Areas Served: Adams County
Purpose: To encourage the start-up and expansion of manufacturing, service, retail, and other businesses in Adams County.
To provide employment to residents of the Adams County area.
Eligibility: New or expanding businesses including manufacturing, service and retail located in Adams County.
Applications will be reviewed based upon the ability of the business to fulfill the program’s purpose and the availability of funds.
If an application is received from a business that has a direct competitor in the community served, either written consent must be obtained from direct competitors or approval by a 2/3 affirmative vote of the total board membership.
Loan Collateral This program is designed to provide additional loan collateral for new or expanding businesses.
Guidelines: Collateral can be set aside as a CD in a participating financial institution for up to 3 years.
Extension of the 3 year period will be reviewed as needed.
Application Process: Application should be initiated in partnership with a local financial institution.
Rent Subsidy Purpose: To improve the appearance of Main Street and other high traffic areas within the County by occupying vacant buildings.
Description: This program will provide cash subsidy of monthly rental expense.
Guidelines: 1. Cash subsidy of up to 40% of the monthly rental expense but limited to $1,000.00/yearly.
2. Subsidy available for 3 years paid quarterly.
One-time Building Improvement Description: Cash match for leasehold improvements on existing vacant buildings.
Guidelines: One-time cash match for building improvements to a maximum of $3000.00 to be paid quarterly over a 3-year period.
Application Process: Same as for Rent Subsidy.
Interest Subsidy Description: The program provides for the “buydown” of interest on new or existing business loans at local financial institutions.
Guidelines: Interest will be subsidized to the current average passbook savings rate (local), not less than 2.5 %.
Limited to a maximum of $1,000.00/yearly.
To be paid quarterly over a 3 year period.
Contact InformationAdams County Development Corp.
Address: 120 South Main
City: Hettinger
State: North Dakota
Website:
http://www.hettingernd.com
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