The North Dakota Department of Commerce announced today that two companies were approved a total of $1.1 million in loan and venture funds through the North Dakota Development Fund (NDDF) during the third quarter of 2021.
“The North Dakota Development Fund continues to be an effective economic development tool for primary sector businesses in North Dakota,” Commerce Director of Economic Development and Finance Josh Teigen said. “The loan’s flexible financing options make it a viable resource that supports business startups and expansion projects that contribute to our economy and communities, while also providing a solid return of investment to our taxpayers.”
Third quarter of 2021 recipients:
- Lucit LLC, a software solutions company, received $600,000 in convertible debt for capital to assist with hiring employees.
- 701x Inc., an agricultural technology manufacturer in Fargo, received $500,000 in convertible debt for working capital to help the company complete their product development and commercialization.
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 the Child Care Loan Program created by the North Dakota Legislature in 2009.
More information about the NDDF can be found at belegendary.link/North-Dakota-Development-Fund.