Williston STAR Fund

Flex PACE and PACE Programs

PACE and Flex PACE are  interest buy-down programs that partner with a local lender, the STAR Fund and Bank of North Dakota to reduce the interest rate on a loan.  The interest rate to the borrower may be as much as 5% below the rate on the promissory note, but not less than 5% below prime with a floor rate of 1%.

The program is intended to make Williston a better place by helping new and existing businesses while lowering the initial loan costs associated with new and expanding investments.

Flex PACE Guidelines:

  • Buy-down amounts can be as high as $300,000 for businesses, $450,000 for childcare, and $750,000 for affordable housing.  Funding amounts are based on STAR Fund scoring grid results.
  • Proceeds may be used to purchase real property, equipment and certain working capital.
  • The borrower can be any person or entity whose business is located within the City of Williston or ETJ.
  • All Flex PACE applications require an initial business consultation with the Small Business Development Center.

PACE Guidelines:

  • The borrower must be a primary sector business as defined by the North Dakota Department of Commerce.
  • Proceeds may be used to purchase real property, equipment and certain working capital.
  • Program cannot be used to refinance any existing debt or relocation.
  • The borrower can be any person or entity whose business is located within the City of Williston or ETJ.  (Special exemptions may apply)
  • Buy-down amounts are based on total investment or jobs created. 
  • All PACE applications require an initial business consultation with the Small Business Development Center. 

 

Additional information regarding the program can be found on the application

Flex PACE / PACE Program Application

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