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North Dakota Development Fund
Development Fund - April 2018

ND Development Fund Approves Projects

The North Dakota Development Fund (NDDF) recently awarded funding for the following projects totaling $1,313,050: 
Giggles & Such Childcare Inc. (Fargo) was awarded $250,000 in loans to provide funding for the purchase of three existing Fargo area childcare centers. 

TSR Parts (Colgate) was awarded a $175,550 loan to provide funding to upgrade their steel cutting machine and assist with working capital. The company manufactures replacement straw choppers for all models of combines.
Dog Ids (Fargo) was awarded a $50,000 loan to fund working capital. The company is an E-Commerce business selling dog products nationally.
Dakota Valley Growers (Bathgate) was awarded a $250,000 loan to fund working capital. The company operates a 3,000-head dairy heifer replacement operation for larger, out-of-state dairies.
Harvest Profit (Fargo) was awarded a $170,000 loan to fund working capital. The company has developed a farm business management system to help farmers manage their operations for efficiency and increased profits.
Scribbles & Giggles Daycare (Fargo) was awarded a $100,000 loan to purchase the assets from an existing daycare company. The company provides daycare services for the Fargo area.

Project Phoenix (Fargo) was awarded a $82,500 loan to provide working capital for their AegisFlow Pilot Platform. Project Phoenix is a software development company that focuses on the unmanned aircraft systems market. 
Elinor Specialty Coatings (Fargo) was awarded a $135,000 loan to provide funding for expansion of their manufacturing operations. 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.

LK Brons LLC dba Little Keepers (Grand Forks) was awarded a $100,000 loan to provide funding for the purchase of an existing Grand Forks area childcare center.

Funding for Rural Primary Sectory Businesses Available

The North Dakota Revolving Rural Loan Fund provides flexible gap financing for new or expanding primary sector businesses in North Dakota; located in cities with a population of less than 8,000 or the business is located more than 5 miles outside the city limits. The fund is a flexible source of financing, in partnership with private sources. If a business can't handle added debt, the Development Fund can take an equity financing position.

Eligible primary sectory businesses can receive up to $1,000,000 (based on job requirement). The fund also offers a lower than market interest rate, subject to risk of project.

Development Fund was Key for Dan's Tank Company, Inc.

Dan Conlin founded and incorporated Dan’s Tank Company in 2012 in a 9,600 square-foot walkway shop in response to growing demands from the booming oil industry in western North Dakota. The company designs and manufacturers a range of oil-field equipment, including but not limited to barrel tanks, fiberglass tanks, containment systems, and vertical and horizontal treaters and parts. Today, the business has expanded to a 36,000 square-foot tank and walkway production facility and is regarded as an industry leader in the oil tank manufacturing business.
The new, state-of-the-art manufacturing plant is based in Berthold where the company produces 100 to 1,000 gallon oil-barrel storage tanks. Dan’s Tank Company now also manufacturers access systems such as stairways, walkways and walkovers to allow for regular monitoring and maintenance on tanks and tank batteries. As his business opportunities increased, Conlin needed to find capital in his efforts to meet the demands of the oil industry.
“We used the North Dakota Development Fund as a [means] to purchase and set up new equipment so we could expand and get started on building more tanks,” says Conlin. “Now, I need to expand [even] more.” Conlin acknowledges that the it was the Development Fund that enabled him to timely meet the demands for oilfield services out west, and says he is grateful that such a resource exists in North Dakota. He explains because demand is now increasing so rapidly, he needs to find more sources for capital: “The oilfield is back and we’re really starting to get busy – very busy – out there.”


Meet Board Member: Pat Murphy

Patrick K. Murphy is a native of Minot, North Dakota.  He is a 1979 graduate of Minot State College and began a very successful career in automotive sales in 1979, and has been in the business ever since. 
He has been the Chevrolet, Buick, Cadillac, and GMC Truck Dealer in Williston, ND since 1987.  He has won numerous sales contests, attended many training courses, and has been recognized nationally by winning the TIME Magazine Quality Dealer Award in 2011.   
He is a past President of the Williston Shrine Club, and plays the role of Lucky the Clown at each years Shrine Circus.  He is a 32nd degree Master Mason, a member of the Elks Lodge, Moose Club, and St. Josephs Church.  Pat is an avid boater, hunter, chess player, and gourmet cook.
Pat has one son, Grant, who is a lead scientist for Merck, and three grand-children.   

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 exported service companies.

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