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Minot Incentives
Minot's community and business leaders have long recognized the importance of working together to encourage economic development. A network of non-profit professional and community-based organizations is in place to help new and existing businesses secure funding and receive business counseling. There are multiple and diverse sources of funding available for new and existing businesses.
Minot Area Growth through Investment and Cooperation (MAGIC Fund)
Description:
The MAGIC Fund is a local economic development financial incentive funded by a 1% sales tax, managed through the City of Minot. The fund is projected to generate over $2 million in funding per year. To-date, the MAGIC fund has assisted over 200 projects with over $30 million in funding.
Eligibility:
- New and existing primary sector businesses qualify for funding
- Available to provide:
1) Temporary or permanent financing for any business cost, related to the expansion of an existing business
2) Relocation or establishment of a new business
- Funding is available in the form of a loan or a grant
How to Apply:
If your project is in the city, contact MADC at 701-852-1075.
If you're outside Ward County you may contact the Souris Basin Planning Council at 701-839-6641.
Renaissance Zone
Description:
The Renaissance Zone is a development program designed to help rebuild Minot's downtown area in an effort to maintain historic attractiveness. The City of Minot was awarded Renaissance Zone designation in November 2001 for a maximum duration of 15 years.
Eligibility:
Tax Incentives:
Income Tax Exemptions & Credits
- An individual taxpayer who purchases or rehabilitates a single family residential property for their primary place of residence is exempt from up to $10,000 of personal income tax liability.
How to Apply:
Contact the City Planning Department at 701-857-4100.
Community Development Loan Fund :
Description:
Provides "gap" financing to primary, retail, service sector, and new and expanding businesses by acting as a leverage tool for private, public, and local investment.
Eligibility:
Eligible loans include, but are not limited to, the acquisition and/or improvement of land and buildings, the purchase of equipment, fixtures, inventory, and limited working capital.
How to Apply:
Contact the Souris Basin Planning Council at 701-839-6641.
Intermediary Relending Program:
Description:
The goals of the SBIRP are to provide for the creation and retention of permanent private sector jobs, expand the area's economic base and enable local governments to improve infrastructure and public facilities to maintain and improve the quality of life.
Funding Criteria:
- Community development and infrastructure.
- Maximum Loan* - $150,000
- Minimum Loan - $10,000
- Must be secured with fixed assets or other Collateral.
How to Apply:
Contact the Souris Basin Planning Council at 701-839-6641.
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