Business assistance programs helping the city grow
Visible growth is becoming apparent, as businesses like the Tesoro Mandan Refinery, Walmart, St. Alexius Medical Center, BOS Solutions, Novaspect, Edgewood Vista and others are all locating or expanding their presences in Mandan. In order to encourage even more business growth, the city of Mandan has numerous business assistance programs to offer.
If you are looking to grow or start a local business in Mandan, be aware of the many options available to you. Here are some of the programs the city offers to assist in business startups, expansions or improvements:
· The Mandan Renaissance Zone qualifies owners and buyers making substantial improvements to commercial properties or homes in the zone for property tax exemptions and state income tax exemptions up to 100 percent for five years.
· The Storefront Improvement Program provides a maximum $10,000 forgivable loan for up to 50 percent of the investment in rehabilitating a downtown building façade. The interest-free loans are pro-rated and forgiven over the course of three years contingent on project completion and the building remaining intact during this period.
· The Retail and Restaurant Incentive Program offers a monthly stipend for new and expanding businesses locating anywhere in city limits that fill a gap in the city’s market profile and meet 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.
· Revolving Loan Funds are available to assist with business start-ups, expansions and retention in Mandan and the surrounding 10-mile radius within Morton County. The loans complement financing available through the business operator’s lender of choice, helping to reduce owner equity requirements and interest rates.
· New or expanding businesses constructing a new building or expanding an existing building are eligible to apply for a New-Expanding Business Property Tax Exemption for up to five years dependent upon a number of factors, including the type of business, number of jobs created and other public benefits.
For more information, contact Mandan Business Development and Communications Director Ellen Huber at firstname.lastname@example.org or 667-3485 and BMDA Director of Special Projects Richard Mower at email@example.com or 222-5530.