The North Dakota Department of Commerce announced today that four companies were approved for $1,345,000 in loan and venture funds through the North Dakota Development Fund (NDDF) during the second quarter of 2022.
“The Development Fund continues to serve as a vital resource for incentivizing the development and expansion of primary sector and main street businesses across North Dakota,” Commerce Director of Economic Development and Finance Josh Teigen said. “These investments encourage a robust economy that creates jobs and enhances the state’s vibrancy and capacity to attract new residents and businesses.”
Second quarter of 2022 recipients:
- Project Phoenix Technologies Inc., a software development company in Fargo, was awarded a $150,000 loan to further the company’s development of its product, the PxDB Cloud.
- Crew Properties LLC., a Williston company was awarded a $100,000 loan to assist in the purchase of a building for a child care provider.
- Checkable Medical Inc., a Fargo-based company was awarded a $1 million loan as part of a $4 million financing round to fund clinical trials for the company’s at-home strep test.
- Christ United Child Care LLC, a Fargo company was awarded a $95,000 loan to support the purchase of an existing child care business in Fargo.
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 the Child Care Loan Program created by the North Dakota Legislature in 2009.
More information about the NDDF can be found at belegendary.link/North-Dakota-Development-Fund.
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.
C O N T A C T:
Kayla Jo Finley | 701-516-3560
Kim Schmidt | 701-328-2532