bankofndJamestown  (CSi)  The JSDC staff and board of directors want local and regional businesses to be aware of the tool for business development available in partnership with the Bank of ND. The PACE family of programs at BND is designed to encourage specific types of economic activity within the state of North Dakota. In general terms, PACE provides an interest buy down that can reduce the borrower’s rate of interest by as much as 5%.

The Flex PACE feature of the PACE program provides interest buy down to businesses. Under Flex PACE, the community determines eligibility and accountability standards. Flex PACE allows communities the ability to provide assistance to borrowers with a business focus or need such as jobs retention, technology creation with no new jobs, retail, smaller tourist businesses and essential community services.

 

Flex PACE Funding

The cumulative amount of PACE funds available per biennium under Flex PACE to a North Dakota community or an individual borrower will be determined by the Bank’s Investment Committee. BND will provide up to $100,000 of Flex PACE funds for regular projects, $500,000 of Flex PACE funds for Affordable Housing Projects and up to $300,000 for Licensed Child Care Projects.

For more information please contact JSDC at  701-252-6861 or stop by the office at 120 2nd  Street SE or:

Bank of North Dakota 1200 Memorial Hwy PO Box 5509 Bismarck, ND 58506-5509 701.328.5600 800.472.2166 ext. 328.5777 TTY: 800.366.6888