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Development Fund Awards Funding Requests Totaling $1,620,000
Post Date: Nov 29 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 $1,625,000 at its monthly board meeting held in October. 

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 a $725,000 loan to expand operations at their Walhalla facility. 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. 
  • FarmQA, Inc., (Fargo) was awarded a $750,000 loan to help fund working capital for an upcoming expansion. FarmQA develops various efficiency software programs for large-scale growers in the agricultural industry and also distributes the associated hardware.  
  • Mama Mia, Inc., (Fargo) was awarded $150,000 loan to be used to provide working capital. The company is a designer outlet store in a boutique environment with the purpose of finding, repurposing, and selling inventory through the MODE franchise stores. 
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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