Stutsman County Businesses Can Apply for Flex PACE Today
18 Feb 2022
The Jamestown/Stutsman Development Corporation (JSDC) is taking applications for the 2022 Flex PACE Program now, an initiative intended to assist businesses with projects that will address community needs.
The Flex PACE program provides funding for businesses to purchase real property, equipment and specific working capital requirements. Borrowers can be individuals or entities whose business is located in the state of North Dakota, but the community in which the business is located will determine if the objectives of the business meet the needs of the community. There is no job creation requirement with the Flex PACE Program.
Successful applicants will receive interest rate buydowns in the form of a grant up to $200,000 per project from the Bank of North Dakota (BND). As a grant, the proceeds do not need to be repaid.
JSDC will provide a Community Match portion, up to $86,000, to successful applicants as a loan, with the exact match amount being determined in the application process. The Community Match portion will be delivered as a lump sum payment to BND at the beginning of the Commercial Financing term. As a loan, the Community Match portion must be repaid, with repayment beginning at the end of the Incentive Period, defined as the time the borrower is receiving the Interest Buydown. Interest will not accrue until repayment begins at which time the loan will be payable over up to four years at two-percent interest.
Interested parties must submit several documents including the JSDC Funding Application, JSDC Funding Rubric, BND Interest Buydown Schedule, and a Letter from the Lender confirming funding. Potential applicants can find the JSDC Funding Application here. The BND Interest Buydown Schedule and Letter from the Lender can be obtained from the participant’s loan officer.
Seek assistance today!
The Flex PACE Program is just one example of how JSDC can help economic development in Stutsman County. Please contact JSDC via email or by calling (701) 252-6861 to learn how we can help today!