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 $745,550 at its monthly board meeting held in January.
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:
TSR Parts (Colgate) was awarded a $175,550 loan to provide funding to upgrade to their steel cutting machine and assist with working capital. The company manufactures replacement straw choppers for all models of combines.
DogIds (Fargo) was awarded a $50,000 loan to fund working capital. The company is an E-Commerce business selling dog products nationally.
Dakota Valley Growers (Bathgate) was awarded a $250,000 loan to fund working capital. The company operates a 3,000-head dairy heifer replacement operation for larger, out-of-state dairies.
Harvest Profit (Fargo) was awarded a $170,000 loan to fund working capital. The company has developed a farm business management system to help farmers manage their operations for efficiently and increased profits.
Scribbles & Giggles Daycare (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 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.