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North Dakota Development Fund
Development Fund - January 2018

Main Street ND Summit - February 12-13, 2018

The Main Street ND Summit will bring together local and national community development experts and advocates to share best practices and engage community leaders, entrepreneurs and students in envisioning North Dakota’s future.

The two-day interactive summit will showcase community projects that build culture and grow vibrant communities; infrastructure projects with in-fill and historic revitalization; and workforce development and educational programs. 

To register and learn more about the event, visit www.MainStreetND.com


ND Development Fund Approves Projects

The North Dakota Development Fund (NDDF) recently awarded funding for  projects totaling $902,200. 
 
Here are some insights into the projects:
 
Myraid Mobile (Fargo) was awarded a $500,000 loan to provide funding for the purchase of INet Solutions Group Inc. The company develops mobile applications to help businesses become more effective and efficient.

Proof Distillery (Fargo) was awarded a $302,200 loan to fund capital expansion costs. The company is a craft distillery producing numerous spirits (vodka, gin, whiskey, bourbon and liquors) from local products (potatoes, barley and corn). 

Sunny Days Daycare (Jamestown) was awarded a $100,000 loan to fund a planned expansion. The company provides daycare services in the Jamestown area. 
 

Funding for Child Care Available

The North Dakota Development Fund is authorized to provide financial assistance to childcare providers through the Child Care Loan Program.

Eligible Organizations: Licensed profit, non-profit and public child care facilities. 

Eligible Uses: Maximum of $100,000 for the acquiring, leasing or remodeling of real estate facilities, purchasing equipment or working capital.
 

Tiny Tykes Finds Success with Development Fund 

It didn’t take long for new daycare owners Justin and Jamie Neppl to realize they were going to rapidly outgrow the Wahpeton child care center they purchased in 2005. In fact, they grew out of that first center in less than two years.The day they opened the doors at their new Tiny Tykes location – a building that could facilitate 50 children – they were already at capacity.
 
As demand for child care in Wahpeton continued to climb, the Neppls looked for ways to meet the need. In September of 2016, the couple decided to take a major leap and build a brand new child care center. The building would triple their real-estate space and double their capacity for children.
 
The North Dakota Development Fund was used in the construction process for the new state-of-the-art, 10,000 square-foot facility. “It was a significant project for a business our size and we had never taken on debt like that,” says Justin Neppl. “The Child Care Development Fund loan was a key component in the financing package to get our doors open here in Wahpeton, especially because child care centers are so capital-intensive to build.” State regulations mandate a minimum of 35 square feet of usable space per child, which does not include bathrooms, kitchens and gymnasiums. From a real-estate perspective, these requirements translate to needing about twice the amount of space to cover what is needed per child.
 
“We wouldn’t have been able to add new child care spots and offer a quality facility [of this size] in this corner of the state if it wasn’t for entities like the Department of Commerce and the Development Fund,” says Neppl. “Tiny Tykes opened its doors on May 15, 2017 and we have been steadily growing ever since, with our numbers eclipsing our projections … which is a good thing.”
 

 

Meet Board Member: Jim Albrecht


JimAlbrechtPhoto2015002.jpgJim Albrecht is the President and Business Development Manager of ComDel Innovation, a contract product development and manufacturing company located in Wahpeton, North Dakota. In his role with ComDel Innovation, Jim works with customers at various stages in the product commercialization process, helping them bring their products to market.   

Jim began his career with 3M/Imation in St Paul, MN as a member of a process technology development center.  After spending some time in the development center, he moved into 3M’s Data Storage manufacturing organization at the Wahpeton location. In 2007 when Imation announced their exit from manufacturing, ComDel Innovation was formed to carry on the development and manufacturing traditions of 3M and Imation.


Jim grew up on a farm in northeast North Dakota and was part of the last graduating class of Alsen Public School.  He completed studies at the University of North Dakota with undergraduate degrees in Chemical Engineering and Applied Mathematics.  He later received an MBA from St. Thomas College in St Paul. 


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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