ND SB2099

Bank of North Dakota administers a loan program for medical facilities to fund construction projects of at least $1 million that improve health care infrastructure or access to nonprofit providers in the state.

Eligible applicants must be health care facility governing boards and demonstrate project need, long-term viability, and consider alternative financing methods.

Loans may not exceed $15 million or 75 percent of actual project costs, carry a 1 percent interest rate, and require repayment within 25 years.

Loan recipients must complete financed construction projects within 24 months of approval or forfeit the entire loan.

Medical facility infrastructure fund operates as a continuing revolving fund with all moneys, interest, and loan repayments appropriated to the Bank for loan provision and administration costs.