This is an interest buy-down program funded by the local government and the Bank of North Dakota (BND). The PACE Fund helps communities expand their economic base and has two elements:
Participation by BND 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.
There are no loan size limitations or owner equity requirements. Funds can be used for working capital and fixed assets. The loan can be written down to a maximum of 5% below prime. Learn more about the PACE Fund.
Flex PACE Program
Flex PACE allows communities the ability to provide assistance to businesses that do not meet the primary sector definition of PACE. In addition to this program, specific Flex PACE options have been developed for child care facilities and affordable housing projects. No job creation is required for any Flex PACE Program options.
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 outside of the current requirements of PACE, such as jobs retention, technology creation with no new jobs, retail, smaller tourist businesses and essential community services. Learn more about the Flex PACE Program.