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Development Fund Awards Funding Requests Totaling $417,500
Post Date: Sep 26 2017

By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for six projects totaling $417,500 at its monthly board meeting held in September.
 
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. Primary sector businesses create new wealth and are typically manufacturers, food processors and export service companies.
 
The following requests were funded:
 
Elinor Specialty Coatings (Fargo) was awarded a $25,000 loan to provide funding for inventory. The company solves problems in niche high-tech coatings-related markets through commercialization of innovative anti-corrosion technology and in-house scientific research and development.
 
WalkSmart (Grand Forks) was awarded a $32,500 loan to fund product development, sales efforts and capital production costs. The company manufactures a functional health tracking system for those using a walker.
 
Plasticom (Pembina) was awarded a $100,000 loan to fund the company’s planned expansion. The company specializes in plastic molding for ag equipment, over the road vehicles, dash and accessory for ATV/Snowmobiles and also manufactures parts for the oil industry.
 
CuraNEXUS (Fargo) was awarded a $125,000 loan to fund the company’s planned expansion. The company is a digital health company that helps individuals manage their health and medical information, share it as necessary, improve care coordination, and help them engage in their health.
 
MCP Networks (Fargo) was awarded a $72,500 loan to help meet their staffing needs, lease an office space and to purchase inventory. MCP Networks is a smart home solution that not only improves your wi-fi connection, but also improves your entire home's internet performance.
 
ZulaFly (Fargo) was awarded a $62,500 loan to fund the company’s planned expansion. The company is a developer of a real-time locating system and a radio-frequency identification software.
 
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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