North Dakota EIDL Loan Approval Process

North Dakota has approved 6,522 EIDL applications totaling $700,722,150 in SBA EIDL loans.

The U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program is a federal small business loan program that financially supports North Dakota small businesses’ economic injury recovery from a natural disaster or from the COVID-19 disaster affecting North Dakota businesses.

North Dakota SBA EIDL Program

North Dakota small businesses, small agricultural cooperatives, and most private nonprofit organizations located in North Dakota’s declared COVID disaster area and which have suffered financial economic injury and harm may be eligible for an SBA EIDL loan in North Dakota.

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in North Dakota can apply for Economic Injury Disaster Loans (EIDLs).

The North Dakota loan is directly from the SBA is a low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses for businesses in North Dakota.

North Dakota EIDL Increase Requests and Loan Modifications

For a complete SBA EIDL North Dakota loan modification strategy on how to do an increase request to maximize your chances of receiving the maximum eligibility your North Dakota business qualifies for, please schedule a call with us directly.

In North Dakota, there are varying factors to consider if your increase request is under $500,000, or over $500,000. These are very important factors you should know to maximize your chances of getting a “yes” for your North Dakota company.

Contact us today to schedule a call with one of our SBA loan consultants to discuss the best strategy that will work for your business in ND.

Did Your North Dakota SBA Disaster Loan Get Denied?

If you’re a North Dakota business owner whose North Dakota EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasn’t complete, make sure to improve the way you present yourself before filing for reconsideration again.

The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.

You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your North Dakota business receives funds.

North Dakota SBA Loan Consultant for EIDL Loans

North Dakota SBA EIDL loans are one of the easiest ways for small business owners in North Dakota to secure financing, and they come with several significant advantages. For instance, approved businesses can easily access lower interest rates than those available through other loans. The current North Dakota EIDL loan is set at 3.75%.

Also, North Dakota EIDLs have much longer repayment terms (30 years). What’s more, many SBA loans are based on the equity already in place rather than requiring new investors or collateral. This means that businesses will not need to give up any ownership stake to get the financing they need to move forward.

For small businesses in North Dakota, an SBA EIDL North Dakota loan consultant is one of the best options to assist with SBA financing. The federal government offers guarantees on some of these loans, which makes them much easier to secure. They can also assist with ND tax credits.

North Dakota Small Businesses in Need of EIDL Loan Increases or Reconsiderations

North Dakota General Contractors

For general contractors in North Dakota, construction contributed $3.6 billion (6.3%) of the state’s GDP of $57.0 billion. There were 706,000 construction firms in the U.S. in 2017, including 2,939 in North Dakota.

The SBA’s Economic Injury Disaster Loan (EIDL) program offers up to a $2 million increase in loans to help businesses affected by a declared disaster. General Contractors can use these loans to pay for operating expenses, such as employee salaries, rent, and utility bills.

North Dakota Hotels and Hospitality Businesses

Owners of hotels in North Dakota, the Industry trade group, American Hotel and Lodging Association (AHLA) estimates the total projected travel revenue of the hotel business in North Dakota for 2021 is $112,023,038, which is down -46.4% due to the COVID pandemic and mandated shutdowns.

North Dakota hotels generated $208,945,115 in 2019 when more people were traveling, which was +$96,922,077 more in revenue vs. 2021 North Dakota Hospitality numbers.

North Dakota Retail Stores

North Dakota retail stores, monthly state retail sales are up 12.2% in 2021 over last year’s retail numbers for North Dakota.

North Dakota Restaurants

For North Dakota restaurants, over 171 restaurant owners have received approval for $25,992,985 in loans from the Restaurant Revitalization Fund (RRF), which is now closed.

The U.S. Small Business Administration (SBA) has awarded funding through the North Dakota Restaurant Revitalization Program to North Dakota restaurants, bars, and other similar places of business that serve food or drink in the State of North Dakota (ND).

Conclusion and Summary for the EIDL Loan Approval Process in North Dakota

Hiring an EIDL Loan Advisor in North Dakota allows small business owners to focus on what matters most when growing their companies, and without having to worry about how they’ll secure SBA loan financing when they want or need it most. In a time of great need like COVID or other natural disaster that disrupts or damages their North Dakota business.

Does Your North Dakota Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?

Did you already receive a North Dakota SBA EIDL loan for your North Dakota business?

We can assist your business in requesting additional SBA EIDL loan funds through the increase request and loan modification process in North Dakota.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Increase Request Process in North Dakota.

Was Your North Dakota SBA EIDL Loan Denied?

Has your North Dakota SBA EIDL loan been denied for your ND business?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business in North Dakota.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your business with the SBA Loan Reconsideration Process in North Dakota.

Cover Image Credit: / Gstockstudio. / Disaster Loan Advisors.

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