Bank of North Dakota COVID-19 PACE Recovery II Program extended to November 30
BISMARCK, N.D. (KFYR) - Bank of North Dakota has a created a COVID-19 PACE Recovery II Program that assists North Dakota businesses impacted by the COVID-19 pandemic.
The program will pay the interest that a business accrued on existing debt from April 1, 2020 through September 30, 2020, and does not need to be repaid.
To be eligible the applicant’s business must be located in North Dakota.
It must be current on all existing debt obligations, and must show it has sustained a minimum 20% loss in gross revenue between April 1 and September 30 in both 2019 and 2020.
“This program is to help businesses that have been impacted by the COVID pandemic to pay for their interest expense for a six-month period, up to $50,000 of interest expense,” said Band of North Dakota Chief Business Development Officer Todd Steinwand.
Agricultural businesses are eligible, but Ag producers are not.
To apply, the applicant must work with a financial institution, certifying that the business has incurred the minimum economic injury as a result of pandemic.
The deadline to apply is November 30.
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