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Development Fund Awards Funding Totaling $440,000
Post Date: Mar 26 2019

Bismarck, N.D. -- The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for four projects totaling $440,000 at its board meeting in February.
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 created by the North Dakota Legislation in 2009.
The following requests were funded:
Skid-Lift, Inc. (Fargo) was awarded a $40,000 loan to assist with working capital needs. The company manufactures a scissor lift compatible with a skid-steer to utilize the functionality of the skid-steer to move and power the lift.
RJ Energy Solutions, LLC (Fargo) was awarded a $150,000 loan to assist in funding equipment purchases and working capital to help cover the costs of the company’s expansion. The company provides predictive on-line monitoring for restaurants and other related businesses.
TSR Parts, Inc. (Colgate) was awarded a renewal of a $150,000 revolving line of credit to assist in funding inventory and receivables. The company manufactures replacement straw choppers for all models of combines.
Auto Pilot Medical Technologies, Inc. - WalkWise (Fargo) was awarded a $100,000 convertible promissory note as an investment to help fund product development, sales efforts and capital costs for the production of WalkWise units. The company manufactures a health tracking system for those using a walker to assist with everyday motion.
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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