Development Fund Awards Funding Requests Totalling $1,473,000
Posted on 2/28/2013
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for four projects totaling $1,473,000 at its monthly board meeting held in February.
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:
Horsch Anderson, LLC, Mapleton, received a $600,000 loan to help finance the building of a new manufacturing facility. The new facility will include a 100,000 square-foot building, which will contain offices and a large production area. Horsch Anderson manufactures agricultural equipment primarily used for seeding and cultivating applications.
Next Healthcare, Inc., Grand Forks, received a $50,000 loan to be used to fund the company's working capital needs during its growth. Next Healthcare is a medical healthcare services business focused on personalized and regenerative medicine.
Packet Digital, LLC, Fargo, received a renewal for a $750,000 line of credit to finance the company's working capital needs. Packet Digital is a technology company providing dynamic power management for memory modules, servers and notebooks.
Taft & Main Properties, LLC, Hillsboro, received a $73,000 loan through the Development Fund's Childcare Loan Program. Taft & Main Properties, LLC is purchasing an existing building in Hillsboro to renovate and lease for a daycare facility.