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Development Fund Awards Funding Requests Totaling $1,367,500
Post Date: Jun 15 2016

By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for three projects totaling $1,367,500 at its monthly board meeting held in May.
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing through debt and equity investments for new or expanding North Dakota primary sector businesses. Primary sector businesses create new wealth and are typically manufacturers, food processors and exported service companies. 

The following requests were funded: 
  • Harvest Fuel, Inc., (Walhalla) was awarded $467,500 loan to finance a building project. Harvest Fuel sells a variety of feed supplement products for horses, beef and dairy cattle, sheep, goats, and other livestock. The products are designed to improve the digestive health and promote growth, while providing increased feed efficiency of up to 25 percent. 
  • GoodBulb, LLC., (Fargo) was awarded a $300,000 loan purchase light bulb inventory, fund working capital, and purchase an inventory management software program. The company is an e-commerce business that warehouses, repackages and sells various lightbulbs. The company is also developing its own brand of light bulb to be sold via the internet. 
  • BotLink, LLC., (Fargo) was awarded $600,000 loan to be used to support the company’s planned growth. The company developed the software and hardware for a fully integrated operations platform that combines real-time date delivery, control, and safety for UAV manufacturers and operators. 
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services. 

For more North Dakota news and information go to www.NDCommerce.com.
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