(KNOX) – Through the Participating in Assisting Community Expansion (PACE) program, the Grand Forks Growth Fund may provide a no-interest, deferred loan up to $269,000 to leverage a Bank of North Dakota grant up to $500,000 to collectively reduce the interest paid on a loan used to acquire land or equipment or for working capital. Projects considered for PACE are those that result in the creation of new jobs.
Applicants must be primary sector, certified through the North Dakota Department of Commerce. For Flex PACE for companies that do not fit the traditional definition for the PACE program, FlexPACE may be an option.
Acme Tools of Grand Forks has requested a FlexPACE loan of $96,306.72 from the Grand Forks Growth Fund.
Kevin Hatcher of the Grand Forks Region Economic Development Corporation made the request last week before the Committee of the Whole.
“Operated here in the Grand Forks region. Providing products and services for building, remodeling, wood working and those type of services, and tools,” Hatcher said.
Acme Tools is a leading authorized online retailer for all major tool brands, offering more than 95,000 products from more than 300 manufacturers both nationally and internationally via its e-commerce website. Founded by George Kuhlman in 1948, Acme has long been part of Grand Forks’ Business Park, and PACE Loans have supported construction on their 40,000 square foot warehouse and e-commerce distribution center in 2014.
Acme Tools would use the FlexPACE Loan to buy down the interest rate on commercial loan.
FOLLOW US FOR INSTANT UPDATES!
