Accelerated Growth Loan Program

The Accelerated Growth Loan Program assists North Dakota-based technology companies with solid operations, good management and strong cash flow that are positioned for a period of accelerated growth or can show consistent monthly revenues above $50,000. These companies normally have limited assets to qualify for traditional bank financing.

The borrower can be any person or entity who owns a North Dakota-based technology company with solid operations, good management and strong cash flow that is positioned for accelerated growth but has limited assets for normal bank financing. Eligibility includes:

  • Strong prospects for growth that could include purchase orders for merchandise or services. The company must show through its application that the prospect for sales growth is 15% or greater over the three-year period following the inception of the loan.


  • A demonstrated sales record with minimum monthly recurring revenues of $50,000 per month. Software as a Service (SaaS) companies must have a minimum net annual revenue retention rate of 85%.

Proceeds shall be used to:

  • Finance the acquisition of real property
  • Remodel or expand an existing business if owner-occupied
  • Purchase equipment
  • Provide working capital
  • Refinance an existing loan with a maximum amount that may not exceed 30 percent of the new loan

BND’s maximum loan amount is $3,000,000 or nine times (9x) the monthly recurring revenue, whichever is greater.

The lead financial institution’s share is a minimum of 10 percent of the total loan amount and will be negotiated on a case-by-case basis.

Lead lender: Interest rate must be acceptable to BND.

BND: Variable rate is 2.00% above Prime, adjusted annually, but may be repriced more frequently at the Bank’s discretion.

Fees: The lead financial institution may charge an origination fee of up to 1 percent of the total loan amount, which shall be shared on a negotiated basis with Bank of North Dakota. The lead financial institution may add no more than 0.50 percent to the loan for a servicing fee.

Personal guarantees will generally be required from the principals with respect to all corporate and partnership borrowings. Equity requirements are evaluated on a case-by-case basis.

Security for the loan is evaluated on a loan-by-loan basis. Adequate collateral is required and must be of such a nature that repayment of the loan can be reasonably expected.

A lead lender is required. BND’s participation percentage is negotiated on a loan-by-loan basis. The lead financial institution must share a minimum of 10 percent of the total loan amount.

The maximum loan term is 10 years.

Bank Participation Loan Application (PDF)
Loan Renewal Application for Existing Participations (PDF)

PDFs will automatically download. Once downloaded, on desktop PC, right-click the file name in browser’s default download location, select “Show in folder,” open PDF. If you are not able to access a PDF, please contact us for assistance.

BND offers this loan by partnering with local lenders. To apply, contact your lender.

If you have any questions, contact us or call 701.328.5795.