The state-owned Bank of North Dakota’s three new loan programs along with the work of the Department of Commerce enabled North Dakota to receive more funds per capita than any other state.
The bank’s total assets at the end of the year were $7.7 billion, an increase of $700 million because of CARES Act funds.
BND’s loan programs (a business grant program, a student loan relief program and an agriculture disaster relief program) were created to assist residents in response to the pandemic.
The bank also assisted local lenders in accessing Federal Paycheck Protection Program funds by hosting weekly webinars connecting lenders with the Small Business Administration and members of Congress.
This past year, the bank’s total loan portfolio increased slightly to $4.7 billion.
The agriculture loan portfolio increased by $116 million, primarily due to the Ag Disaster Relief Program. The business loan portfolio increased by $194 million, with a majority of that growth coming from COVID-PACE Recovery I loans.
The home loan portfolio decreased due, student loans remained stable and there was a slight increase in the State and Administered Loan portfolio.
For more on the Bank of North Dakota’s 2020 Annual Report, click here.