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Development Fund Awards Funding Requests Totaling $2,460,500
Post Date: Aug 03 2017

By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for five projects totaling $2,460,500 at its monthly board meeting held in July.
 
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing 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:
 
Autonomous Tractor Corporation (Wahpeton) was awarded a $250,500 loan to fund equipment purchases and working capital needs resulting from the company’s planned expansion. The company designs and manufactures an electric drive technology that is used in the agricultural industry.
 
North Dakota Soybean Processors, LLC. (Spiritwood) was awarded a $1,500,000 loan for construction and related cost of their new soybean crushing facility. The company will be constructing a 42.5 million bushel per year soy bean crushing plant.
 
Packet Digital, LLC (Fargo) was awarded a renewal of its existing $500,000 line of credit that is used for working capital needs resulting in the company’s growth and expansion. The company designs, develops, manufactures, and markets power management solutions and products that enable higher system performance, miniaturization and integration for consumer electronics and computing applications for both private and governmental agencies.
 
PRx Performance (Fargo) was awarded $115,000 loan to payout previous investors and purchase of inventory. The company is a manufacturing and distribution company supplying American made products to the fitness industry.
 
Giggle Garden Childcare (Fargo) was awarded $95,000 loan to complete site improvements to a new lease space for their daycare operations, purchase furniture and equipment and fund working capital needs.
 
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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