MINOT, ND
Incentives
STATE OF NORTH DAKOTA
- The North Dakota Community Development Block Grant (CDBG)
- North Dakota Development Fund (NDDF)
- New Action Grants
Minot Area Growth through Investment and Cooperation (MAGIC Fund)
Community Development Loan Fund
Workforce Training Incentives
North Dakota Tax Incentives and Exemptions
Please see the North Dakota Tax Incentive for Businesses Guide here.
- 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 more than 200 projects with more than $33 million in funding.
- Minot Area Development Cooperation Website
Community Development Loan Fund
- 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.
- 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.
Workforce Training Incentives
- North Dakota New Jobs Training Program
- Primary-sector businesses and industries can secure funding to help offset the cost of training new employees for expansion and/or startup.
- Funding for this program can come from a loan, grant, or other self-financing options.
- Funds under the New Jobs Training Program are then made available through the capture of state income tax withholding generated from the new, permanent, full-time positions that are created.
- To access this funding, a new employer in North Dakota must create a minimum of five new jobs.
- To access this funding, a current expanding business in North Dakota must add at least one more job to their base employment.
North Dakota Tax Incentives and Exemptions
Please see the North Dakota Tax Incentive for Businesses Guide here.