ND HB1420

Creates a small business diversity revolving loan fund administered by the Bank of North Dakota to provide loans to eligible small business owners, with funds consisting of transferred moneys, interest, and loan repayments

Establishes loan parameters: minimum $10,000 and maximum $45,000 per loan with a maximum 10-year term and interest rate not exceeding 0.5% per year

Restricts eligibility to women, minorities, or veterans who are state residents and U.S. citizens with all necessary business licenses and permits

Allows loan proceeds for working capital, equipment purchases, inventory acquisitions, and other business expenses, with potential for loan participation with local financial institutions

Appropriates $1,000,000 from the general fund to be transferred to the revolving loan fund during the biennium from July 1, 2023, through June 30, 2025