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Bank of ND Expands PACE Program
8/3/2005
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Bismarck, ND - The Bank of North Dakota recently expanded its Partnership in Assisting Communities (PACE) program to include non-primary sector businesses. The new use of the program called FLEX PACE provides an interest buy down of up to 5% up to a maximum of $250,000 of BND share of funding to non-PACE qualifying businesses where the Community determines eligibility and accountability standards.
FLEX PACE will allow communities the ability to provide assistance to businesses that would not meet the current requirements of PACE such as: jobs retention, retail businesses, smaller tourist businesses and essential community businesses.
Under the new program there will be no job creation requirement but jobs will still be tracked for informational purposes. Other than this one change the program will operate under the same policies at the regular PACE program with the required community match, BND participation amount, and terms and conditions.
According to Joel Erickson, a loan officer from the Bank of North Dakota, a recent survey of area economic developers showed a desire to make incentive programs available for retail and service type businesses. The Bank of North Dakota stepped up to the plate expanding the offerings of an already exceptional program. To learn more about Bank of North Dakota Programs visit their website at www.banknd.com or contact the SBDC Office near you.
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More Info, Contact: |
Donovan Wadholm |
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dwadholm@state.nd.us |
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