Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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North Dakota
These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on August 4, 2020.
For more up-to-date information on the relief programs available in North Dakota, we recommend that you visit the state’s COVID-19 Resources website.
Description of Program and Relief
COVID-19 PACE Recovery Program (CPRP)
This program provides support for the working capital needs of any person or entity whose business is located within North Dakota.
Loan Limit/Amount
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For businesses of 500 or fewer employees: Maximum loan amount is the lesser of $5,000,000 or six months of operating expenses plus interest.
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For businesses of 501 employees or more: Maximum loan amount is the lesser of $10,000,000 or six months of operating expenses plus interest.
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Maximum buydown amount from BND is $500,000 per biennium, per borrower. Borrower is defined as: An individual, corporation, limited liability company, partnership, association or any combination of these if there is common ownership.
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Interest rate will be fixed at 3.75% for up to five years. Borrower will receive a 1% interest rate for the term of the buydown or until buydown funding is exhausted.
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The buydown of the interest rate to 1% will only occur on permanent financing.
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At the discretion of the lead lender, principal and interest payments may be deferred for up to six months or the borrower may make interest-only payments for up to six months.
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After the deferral or interest-only period, the remaining loan balance will term out as a CPRP loan with up to a 10-year amortization with a 5-year balloon.
Interest Rate and Fees
Loan Terms
Government or Lead Agency
North Dakota Industrial Commission and Bank of North Dakota
Dates Available
Effective April 29, 2020
Eligibility Requirements/Restrictions
Application Deadlines (If Applicable)
November 30, 2020
Contact for More Information
Borrower’s Local Lender
List of Additional Information
© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.