PACE Program

The PACE Fund helps communities in North Dakota create new jobs to expand their economic base.

The borrower must be a primary sector business as defined by NDCC 1-01-49 and certified by the ND Department of Commerce Division of Economic Development and Finance.

The program has two elements:

• Participation by Bank of North Dakota with a local lender in a community-based loan
• Participation by the PACE Fund with the local community to reduce the borrower’s interest rate

The Bank of North Dakota buydown is based on either the business investment or the number of jobs created. Maximum buydown:

• Per borrower, per biennium — $500,000

The business must create new wealth, defined as revenues generated through the sale of products or services to customers outside of North Dakota or customers in North Dakota if the products or services were previously unavailable or difficult to obtain from a business in the state.

For more information: bnd.nd.gov/business/pace-program/ 

Flex PACE Program

The Flex PACE Fund supports community-based economic growth with the community determining its needs.

Flex PACE does provide assistance to businesses that do not meet the primary sector PACE requirements.

• Options for child care facilities and affordable housing projects.
• Job creation is not required for any Flex PACE Program options.

The program provides an interest rate buy-down up to:

• Businesses — $200,000
• Child Care — $300,000
• Affordable Housing — $500,000

Community requirements for PACE and Flex PACE:

• Community buy-down funding may provide its share through: local development corporation contribution, community fund, a grant or a loan.
• Community match must be met through: direct cash, loans, equity, investments, land, property, infrastructure or any combination of these.
• The community portion cannot be funded by the borrower or any individual/organization that has financial interest in the borrower.

For more information: bnd.nd.gov/business/flex-pace-program/ 

How to Apply

Bank of North Dakota offers this loan by partnering with local lenders. To apply, contact your lender.

If you have any questions, use online contact form or call at 701.328.5795.