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Development Fund Awards Funding Requests Totaling $1,122,875 Million
Post Date: May 09 2017

By ND Commerce
The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for five projects totaling $1,122,875 at its monthly board meeting held in April.
 
The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible gap financing 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:
 
Advanced Business Solutions, (Fargo) was awarded a $200,000 loan to finance working capital needs for an expansion project. The company provides web based subscription service for advisors to use and implement to address the issues of profitability and cash flow.
 
BioMagnetic Sciences, (Wahpeton) was awarded a $350,000 loan to finance working capital needs for an expansion project. BioMagnetic Sciences is a medical device company with products to treat osteoarthritis.
 
PHR Plus, (Fargo) was awarded a $250,000 loan to finance working capital needs for an expansion project.  PHR Plus is a digital health company that assists individuals to manage their health and medical information, and partners with organizations to power their population health programs.
 
Bright Futures Learning, (Fargo) was awarded $100,000 loan to be used to support planned growth. Bright Futures Learning is a new daycare center.
 
Skid-Lift, (Fargo) was awarded a $222,875 loan as a part of a total funding package with Bank Forward and Bank of North Dakota; to fund the purchase of equipment, office remodel, and repayment of royalties. The company produces a scissor lift used with a skid-steer.
 
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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