Business assistance programs available in Mandan
The City of Mandan has developed a number of economic development tools designed to expand the community’s economic base. These programs target primary sector companies as well as retail and restaurant establishments and include:
Lewis & Clark Intermediary Re-Lending Program: Two separate $1 million revolving loan pools were created in 2007 and 2009 to assist with business start-ups, expansions and retention in Mandan and the surrounding 10-mile radius within Morton County. The IRP is designed to spur business growth and expansion by providing low interest loans to businesses in and around Mandan and is facilitated by the Lewis & Clark Regional Development Council.
Mandan Growth Fund: The Mandan Growth Fund is intended to provide assistance to businesses that desire to expand or locate in the Mandan area. The Growth Fund Committee has some flexibility in the types of financing tools available to them to pursue economic development and include, but are not limited to: loans, equity positions, equipment and building purchase and lease-back, interest buy downs and forgivable loans.
Storefront Improvement Program: The Storefront Improvement program was launched in 2006 to add momentum to the downtown revitalization process by offering matching funds to downtown businesses and commercial properties owners for improvements to the exterior of buildings on street-facing sides. Storefront funds are provided in the form of a maximum $10,000 forgivable loan for up to 50 percent of the investment in rehabilitating a building façade.
Retail and Restaurant Incentive Program: The city of Mandan has adjusted its retail and restaurant incentive program for 2011 to allow new and expanding businesses locating anywhere in city limits to apply as long as the business fills a gap in the city’s market profile and meets other program criteria. Eligible businesses may receive assistance for up to $5 per square foot of operating space, not to exceed $20,000 per property.
Property Tax Incentives: Businesses that are primarily industrial, commercial, retail or service in nature may be eligible for a partial or full, five-year property tax exemption on newly constructed or expanded buildings. Criteria for the exemption include economic impact, jobs creation and diversification of the economic base.
For more information, contact City of Mandan Business Development Director Ellen Huber at 667-3485 or email email@example.com.