By ND Commerce Department
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for three projects totaling $901,100 at its monthly board meeting held in November.
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:
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.
- Myriad 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 & 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.
For more North Dakota news and information go to www.NDCommerce.com.