ND SB2349

Establishes a micro loan guarantee program through the Bank of North Dakota for eligible new Americans (immigrants who have gained U.S. citizenship)

Bank shall guarantee up to 95 percent of loan principal in case of default, with loans limited to $20,000 maximum and unsecured, with a term not exceeding six years

Qualified loan proceeds may be used for working capital, inventory or supplies, office furniture or fixtures, launching or expanding a small business, or purchasing machinery or equipment, but not real estate

Bank shall establish training or planning requirements that new Americans must meet before qualifying for the program and shall set interest rates and fees

Appropriates $200,000 from the general fund to the Bank of North Dakota for the biennium beginning July 1, 2013, and ending June 30, 2015