A second round of the Department of Commerce ERG grant program is expected to open the week of Nov 16. This round will focus on hospitality businesses including all restaurants, bars, breweries, cafes, and similar on-site dining establishments. In addition, it will also focus on businesses effected by closures such as movie, music, and entertainment theaters and venues, and professional production companies that support major venue meetings and events.
Applicants may receive up to $25,000 and eligible entities with multiple locations may receive up to $75,000. These ERG funds will be used to reimburse costs in operations, such as payroll rent, utilities, personal protective equipment (PPE), technology; and other expenses that comply with federal guidelines.
Learn more at a Special Business Briefing on Nov 10 at 10 am. As with the previous round, should you need assistance with gathering supporting documentation or completing the application, contact your local ND SBDC office.
NORTH DAKOTA OPPORTUNITY FUND DISASTER LOAN ASSISTANCE PROGRAM
The North Dakota Opportunity Fund leverages private financing to help North Dakota small businesses and manufacturers attain loans and investments needed to expand and create jobs. Under the current terms of this special disaster assistance loan program, businesses may seek loans for working capital. To qualify, businesses:
· Must show they've been adversely impacted by the pandemic.
· May apply for up to $50,000 in loans
· Will pay zero percent (0%) interest
· Will not make any payments for the first six months
· After six months, the loan will be four percent (4%) amortized for up to five years.
We know specifically that Lewis & Clark Development Group has funding available through this program. In addition, many JDAs, CDCs, and Regional Councils across the state likely received federal funding for similar programing. Check with your local/regional resources or your local SBDC office for more information.