Mandan Growth Fund

The Mandan Growth Fund (MGF) is intended to provide assistance to businesses that desire to expand or locate in the Mandan area. The primary purpose of this fund is to encourage and assist in the development of employment within the area by creating new jobs; expanding the local tax base; increasing capital investment; improving the entrepreneurial climate of the region; and generally expanding the financial base of the area.

 

A portion of the funds may be appropriated annually for area economic and industrial development promotion activities, the administration of the program and other types of projects that have direct economic development implications.

 

Funds available through the Mandan Growth Fund may be used to provide temporary or permanent financing of any business cost related to the relocation and/or establishment of a new business, or the expansion of an existing business within the Mandan area.

 

The Mandan Growth Fund Committee, appointed by the City Commission, will have substantial flexibility in the types of financing tools available to them to pursue general economic and industrial development goals. Examples include, but are not limited to: loans, equity positions, equipment and building purchase and lease-back, interest write downs, grants, and other financing vehicles as may be necessary and appropriate.

 

Interest rates will be based upon the relative risk involved, the desirability of the project to the area, and, the immediate and long-term growth potential of the business. It is important that, to the greatest extent possible, financial packages be tailored to meet the needs of the applicant while weighing the impact of the business venture on the area economy. Creative repayment schedules that provide a significant increase in the probability of project success may be provided. In these cases, the economic development potential of the project must justify the non-traditional repayment arrangement.

 

For further information or an application, please contact the BMDA office at 701-222-5530, or info@bmda.org.