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