BISMARCK — Agriculture Commissioner Doug Goehring is reminding agribusinesses of financial programs available to assist them during the COVID-19 pandemic.
“We know companies are struggling during these challenging times,” Goehring said in a news release. “There are recently approved programs available that provide low-interest loans to help agribusinesses bridge the gap as they emerge from this crisis.”
The Bank of North Dakota is providing the COVID-19 PACE Recovery program, which will provide a loan of up to $5 million for businesses of less than 500 employees and a loan of up to $10 million for businesses with more than 500 employees.
Businesses can access the program through their local lender. More information can be found at https://bnd.nd.gov/business/covid-19-pace-recovery-program/.
Agriculture producers are not eligible for the CPR program but have other options, such as the Bank of North Dakota Ag Disaster Relief program and the Small Business Administration’s Economic Injury Disaster Loan program.