Partnership in Assisting Community Expansion (PACE) Program (North Dakota)
Last modified on February 12, 2015.
|Name||Partnership in Assisting Community Expansion (PACE) Program (North Dakota)|
|Policy Category||Financial Incentive|
|Policy Type||Loan Program|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Wind energy|
|Program Administrator||Bank of North Dakota|
The Partnership in Assisting Community Expansion (PACE) Program is available to finance the purchase of equipment or real estate, as well as term working capital. In conjunction with community support, the program provides an interest buy down that can reduce the borrower's rate of interest by as much as 5%. This buy down can mean an interest savings of approximately $462,000 over the term of the loan. In return, the borrower must create one new job in North Dakota for each $100,000 of total loan proceeds.