Over 30 communities and counties in North Dakota have economic developers. These developers are supported by boards of directors that include community leaders. This means the people your business needs to succeed already understand and support economic development opportunities available to you.
In addition, more than 80 communities have in place a one percent sales tax that can be used as economic development revenue for staffing, marketing, loan programs and other development incentives.
For example, one county paid 80 percent of a maximum-interest buy-down for a company expansion. The city paid the remaining 20 percent for a total of $120,000. This joint effort enabled the bank to provide a $1.25 million loan at an effective interest rate of 1.5 percent.
Contact North Dakota Department of Commerce for a list of developers. 701-328-5300.