Small Business Loans for Mandan | Video

Joel Porter | 8/7/2012

People hoping to open up their own business in North Dakota can soon apply for some federal money. Mandan is joining 37 cities across the state to receive nearly $10 million in loan money from the U.S. Treasury.

The money can be used to start a new business, buy equipment or renovate existing shops.

Mandan city leaders say unlike typical bank loans, which normally require the business owner to put up capital up front, the federal loans will be more accessible to those with fewer assets.

"But it helps to spread the risk. It reduces the interest rates. It makes the repayment terms more favorable. And so at the end of the day, it reduces those start-up costs for a new business," said Ellen Huber with Mandan Business Development.

The loans were made available after the Small Business Jobs Act passed two years ago.

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