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Development Fund grants requests totaling $850,000

The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for three projects totaling $850,000 at its monthly board meeting held in May.

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:

Gates Manufacturing Inc., Lansford, was awarded a $500,000 loan to fund sales growth, accounts receivable financing and working capital needs. The company manufactures a full line of harrow tillage equipment.

Buffalo City Wood Products Inc., Jamestown, was awarded a $250,000 loan to finance working capital needs. The company manufactures park homes.

Just Kidding Childcare Center, Valley City, was awarded a $100,000 loan payable to contractors who remodeled the childcare center due to cost overruns and to complete additional work needed to benefit the center. The company provides childcare services in the surrounding area.

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.

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