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Development Fund Awards Funding Requests Totaling $467,500
Post Date: Mar 22 2018

By ND Commerce Department
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for five projects totaling $467,500 at its monthly board meeting held in March.
 
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible funding 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 export service companies.
 
The following requests were funded:
 
  • The Learning Circle – Infant Center (Fargo) was awarded a $50,000 loan to purchase the assets from an existing daycare company. The company provides daycare services for the Fargo area. 
  • The Learning Circle – West (Fargo) was awarded a $100,000 loan to purchase the assets from an existing daycare company. The company provides daycare services for the Fargo area. 
  • The Learning Circle – Sports Bubble (Fargo) was awarded a $100,000 loan to purchase the assets from an existing daycare company. The company provides daycare services for the Fargo area. 
  • Project Phoenix (Fargo) was awarded a $82,500 loan to provide working capital for their AegisFlow Pilot Platform. Project Phoenix is a software development company that focuses on the unmanned aircraft systems market. 
  • Elinor Specialty Coatings (Fargo) was awarded a $135,000 loan to provide funding for expansion of their manufacturing operations. The company solves problems in niche high-tech coatings-related markets through commercialization of innovative anti-corrosion technology and in-house scientific research and development.
 
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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