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Development Fund Awards Funding Requests Totaling $1,510,000
Post Date: Apr 27 2016

By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for four projects totaling $1,510,000 at its monthly board meeting held in April. 

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: 
  • Gates Manufacturing, Inc., (Lansford) received a renewal of its $500,000 line of credit to finance the company’s working capital needs. Gates Manufacturing, Inc. manufactures light and heavy harrows and other tillage equipment for the agricultural industry. 
  • Buzz360, LLC, (Fargo) was awarded an $160,000 multiple advance loan to finance the company’s working capital needs. Buzz360, LLC is an online marketing automation platform company. The company offers social and automated marketing tools, plus the best of customer relationship management, to give large firms that serve or market through small businesses a powerful solution for their customer community. 
  • Earth-Kind, Inc. (Bismarck) received a renewal of its $600,000 line of credit to finance the company’s working capital needs. Earth-Kind is a developer, designer, and bio-manufacturing pioneer in natural alternatives to protect households everywhere from pests and odors and sells to national retailers such as Lowe’s, Target, Ace Hardware and Tractor Supply. 
  • Buffalo City Wood Products, Inc, (Jamestown) received a renewal of its $250,000 line of credit to finance the company’s working capital needs. Their primary product is the “Dakota Cabin” which is available in about 20 different models. The company has also produced a dormitory unit for oil workers in Western North Dakota. 
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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