The program is intended to assist entities in the Williston region whose business is in manufacturing, processing, value-added processing and targeted service industries.
Targeted service industries are businesses involved in data processing, telemarketing, telecommunications, major tourist attractions, holding companies involved in leasing assets to entities otherwise defined as a PACE qualified business, and all other service companies and wholesalers that generate 75% or more of their sales outside of the state of North Dakota.
Job creation is a key factor in this program.
The Bank of North Dakota has set guidelines for the PACE program.
How the PACE Program Works:
The Bank of North Dakota PACE Fund may provide an interest rate buy down.
The buy down is matched by the STAR Fund at a designated participation level.
In addition, the PACE Fund's participation is limited to the amount required to buy down the interest to the lower of 5% below the yield rate but in no event may the interest rate be more than five hundred basis points below the national prime rate.
The borrower's rate shall never fall below 1% at any time.
The STAR Fund board and City Commission reserves the right to make final determination.
Additional information regarding the program can be found on the application.