Flex Loans
So you really want to spruce up your store with fresh paint, new carpeting, or new fixtures and display counters. As a new business, you need time to get up and running and make some sales, but you don't have some basic necessities to get things rolling.
Don't give up - it is very possible your business qualifies for a FLEX loan through the City's Revolving Loan Fund Program.
What is a FLEX loan?
A flex loan is a 1% interest incentive for improvements to businesses in the City of Wahpeton holding a local sales tax permit. Qualified established businesses can apply for up to $10,000 at 1% interest for up to 8 years on improvement projects. Start-up businesses can apply for up to $5,000 at 1% interest for the term of their lease AND have their payments deferred the first three months!
The loan remains at 1% as long as payments are received by the due date. Late charges and a 7% rate are applied if a payment is missed.
Who qualifies?
Businesses pre-qualify for FLEX based on answering YES to all the questions*:
- Are you a business in the City of Wahpeton and/or incorporated in the State of ND?
- Do you or will you hold a local sales tax permit?
- Are you current on all city taxes and governmental obligations?
Eligible Activity
- Furniture and Fixtures
- Permanent structural additions
- Carpeting, painting, wallpapering
- Display racks, counters, desks, chairs
- Computer hardware & software used by the business to increase sales
- Any other necessity considered a physical improvement
Ineligible Activity
- Working capital, inventory, refinancing or purchasing real estate
- Advertising and marketing needs
*Note: A business holding a sales tax permit for less than 51% of the business generated [example: a hair salon that sells hair care products] would not automatically qualify for a FLEX loan