Local & State Programs
All programs may be accessed through the Grand Forks Region Economic Development Corporation.
Local support
The Grand Forks Growth Fund can provide gap and business support financing for new or expanding businesses which have the capacity to create new primary sector employment. Funds may be used to provide bridge and longer-term financing for initial construction costs (land, buildings and infrastructure), capital equipment, working capital, or seed rounds. The Growth Fund also manages property in the Grand Forks Industrial Park and some office space in the downtown corridor.
State Support
North Dakota is the only state in the nation to own and operate its own development bank. Through coordination with the EDC, the Bank of North Dakota (BND) and other state and local programs work in concert to offer a variety of financing opportunities, such as interest buy downs, reduced interest loans, equity positions, and other tailored financial incentives and exemptions.
Match Program
| Purpose |
Provide loans for selected industries. |
| Description |
First lien for real estate or equipment/machinery purchase and lease. |
| Eligibility |
Manufacturing, processing, or value-added industries having credit ratings of A or better. Must demonstrate significant positive economic impact. |
| Other |
Bank letter of credit may be substituted for less than A rating. |
| Funding Limit |
Up to BND lending limit. |
PACE Fund
| Purpose |
Assist businesses that create jobs for selected industries by providing interest rate buy down. |
| Description |
First lien for working capital, equipment, real property. BND funds 50% to 80% of total loan. Not available for refinancing. |
| Eligibility |
Manufacturing, processing, data processing, communication, and telecommunications businesses. |
| Funding Limit |
Up to BND lending limit, depending on jobs created. |
AG-PACE Loan
| Purpose |
Provide low-interest financing to on-farm businesses. |
| Description |
BND program funds buy-down interest rates on loans by private lenders. For facilities, machinery, equipment purchase or lease, purchase of equity shares of value-added ag processing facility, and first-time purchase of irrigation equipment. |
| Eligibility |
Nontraditional production agricultural on-farm businesses that are integrated into farm operation and supplement farm income. Primary occupation must be farming. |
| Funding Limit |
50% to 80% of loan. |
The North Dakota Development Fund is a North Dakota Department of Commerce fund designed to provide flexible gap financing through loan and equity investments to new or expanding primary-sector businesses in North Dakota. Funding is available to any primary-sector business with the exception of production agriculture. The Development Fund also administers the Regional Rural Revolving Loan Fund, which provides funding for projects located in rural areas. To access the Rural Revolving Loan Fund, the primary-sector business must be located in a community of less than 8,000 in population or be located more than five miles outside the city limits.
ND Development Fund & Rural Revolving Loan Fund
| Purpose |
Assist business development through gap financing to make projects bankable. |
| Description |
Subordinated debt, equity, and partnership financing for working capital, equipment, and real estate. Requires community match, private funding, and outside lender participation. |
| Eligibility |
Primary sector or tourism businesses (not production agriculture), certified development corporations. |
| Funding Limit |
$300,000 for debt or equity. Other limits per job created (projected, based on location). Maximum 50% of project. |
Agricultural Products Utilization Commission (APUC)
| Purpose |
Create new wealth and jobs by developing new and expanded uses of agricultural products. |
| Description |
Grants for basic and applied research, marketing and utilization, cooperative marketing, farm diversification, and agricultural prototypes. |
| Eligibility |
Projects that lead to and result in development and marketing of new and/or expanded uses or technologies for processing state agricultural products. |
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