Financial Incentives

Supporting Businesses in Bowman County

Bowman County Development Corporation (BCDC) supports several financial incentive programs for different sectors of the County’s economy. Some of these programs are local and supported by BCDC, City of Bowman, and Bowman County, while some are run at the state or regional level. Applications must generally be approved prior to construction, building occupancy, or the start of business operations, depending on the program.

Bank of North Dakota PACE and Flex PACE Interest Buydown Program
The Bank of North Dakota (BND) offers a PACE program and Flex PACE program that provides an interest buydown that can reduce the borrower’s rate of interest by as much as 5%. The program requires:

 

  1. Participation by BND with a local lender in a community-based loan;
  2. Participation by the PACE/Flex PACE Fund with the local community in reducing
    the borrower’s overall interest rate.

 

Flex PACE
Flex PACE provides interest rate buydowns up to these maximums: $200,000 per project for businesses, $300,000 per project for child care, and $500,000 per project for affordable housing. The maximum buydown is $500,000 per biennium per borrower.

 

PACE
PACE borrowers must be a “primary sector” business and buydown is based on either the business investment OR the number of jobs created.

 

For an application please contact our office.

Small Business Revolving Loan Fund

The Bowman-Slope Revolving Loan Fund was created to help business start-ups and expansions within Bowman
and Slope Counties. Funds are generally used to buy down interest on loans or equipment, some renovation and
other projects. The goal is to provide “gap” funding in support of business activities in the counties in an efficient
and simple manner and to keep the funds revolving back into the area for the benefit of the local economy and
business sector.

 

  • Loans up to $5,000
  • Required 1:1 match
  • 6-month payment/interest deferral
  • Repayment over a 2-year term
  • Required auto payment by bank of choice
  • Interest rate no lower than 4%

 

The Bowman County Development Corporation’s Board of Directors will review applications from the standpoint
of economic feasibility, ability to pay back the loan and employment impact. Review by the BCDC’s Board of
Directors will be completed within 15 days of receipt of application, providing it is presented by the deadline. The
funds of BCDC can only be committed to the extent available.

 

For an application please contact our office.

Store Front Improvement Grant

The Store Front Improvement Grant was created to help enhance the appearance of commercial structures within Bowman County and its cities. The grant must have a fifty percent private match up to $1000. The Bowman County Development Corporation (BCDC) will match the other fifty percent up to a maximum of $1000. For example, on a $2,000 project, $1,000 is paid by the owner, $1,000 paid by the BCDC.

 

Funds are only to be used to enhance the property’s exterior and do not include general maintenance. Grant excludes residential property used for home based business. Following grant application and approval, projects may be started, no prior projects will be considered. Grant applications may be picked up and turned in at the BCDC office.

 

For an application please contact our office.

SW REAP Funds
The Southwest Rural Economic Area Partnership is a non-profit corporation operating under the REAP Investment
Fund, a 501(c) 3 incorporated within the state of North Dakota.

SW REAP has developed a Partnership Fund, and a Micro Loan Fund to be used for the purpose of furthering
partnerships, businesses and projects that will positively impact its geographic region – the counties of Adams,
Billings, Bowman, Dunn, Golden Valley, Hettinger, Slope, and Stark. All fund requests must originate in and
benefit these SW REAP counties.

 

All proposed projects should meet one of the SW REAP goals as follows:

  1. Utilize the REAP designation to alleviate out-migration
  2. Increase job and business opportunities
  3. Encourage and participate in partnerships for economic development

 

For an application please contact our office.

Renaissance Zone
In 1999, the North Dakota Legislative Assembly approved the Renaissance Zone Act to provide tax incentives to
encourage investment in downtown or other blighted properties. Existing and new owners of commercial and
residential properties within an established 23 block area in the City of Bowman (see map below) may be eligible
to receive property and state income tax incentives with a qualifying investment in a building purchase, new
construction or rehabilitation. Businesses leasing space in buildings improved as Renaissance Zone projects
may also be eligible for state income tax incentives.

 

Tax Incentives:
Business/Commercial Properties

  • Up to 100% exemption from property taxes for 5 years
  • 100% exemption from state tax on income derived from business or investment for 5 years up to $500,000 of
    taxable income
  • Transferable exemptions with sale or lease

 

Primary Residences

  • Up to 100% exemption from property taxes for 5 years
  • 100% exemption from state individual income tax up to $10,000 annually for 5 years
  • Transferable exemptions with sale

 

Applications must be approved before improvements begin. A renaissance Zone project must be approved by
the Bowman City Commission and the ND Department of Commerce before an eligible purchase, rehabilitation,
new construction project or lease of the property begins. A certificate of good standing from the ND Tax
Department is also required along with a business incentive agreement. Please allow three to four weeks
for the review process.

 

For an application please contact our office.

Property Tax Exemption
Please contact the Bowman City Auditor or Bowman County Auditor for current Property Tax Exemptions available.

Contact

CONTACT

13 1/2 E Divide
PO Box 1143
Bowman, ND 58623
701-523-5880
Info@BowmanND.com

OFFICE HOURS

Monday – Friday

8 am – 5 pm MT

(closed on legal holidays)