit Request to BND Business Banker Lender Notified of Approval or Denial Submit Required Documentation

Submit Request to BND Business Banker

Prior to executing loan documentation, submit request to BND Business Banker. BND Business Banker will review request and obtain approval based on borrower’s exposure and risk rating.

Lender Notified of Approval or Denial

BND Business Banker will communicate approval or denial.

Submit Required Documentation

Lead Lender submits any applicable executed documentation such as Change In Terms, etc. to

Pre-Loan Funding

Use for loan documentation prior to loan funding. This includes the commitment letter, the note and all documents listed on the ‘Prior to Funding Checklist’ sent with the commitment letter.

Post-Loan Funding

Use for follow-up documentation after funding. This includes on-going financial information, documents recorded after loan closing and hazard insurance tracking.

Payments or Payoffs

Use for payments, payoffs and advances on loans that have been funded. BEG Loan Payment Histories are also sent to for processing with Bank of North Dakota. Any questions please contact us.

Please call 701.328.5795 with any questions.


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