Velva and the region have a variety of incentive that will make a business move or expansion reality. VCDC and the city partner with the state and region on a multitude of projects and work closely with the financial institutions in the community and statewide to make projects move quickly.
Incentives that are available include:
Participation with the Bank of North Dakota on PACE and Flex-PACE interest buy-downs. http://www.banknd.nd.gov/lending_services/business_financing_programs/business_incentive_programs.html
Renaissance Zone tax incentives for businesses and housing (link to the page that describes Renaissance Zone incentives)
CONAC Micro Loans http://www.sourisbasin.org/documents/1217002219.pdf
McHenry County Marketing Assistance Program http://www.mchenrycountynd.com/resources/
McHenry County Financial Planning Program http://www.mchenrycountynd.com/resources/
Direct grants and loans through VCDC including rent assistance, Main Street Improvement grants and low interest loans. Please contact the Velva Development Corporation or McHenry County JDA for more assistance on these and additional programs.
Partners in Velva’s development include the Minot Area Development Corporation http://www.minotusa.com/ , McHenry County JDA www.mchenrycountynd.com , North Dakota Department of Commerce http://www.commerce.nd.gov/ , Bank of North Dakota http://www.banknd.nd.gov/ and local lenders.
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