McKenzie County bolsters business growth with $250,000 for interest buy-down program
M.K. French
Farmer Staff Writer
Looking to strengthen the local economy, the McKenzie County Board of Commissioners approved the release of $250,000 in budgeted funds on February 3 to support a local interest buy-down program. The request was presented by the county’s newly appointed Economic Development Director, Meghan Taunton, during her second week in the role. This funding provides the necessary local match for the Bank of North Dakota’s Flex PACE program, which is a financing tool designed to help businesses reduce their interest rates.
For many years, McKenzie County businesses relied on the Lewis and Clark Foundation to provide the required local matching funds for state programs, but that funding source has dried up over the last two years. In response, the county’s Job Development Authority (JDA) established a local pool of capital to ensure businesses could continue to access state programming. Commissioner Joel Brown explained that the current $250,000 allocation is part of a strategic plan to contribute $250,000 annually over four years to build a $1 million revolving fund. As loans are repaid, the capital stays within the fund to be loaned out again, creating a permanent asset for the business community that remains sustainable regardless of fluctuations in gross production tax revenue.
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