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Development Fund awards funding totaling $1,325,000
Post Date: May 01 2019

Bismarck, N.D. -- The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for four projects totaling $1,325,000 at its board meeting in April.
 
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 created by the North Dakota Legislation in 2009.
 
The following requests were funded:
 
Star City Real Estate LLC (Velva) was awarded a $35,000 loan to assist in the purchase and renovation of an existing building to house a new daycare.
 
Star City After School Care LLC (Velva) was awarded a $40,000 loan to assist in the purchase of equipment and renovation of an existing building to house a new daycare. The company provides daycare services for the Velva area.
 
Prairie Gold Real Estate LLC (Killdeer) was awarded a $500,000 loan to help fund a 32,000-square-foot addition to the existing facility. The company manufactures electronic subassemblies and interconnecting wire bundles mainly for Boeing’s military program.
 
Summers Manufacturing Company Inc. (Devils Lake) was awarded a $750,000 loan to help fund working capital needs resulting from the launch of the VRT Renegade. The company manufactures and distributes agricultural equipment, including harrows, disks, rock pickers, sprayers and other equipment in the U.S. and Canada.
 
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.
 
For more North Dakota news and information, go to www.NDCommerce.com.
 
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