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.

Facade Improvement Grant

Facade Improvement Grant

 

The Façade Improvement Program is geared towards improving the visual appearance of the exterior storefronts in the primary business corridors of the cities in our county. This emphasizes Bowman County Development Corporation’s mission of developing and sustaining a great place to live, work and grow.

 

The program was launched in 2000, and in its first year and a half, a total of 9 projects were approved, expending 100% of the funding, with a total of $108,000 awarded, and estimated total project costs of $302,000.  The program was a direct impact to the business community, and immediate improvement was seen in the Bowman community.

 

2022 Program Guidelines:

  • Program is administered by Bowman County Development Corporation. Funding is provided in part by the City of Bowman, Bowman County, and Bowman County Development Corporation Growth Fund.
  • Business eligibility is dependent upon their home community matching the program dollars.
  • Interested commercial property owners may apply for a forgivable loan, not to exceed $10,000 for up to 50% of their investment in rehabilitating and/or updating the visible storefront building façade.
  • Bowman: Building must be located in the Downtown District or on Highway 12 and Highway 85 corridors of Bowman. (see map in application for eligibility areas)

For additional program guidelines please reference the below application.

 

Terms and Conditions:

  • Applications will be taken on a first-come, first-serve basis and are subject to the availability of program funds.
  • Applicants will be required to sign a Business Incentive Agreement guaranteeing the project will be completed according to the details included on the application and approved by BCDC Board of Directors.
  • Funds will be paid in a lump sum at the end of the project as a reimbursement of costs incurred.
  • The interest-free loan will be pro-rated and forgiven over the course of 3 years contingent upon project completion.
  • BCDC reserves the right to cancel the Face Business Incentive Agreement in the event of failure to comply with this agreement.

 

City of Bowman Business Application

W-9

 

For questions, please contact Teran Doerr at 701.523.5880 or teran@bowmannd.com.

BND PACE and Flex PACE Interest Buydown

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 inquires please contact Teran at 701.523.5880 or teran@bowmannd.com. Application process must be generated by borrower’s lead lender.

Childcare Assistance

Childcare Provider Matching Program

 

Guidelines:

  • New childcare startups and existing remodels that directly increase capacity are eligible for a 1:1 match not to exceed $5,000 in matching funds.
  • Eligible items: fixtures, furniture, equipment, construction related build out costs, permit compliance related costs.
  • Approval is required prior to project start date.
  • All receipts must be submitted prior to reimbursement.
  • Project must be a licensed (or in process of licensing) childcare facility through the state of ND.
  • Providers who receive match dollars must remain in operation for a minimum of 2-years from application date.  Failure to do so will result in a pro-rated return of grant dollars to the BCDC Growth Fund.
  • New and existing providers who receive startup assistance through the match grant program are ineligible for the annual assistance grant for two years of licensed operation.

 

Terms and Conditions:

  • Program was funded through BCDC Growth Fund. Childcare Match Program funds are subject to availability of program funds and shall not exceed $15,000 for the 2022 Fiscal Year.
  • Applicants are required to have a minimum of one meeting with a Small Business Development Center Business Advisor before funding is approved.
  • Applicants will be required to sign a Business Incentive Agreement guaranteeing the project will be completed according to the details included on the application and approved by BCDC Board of Directors.
  • Funds will be paid in a lump sum at the end of the project as a reimbursement of costs incurred.
  • The interest-free loan will be pro-rated and forgiven over the course of 2 years contingent upon project completion. Applicant must also maintain a valid license for the number of children or greater specified at the time of the application approval. Any building owner or store proprietor/tenant with lease authority or authorization from the owner may apply for funding.
  • Tenants must have a minimum of two years remaining on their lease. Subject building must be correctly zoned.
  • BCDC reserves the right to cancel the Child Care Program Business Incentive Agreement in the event of failure to comply with this agreement.

 

About BCDC’s Growth Fund

In 2021, BCDC made a capital transfer into a fund that will be dedicated to diversifying the local economy, supporting small businesses, recruiting and retaining workforce, creating and maintaining jobs, and expanding the local tax base.

 

Application

W-9

For questions, please contact Teran Doerr at 701.523.5880 or teran@bowmannd.com.

 

Childcare Loan Program – North Dakota Development Fund

 

Eligibility:

  • Any licensed childcare provider
  • Maximum of $100,000 or availability of funds
  • 2.5% fixed rate
  • Terms: Working capital 1-3 years, Equipment 3-5 years, Real estate 7-10 years
  • No minimum equity requirement
  • Requires personal/corporate guarantees
  • Cost and fees are negotiable
  • No job requirement

 

For more information contact Teran at 701.523.5880 or email teran@bowmannd.com.

Downtown Seating Matching Program

Downtown Seating Matching Program

In order to increase the visitor experience and attractiveness of Bowman County’s Main Streets, this
grant match program incentivizes downtown businesses to add seating and curb appeal. This specifically
addresses an objective in the Bowman County Strategic Growth Plan to Enhance Vibrant and Inviting
Communities by increasing vibrancy on Main Streets and identifying and investing in signature spaces. Eligible businesses must be located in Bowman, Scranton, or Rhame North Dakota with building frontage on Main Street.

 

The Goal
• Benches or seating flanked by flowerpots in front of every shop
• A businesses unique style and atmosphere translated to their outdoor space
• Added vibrancy by encouraging more shopping and longer stays on Main Street

 

Application

Downtown Seating Examples

City of Bowman Special Permission

W-9

Small Business Revolving Loan Fund

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.

Commercial Signage Grant Program

Commercial Signage Grant Program

 

Purpose:

  • The Commercial Signage Grant Program provides grants to businesses or property owners to enhance their store fronts with the addition or improvement of commercial signage.
  • The primary objective of the Commercial Signage Grant Program is to promote and assist in the revitalization of Bowman County’s business districts by providing grants for replacing and/or adding new signage to commercial storefronts that contribute to the vitality of the area.

 

Eligibility:

  • Eligible projects must be within Bowman County and be directly related to a business or future business.  Businesses outside of city limits are only eligible for half the grant award as we are unable to use City tax dollars to pay for improvements outside their taxing district.
  • The Commercial Signage Grant can be used toward the design, purchase, permitting, and installation of a commercial sign. Project funds can be used for painting of the commercial facade in cases where signage is painted onto the side(s) or front of the building. Funds may also be used towards the purchase and installation of awnings when awnings include logo and/or business name.
  • Farm, ranch, and home-based business projects do not qualify.
  • Grants will be awarded as funding allows and on a first come, first serve basis.  If the finished project does not resemble what was on the application or a BCDC representative feels that significant improvements were not made, the grant will be voided.
  • Participating Businesses and Property Owners will receive a reimbursement grant for half (50%) of the total project cost, or up to $500. Applicants may apply for up to $500 in matching funds once every two years.

 

Commercial Signage Grant Application

W-9

Hospitality Website Loan Program

Hospitality Website Loan Program

 

Purpose:

To provide monetary assistance to our hospitality industry in creating or updating a business website to include specific items to aid in ease for visitors.

 

Eligible Industries:

  • Restaurants, Bars, and Entertainment
  • Hotels

 

Hospitality Website Loan Application

W-9

SW REAP Funds

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

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.

North Dakota Opportunity Fund

North Dakota Opportunity Fund

 

Uses:

  • Construction
  • Equipment
  • Working Capital
  • Real Estate
  • Interim SBA 504 Loans

 

Business Eligibility:

  • Show the ability to service the debt and conduct business
  • Show a commitment to the project
  • Provide satisfactory payment history with other lenders/creditors
  • Have a satisfactory credit history
  • Offer acceptable collateral

 

More Information

Property Tax Exemption

Property Tax Exemption

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

Agricultural Products Utilization Commission (APUC)

Agricultural Products Utilization Commission

Agricultural Products Utilization Commission (APUC) creates new wealth and employment opportunities through the development of new and expanded uses of North Dakota’s agricultural products through a grant program.

 

A maximum of 15 qualifying applicants may present funding proposals on a quarterly basis for the following grant categories:

  • Basic and Applied Research
  • Marketing and Utilization
  • Farm Diversification
  • Technical Assistance
  • Nature Based Agri-Tourism
  • Prototype Development & Technology

 

For more information: APUC Brochure

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)