An official website of the State of North Dakota
(Published in October 2026) – When a business closes, it’s hard to bring it back. When a school shuts down due to lack of funding, it’s gone for good. These realities drive small communities to fight hard for their businesses, schools and amenities. New Rockford, North Dakota, takes a proactive approach and has found success in keeping businesses alive and helping new ones grow. Thanks to strategic partnerships and programs, like Bank of North Dakota’s (BND’s) Flex PACE, the town has supported more than 20 active businesses that remain open today.
Years ago, the New Rockford Area Betterment Corporation (NRABC) recognized the need to help local businesses. Initially, it tried to finance economic development on its own by offering small business loans. But without lending experience or underwriting expertise, the model wasn’t sustainable. Today, NRABC partners with Bank Forward and BND to provide low-interest loans through BND’s Flex PACE program. This collaboration has become the backbone of local economic development.
When considering why this matters, Josh Guler, who is the market president at Bank Forward in New Rockford and a lifelong resident, explains, “Community means a lot to me. I’m a community banker, and that’s what we believe in. We live and work in this small town. We work in it. We send our kids to school in it, and we’re attempting to grow and strengthen our community right along with everybody here in town.”
For Stuart Richter, mayor of New Rockford and president of NRABC, the mission is clear. It is to keep families in town and businesses open. He says, “While everyone talks about new businesses trying to get started, we’ve always tried to focus on the businesses we have, as well as new businesses—but not yielding one over the other.”
As a lifelong resident, Mayor Richter understands the importance of keeping business local. It’s not only for convenience but to maintain tax revenue. His passion extends to the local school system. Richter shares, “My ultimate goal is the school. I’m very passionate about that because I have grandkids coming up, Josh has kids, Amanda has kids—everybody. We know everyone who has kids and grandkids. You can’t stay stagnant. We need to keep thriving. We need progress to keep the community moving forward.”
That’s exactly what NRABC helps with. Guided by a strategic plan based on a community survey, NRABC acts as a facilitator. They meet with business owners, prospective entrepreneurs, and financial partners. When a business owner considers closing or retiring, NRABC works to find a new owner. When needed, they have even formed groups to purchase and operate businesses.
One success story is the local cash-and-carry lumber yard. When the owner planned to retire, NRABC worked with them for over a year to find a buyer. To avoid losing the business, and its tax revenue, NRABC helped develop an idea to form a group of investors to keep it open. That group partnered with Bank Forward and used BND’s Flex PACE program for an interest buydown. The effort kept the doors open, preserved jobs for eight employees, and even led to the creation of a plumbing business after a need was identified. Access to the right funding saved one business and opened the door for another.
Guler adds, “The Flex PACE program through Bank of North Dakota is one of the most effective economic development tools you could have in a small community. From my experience working with Bruce Schumacher from Bank of North Dakota, we’ve helped at least 20 businesses currently in New Rockford, so it’s been very effective.”
BND Business Banker Bruce Schumacher agrees, “Working with Bank Forward on financing packages and NRABC on interest buydowns has formed a great partnership. It’s rewarding to know that BND’s Flex PACE program has had such a tremendous impact in the community and for business owners in New Rockford. It’s creating jobs and tax revenue and helping businesses thrive. NRABC gets that and works hard to help businesses succeed.” He adds, “In a small town each business is dependent on another local business to keep the community striving in a time when even larger communities are experiencing a loss of storefront business.”
NRABC also helps recruit and retain businesses and supports new ideas. Amanda Hegland, NRABC’s executive director, often assists prospective business owners with vetting ideas and creating business plans. Sometimes, creative strategies combine original concepts with other community needs. For example, the local newspaper also sells promotional materials and clothing, and a boutique doubles as a coffee shop serving a full menu of drinks and treats.
Bank of North Dakota’s Flex PACE program is a cornerstone of the community’s economic development strategy. One example is lodging. Hunting and fishing opportunities attract tourists, and having local lodging keeps visitors in town and supports local businesses. New Rockford’s two hotels have both used Flex PACE funds to remodel rooms and attract more guests. This led to the addition of a lodging tax that will help fund community needs, including tourism-related activities. One hotel, The Rock Inn, even remodeled a vacant USDA building. This added more lodging options and avoided a vacant property on a main road.
Beyond business development, NRABC drives community engagement through events like summer street markets, youth activities, and family-friendly entertainment.
“For a rural community, we are very proactive and are thriving,” Hegland says. “My ‘why’ is creating a community that young families, as well as older residents, are going to want to live in, work in, and support for years to come.”
From keeping the local lumber yard open to creating new businesses and lodging options for hunters and tourists, these efforts ensure that New Rockford remains vibrant for generations to come.