Development Fund Awards Funding Requests Totaling $1,469,000

Bismarck, N.D. -- The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for 11 projects totaling $1,469,000 at its board meeting held in July.

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:

  • Lil’ Bloomers Childcare & Preschool, Inc. @Osgood (Fargo) was awarded a $50,000 loan to improve their existing facility. The company provides daycare services for the Fargo area.
  • KidVentures Child Care & Preschool, Inc. (Horace) was awarded a $10,000 loan to improve their existing facility. The company provides daycare services for the Horace area.
  • Rise & Shine Daycare (Bowman) was awarded a $93,750 loan to expand their existing facility. The company provides daycare services for the Bowman area.
  • From Friends to Family Childcare LLC (West Fargo) was awarded a $10,000 loan to assist with working capital needs. The company provides daycare services for the West Fargo area.
  • OmniByte Technology, Inc (Fargo) was awarded a $125,000 revolving line of credit to assist with working capital needs. The company provides mobile, web and automation solutions and services for field service organizations focused on reducing costs, increasing revenue, efficiency, customer service and employee satisfaction.
  • Home Innovation Holdings LLC (Fargo) was awarded a $100,000 revolving line of credit to assist with inventory needs and a $20,000 loan to assist with other working capital needs. The company produces a product for the construction industry called the “Door Stud.”
  • 3DomFuel, LLC (Fargo) was awarded a $120,000 revolving line of credit to assist with working capital needs. The company manufactures filament for the 3D printing industry.
  • Ayurvedic Resources (Hillsboro) was awarded a $13,000 loan to purchase inventory and provide working capital. The company manufactures holistic medicine for sale either on a contract basis or direct to customers.
  • Buffalo City Wood Products Inc. (Jamestown) was approved for the renewal of their $250,000 revolving line of credit. The company manufactures various sizes of its park trailer called the “Dakota Cabin”. 
  • Gates Manufacturing Inc. (Lansford) was approved for the renewal of their $500,000 revolving line of credit. The company manufactures a full line of harrow tillage equipment.
  • Heimbuch Potatoes (Cogswell) was awarded a $177,250 loan for the purchase of new equipment. The company is a potato processing plant.

 

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.