Lansford company shares in state development funds

Gates Manufacturing Inc. of Lansford has been approved for renewal of a $500,000 revolving line of credit through the North Dakota Development Fund. The company manufactures a full line of harrow tillage equipment.

The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for 11 projects, totaling $1.47 million, at its board meeting in July.

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. The fund also manages a daycare loan program that the North Dakota Legislature created in 2009.

Other industry projects funded included a potato-processing plant and companies that manufacture door studs, filament for the 3D printing industry, holistic medicines and park trailers, all in southeastern North Dakota.

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