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Development Fund Awards Funding Requests Totaling $495,000
Post Date: Nov 29 2018

Bismarck, N.D. -- The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for four projects totaling $495,000 at its board meeting held in November.
 
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. The fund also manages a daycare loan program that the North Dakota Legislation created in 2009.
 
The following requests were funded:
 
Tri-State Aviation, Inc. (Wahpeton) was awarded a $250,000 loan to purchase an existing aviation Florida based business, Dexter Aviation. The company provides full array of aircraft maintenance, repair and restoration services as well as a diverse offering of machine shop services to industries such as agriculture, aerospace, architecture and engineering.
 
Fettig Daycare, LLC (Napoleon) was awarded a $45,000 loan to purchase a home in Napoleon to expand the daycare, make building improvements, and purchase equipment.
 
Lost Creek Properties, LLC DBA the Learning Tree (Minot) was awarded a $100,000 loan to assist in the purchase of commercial property for a childcare facility. The company provides daycare services for the Minot area.
 
ZulaFly, LLC (Fargo) was awarded a $100,000 convertible promissory note as an investment to help fund working capital needs for a planned expansion. The company is a developer of a real-time locating systems and radio-frequency identification software solutions.
 
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.
 
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