Bank of North Dakota Programs

Partnership in Assisting Community Expansion Program (PACE)


The JDA’s partners with the Bank of ND buy down on qualifying under the PACE and Flex PACE programs. This incentive is offered to all qualifying Rugby area businesses under the program and is subject to Board approval. The Rugby Job Development Authority partners with the Bank of ND in buying down up to 5% interest on the loan for those programs. The JDA share is 30% and BND’s is 70%. For businesses to access the program, a community match is required – (The JDA provides the community match in Rugby).  


The PACE Fund helps communities expand their economic base by assisting Primary Sector businesses that make an investment or create jobs in their community. 


The Flex PACE Fund combines the resources of the local community and the PACE Fund to buy down the interest rate on the loan. Flex PACE allows communities the ability to provide assistance to businesses that do not meet the primary sector definition of PACE. In addition to this program, specific Flex PACE options have been developed for child care facilities and affordable housing projects. No job creation is required for any Flex PACE Program options. 


The Ag PACE loan provides interest buydown on loans to farmers or ranchers investing in nontraditional agriculture activities to supplement farm income. The program is used to reduce the interest rate on loans which have been approved by a local lender and BND.

Business Development Loan Program

The Business Development Loan Program assists new and existing businesses to obtain loans that have a higher degree of risk than would normally be acceptable to a lending institution.  It may be used to start or expand a new business or for refinancing.

If you have questions on these programs, please contact your local lender or the Rugby JDA. 

Learn More

To find out more about these and otherprograms, check out Bank of North Dakota or the files below.