Financial Incentives to Help Start, Grow, or Relocate Your Business to Devils Lake

Did you know that 99% of all businesses in North Dakota are small businesses? Or that Forbes has named North Dakota as Best State to Start a Business?

There’s an abundance of local and state incentive programs that can help our entrepreneurs secure the working capital they need, improve the appearance of their building, or even help create a succession plan to ensure the legacy of their business carries on.

We’re proud to support our small business community in multiple ways, and recognize the way they truly serve as our economic backbone.

If you’re looking to start, grow, or relocate your business to Devils Lake, check out the following incentive programs or call us today at 701-662-4933. 

Local Incentive Programs Available to Business Owners in Devils Lake

Devils Lake Growth Fund Programs
This program uses a portion of the local sales tax to fuel both economic and job development in Devils Lake through incentive programs like interest free loans, skilled workforce recruitment, and interest rate buydowns.

Small Business Revolving Loan Fund
Are you looking for a low interest loan to help finance building remodeling, equipment or inventory purchases or sales/marketing needs for your small business?

Our Revolving Loan Fund can help! New and expanding businesses that are or will be located anywhere within the Devils Lake Region can apply for a loan between $5,000 to $20,000. Terms and interest rates vary.

Façade Improvement Program
This is a fantastic opportunity for area businesses to improve their store/business front. The Facade Improvement Program offers interest free loans of $5,000, $7,500 or $10,000 to be paid back in monthly installments over 50 months.

Renaissance Zone
Existing and new owners of commercial and residential properties within an established 40 block area in the City of Devils Lake 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.

State Incentive Programs to Help Your Business Grow and Expand in Devils Lake

North Dakota Small Business Development Centers 
Small businesses in Devils Lake can take advantage of a variety of SBDCs advisory programs, training resources, succession planning, and financial support including long-term and fixed rate loans.

ND Career Builders
Imagine a program where area businesses get help recruiting and retaining talent and students benefit from scholarships, reduced college debt, and a job upon graduation.

That program already exists! And it’s not only changing lives and building communities, but making a significant impact on the North Dakota workforce. ND Career Builders is designed as a win-win for businesses, students, employees, and the state.

“20 by 20” Skilled Workforce Recruitment and Retention Program
This unique program is designed to work in collaboration with local and regional businesses to help encourage and recruit high school students to consider a career in a skilled and technical program… and put down roots in Devils Lake.

If a student commits to coming back to the region after graduating from an approved one or two-year technical college program and works for a local employer for three years, Forward Devils Lake Economic Development and partnering businesses will reimburse the student for up to 80% of the cost of annual tuition, room, and meals.

Bank of North Dakota Interest Buy Down Programs: PACE & Flex PACE
Want to lower your business loan’s interest rate? The Bank of North Dakota’s Interest Buy Down Programs function as a partnership between your local lender, the City of Devils Lake, the state, and the BND to cover a portion of your interest. Businesses that quality have the potential of reducing their loan rates by as much as five percent!

North Dakota Development Fund
This state-level fund provides gap financing to new or expanding businesses in the area that may not qualify for traditional lending. Programs include:

• Child Care Loans: Funds can be used towards buying, renting, or remodeling a facility as well as for purchasing equipment or as working capital
• Angel Match Program: Supports early-stage, primary sector businesses throughout the state with matching private equity investments or convertible debt that’s been raised by the startup. The state then matches private capital up to $250,000. 
  Ready to Take the Next Step?

Whether you’re looking to start a business, expand your operations, or relocate to Devils Lake, Forward Devils Lake Economic Development can offer you personalized assistance from start to finish.

Click here for more detailed information about all of the business incentive programs available in Devils Lake or call FDLED director Brady Ash at 701-662-4933.