Williston Works Podcast explains Flex PACE Interest Buydown Program
Williston Economic Development has released the first six episodes of Season 2 of its Williston Works podcast. Five of the six podcasts feature local entrepreneurs while one showcases an internship program.
The host of the program is Williston Economic Development Executive Shawn Wenko. Some of the episodes highlight programs offered though the City of Williston STAR Fund.
“The Flex PACE Interest Buydown program is the biggest program our office utilizes, and we have a lot of support from our leadership here,” said Wenko. “Our local lenders like the program because it helps mitigate some of the risk that you see out there with business development.”
The Flex PACE program is offered through the Williston STAR Fund and Bank of North Dakota. The STAR Fund will invest up to $108,000 per commercial or industrial project or $162,000 per daycare project. The funds are utilized to buy down the interest on the borrower’s loan.
One of the Williston Works projects that utilized the Flex PACE program was Overland Aviation. Tanner Overland, owner, recently became the Fixed Base Operator (FBO) at the new Williston Basin International Airport. Overland said he is basically a one stop shop for air travel.
“Essentially, it’s really everything aviation,” said Overland. “It’s separate from the commercial terminal (United and Delta). We provide everything from ground service, hangar, flight instruction, charter, aircraft maintenance (and more) to the airport for general aviation and corporate aircraft. It’s your one stop shop for everything aviation.”
Other projects featured in the first six Williston Works episodes were Grace & Glam, Fresh Fit Kitchen and The Body Shoppe, Messer Dental, PC, Bride to Be and More and the Williston-Gonzaga University Summer Internship program.
Overland, who graduated from the University of North Dakota with a bachelor’s degree in commercial aviation, started working for the FBO in 2010. He worked through many of the positions on the general aviation side and eventually founded his own business, Overland Aviation. He advised current and future entrepreneurs to utilize resources provided in your community.
“A big help for us was truly knowing your customers, your clientele and your community,” said Overland. “The Small Business Development Center with Keith Olson and you (Wenko) were a huge help in putting some numbers together (as well as) utilizing the Flex PACE interest buydown program with the Bank of North Dakota and using the resources the community offers to improve the quality of life here.”
To learn more about the Williston STAR Fund programs and watch the Williston Works podcasts visit the WED website at www.willistondevelopment.com.