The North Dakota Department of Commerce announced today that four businesses were approved for $865,500 in loan and venture funds through the North Dakota Development Fund, Inc. (NDDF) during the second quarter of 2023.
“North Dakota’s conducive business environment, coupled with its commitment to child care facility development and investment, is playing a pivotal role in the state’s thriving economy,” Commerce Director of Economic Development & Finance Rich Garman said. “This both promotes start-ups and expansions while simultaneously bolstering the state's economy and fostering community well-being.”
Second quarter of 2023 recipients:
- Sheyenne Learning Academy Inc. in West Fargo received $50,000 for working capital to acquire an existing child care facility
- Chapul Farms ND One LLC received $592,500 to support the cost of development activities supporting construction of an insect agriculture facility in the Spiritwood Energy Park Association’s industrial park.
- Explorer's Academy Horace LLC in Horace received $100,000 for working capital to develop a newly built child care facility.
- The Gingerbread House Learning Center LLC in West Fargo received two loans of $61,500 each to help purchase two existing child care locations.
The NDDF 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.