Grand Forks Growth Fund Offers No-Interest Loans for Community Expansion
In an effort to stimulate local economic development, the Grand Forks Growth Fund is introducing a new initiative through the Participating in Assisting Community Expansion (PACE) program. This initiative aims to support businesses and promote growth within the community by offering no-interest, deferred loans of up to $269,000.
The PACE program is designed to complement a significant grant opportunity from the Bank of North Dakota, which can reach up to $500,000. Together, these financial resources are expected to collectively reduce the financial burdens faced by small and medium-sized enterprises in Grand Forks, enabling them to thrive in a competitive environment.
"By leveraging these funds, we hope to encourage business expansion, create jobs, and ultimately boost the local economy," stated a representative from the Grand Forks Growth Fund. The program is geared toward fostering an environment where existing businesses can flourish, providing a vital boost during challenging economic times.
Eligible businesses will find that the no-interest loans feature deferred repayment terms, making it easier for them to invest in growth without the immediate pressure of repayments. The initiative reflects the organization’s commitment to enhancing community infrastructure and supporting local entrepreneurs.
Small business owners are encouraged to explore this funding opportunity, which aims to minimize startup and expansion costs, enhance business stability, and foster innovation and job creation in Grand Forks.
As applications for the PACE program open, the Grand Forks Growth Fund expects to make a meaningful impact on the local economy by attracting and retaining businesses that contribute to the community’s vibrancy and economic resilience.
For more information on how to apply for the PACE program and eligibility requirements, interested parties can visit the Grand Forks Growth Fund’s official website.
Source
Photo credit knoxradio.com
