Medical Infrastructure Loan Fund
The Medical Infrastructure Loan Fund provides loans to medical facilities to conduct construction that improves the health care infrastructure in the state or improves access to existing nonprofit health care providers in the state.
Applications are being accepted through July 25, 2019.
Proposed medical facility must have an expected utilization of at least 30 years.
Applications will be reviewed and prioritized in coordination with the North Dakota Hospital Association.
Proceeds may be used for:
- Purchase of land
- Purchase, lease, erection or improvement of any structure or facility to the extent that the governing board of the health care facility has authority to authorize such activity
The maximum loan amount may not exceed 75 percent of the project costs within the following parameters:
- Proposed construction project must be at least $1,000,000
- The maximum loan amount is $15,000,000 per project or borrower
- The construction period must not exceed 24 months after the loan is approved by BND
Interest rate: 1.00% fixed rate
Fees: BND may charge an origination fee and charge the borrower for all construction-related loan servicing expenses.
Loan will be secured by all available collateral interest. BND will work with alternative financing sources in perfecting collateral interest for all parties.
The loan provides permanent financing and requires monthly amortized payments not to exceed 25 years.
An application by the governing board of the health care facility must be made to the Bank of North Dakota.
Applications will be reviewed and prioritized with the North Dakota Hospital Association.
If an application is selected for a loan, BND will require the following items:
- All required attachments as detailed in the application
- Evidence of approval of the building plans from the North Dakota Department of Health
- Any other data or documentation as deemed necessary
Contact us or call 701.328.5795 or 800.472.2166 ext. 328-5795.