Flex PACE Program

Qualified Businesses

The PACE family of programs at BND is designed to encourage specific types of economic activity within the State of North Dakota. In general terms, PACE provides an interest buy down that can reduce the borrower’s rate of interest by as much as 5%. 

The Flex PACE feature of the PACE program provides interest buy down to borrowers that do not fit into the traditional definition of a PACE qualifying business. 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.

Jobs Qualification

Job creation is not a requirement of Flex PACE, but jobs will be tracked for informational purposes.

Flex PACE Funding

Each biennium, BND designates a portion of the existing PACE funds for Flex PACE. This designation is not an exclusive reservation of the funds and therefore will be available for other PACE eligible projects. Each borrower is capped at $100,000 of PACE funds per biennium under Flex PACE.

Parameters

Existing PACE program parameters (ex. interest rate buy down maximum, community match, BND participation amount, default) apply.

For more information please contact us at:

Bank of North Dakota
1200 Memorial Hwy
PO Box 5509
Bismarck, ND 58506-5509
(701) 328-5777
1-800-472-2166 ext. 5777
TDD (Telephone Device for the Deaf) 1-800-643-3916