BND Infrastructure Revolving Loan Fund
The BND Infrastructure Revolving Loan Fund provides loans to political subdivisions, the Garrison Diversion Conservancy District and the Lake Agassiz Water Authority for repair, replacement and new infrastructure projects. The application period is open through October 29, 2020 at 5 p.m. CT. Funding amounts will be awarded by November 20, 2020.
In order to qualify for these funds, the community must access other state and federal government funding options first. This loan may be used to provide gap funding if the full project cost cannot be met through other funding sources or if there are no other funding sources available. BND will take into consideration timing and the opportunity to maximize funding sources.
Applications are prioritized based on the economic impact, health and safety and eligibility for other financing sources.
Funds may be used for new construction, repair and replacement of:
- Water or wastewater treatment plants
- Sewer, storm sewer and water lines
- Transportation infrastructure including curb and gutter construction
- Other infrastructure needs
Ineligible uses of proceeds include:
- Building construction other than structures integral to the approved use of funds
- Refinancing of existing debt or other obligations
- Any type of flood control project or project related to floor control including: modifying diversion channels, tieback levees and internal storm sewers for flood control.
- Funding for airport infrastructure projects
Cumulative loan amounts may not exceed $15,000,000 per applicant. If you received funds during the previous application periods but did not meet the $15,000,000 limit, you may apply for the balance in subsequent rounds.
Interest rate: 2.00% fixed rate
Fees: The borrower will be responsible for all closing costs associated with the loan.
BND may take all steps necessary and appropriate to preserve security.
The term of the construction and permanent financing period may not exceed 30 years.
The application period is open through October 29, 2020 at 5 p.m. CT. Funding amounts will be awarded by November 20, 2020.