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Development Fund awards funding totaling $685,000
Post Date: Aug 20 2019

The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for three projects totaling $685,000 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 created by the North Dakota Legislation in 2009.
 
The following requests were funded:
 
BNG Holdings, LLC (Fargo) was approved $110,000 in funding for working capital needs. The company specializes in point-of-sale systems and merchant service transactions.
 
Heidi Smith dba Heidi Smith’s Daycare (Garrison) was approved $75,000 in funding to expand her existing daycare. The NDDF partnered with Rural Development in a total funding package of $150,000 for the project. The business provides daycare services in the Garrison area.
 
Paragon Pro Manufacturing Solutions, Inc. (Grand Forks) was approved $500,000 in funding for the purchase of equipment and working capital. The company designs and manufactures ergonomic equipment used in the construction industry.  
 
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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