Areas Served: Underwood County
Beginning in 2006 the UAEDC Board and the City of Underwood, North Dakota decided to take an aggressive stand towards building prosperity in Underwood.
This stand included the development of a number of different incentives available to both new and current residents and new and existing businesses.
A number of business financing tools are available.
Underwood Revitalization Program The Underwood Revitalization Program is a low-interest revolving loan fund offered by the City of Underwood and administered by the UAEDC to qualified small businesses.
The Revitalization Program is funded by a Rural Business Enterprise Grant from the US Department of Agriculture, matched in part by dollars from the Underwood Sales and Use Tax Fund.
Maximum loan amount is $20,000 under this program.
Underwood Down Payment Assistance Program The Underwood Down Payment Assistance Program offers up to $10,000 in down payment assistance to qualified new home builders and up to $5,000 in down payment assistance to qualified buyers of existing homes.
This program is offered through the UAEDC using funds provided by the City of Underwood through its Sales and Use Tax Fund.
Down payment assistance is provided in two parts: (1) a forgiveable loan from the UAEDC, and (2) a repayable loan from ND Community Works.
Underwood Main Street Program The Underwood Main Street Program is a grant program administered by the UAEDC, using funds from the City of Underwood’s Sales and Use Tax Fund.
The purpose of the program is to provide assistance to businesses desiring to update or refurbish the exteriors of their buildings.
Maximum grant amount is $10,000 and requires a match in funds from the applicant.
Contact InformationUnderwood Area Economic Development Corporation
Address: 88 Lincoln Ave
City: Underwood
State: North Dakota
Website:
http://www.underwoodnd.net/incentives/index.html
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