Flex Loans

Improvement Assistance

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