Start Up Grand Forks

Geographic Scope: Grand Forks, North Dakota

Focus Areas: Seed funding for entrepreneurs and small business startups

Overview:
Start Up Grand Forks is a three-year pilot program designed to provide seed funding to entrepreneurs. The program was approved by the City of Grand Forks Jobs Development Authority and received recommendations from both the Grand Forks Region EDC board of directors and the City of Grand Forks Growth Fund.

Key Features:

• Addresses the lack of readily available start-up capital identified as a major roadblock for entrepreneurs
• A committee of local entrepreneurs assists startups in developing ideas and connecting them to existing resources
• Flexible and accessible source of seed capital

Funding Structure:

• Entrepreneurs can apply for loans up to $20,000 through the Jobs Development Authority
• The Bank of North Dakota matches half of the approved loan amount
• Combined total available: up to $30,000 per entrepreneur

Eligibility:

• Small entrepreneurs starting new businesses
• Applicants must go through an application process

Contact Information:

• Contact: Brandon Baumbach, EDC Development and Outreach Manager
• Phone: 701.746.2724
• Email: Available through EDC website

Organization:

• Grand Forks Region Economic Development Corporation
• 120 N. 4th Street
• Grand Forks, ND 58203
• Phone: (701) 746-2720

Application Process

1. Submit Application - Entrepreneurs apply through the Jobs Development Authority application process for loans up to $20,000
2. Committee Review - A committee of local entrepreneurs reviews and assists applicants in developing their business ideas
3. Resource Connection - Committee connects applicants to existing resources and support systems
4. Loan Approval - Jobs Development Authority approves loan amount
5. Bank Match - Bank of North Dakota matches half of the approved loan amount (up to an additional $10,000)

Required Materials

• Standard loan application materials (specific requirements not detailed in source)
• Business plan or idea documentation
• Evidence of entrepreneur status/new business startup

Contact for Details

For more information about the application process, contact:

• Brandon Baumbach
• EDC Development and Outreach Manager
• Phone: 701.746.2724
• Email: Available through EDC website