Development Fund approves $3,156,757 in 2020
Post Date: Mar 18 2021
The North Dakota Department of Commerce announced today that 22 companies were approved for a total of $3,156,757 of funds through the North Dakota Development Fund (NDDF) in 2020.
“2020 was a unique year with many new challenges that came with the COVID-19 pandemic,” North Dakota Department of Commerce Director of Economic Development and Finance Josh Teigen said. “Despite the many obstacles that the year brought, our primary sector business community remained resilient and continued to develop new or expanding businesses in North Dakota.”
2020 NDDF loan recipients:
- InvigOils, a producer of safflower oil in Bismarck, received a $250,000 loan for the purchase of a bottling line, additional processing equipment enhancements and working capital.
- Heidi Smith’s Daycare in Garrison received $100,000 to remodel an in-home day care to increase capacity needs of the community.
- 3DomFuel Inc., a Fargo manufacturer of 3D printer filament, received a $145,000 loan for an additional production line.
- TracFrac Inc. in Bismarck received a $250,000 loan for working capital. The company has built an effective frac and simultaneous operations (SIMOPS) scheduling platform to better coordinate activities between operators and service companies.
- The Learning Circle Inc. in West Fargo received a $145,000 loan to fit up a space in a new child care facility.
- NRS Holding Company LLC in Kindred received a $40,000 loan to purchase equipment as working capital in an existing day care facility.
- GoodBulb LLC, a Fargo e-commerce company that sells light bulbs and donates a portion to the proceeds to good causes, received a $391,547 loan to hire additional staff and purchase working capital.
- Snack Shack LLC, a local Grand Forks food truck, received a $9,000 loan to match funds provided by the StartUp Grand Forks program.
- Vigilant Aerospace Systems Inc. in Fargo and Grand Forks received a $480,000 loan to expand engineering operations in North Dakota.
- Dalan LLC DBA Valley TechPros, a technology repair and support company in Grand Forks, received a $10,000 loan to match funds provided by the StartUp Grand Forks program.
- Main Saver North Central Inc. of Jamestown, a low-cost, class IV interactive structural trenchless method for renovating and maintaining pressure pipes, received a $300,000 loan for working capital to help the company enter the market.
- Beginnings Childcare Center and Preschool Inc. in West Fargo received a $50,000 loan to assist with working capital needs.
- French Taste LLC., a Grand Forks food cart, received a $8,375 loan to match funds provided by the StartUp Grand Forks program.
- Kidventures Childcare and Preschool in Horace received a $8,633 loan to recapitalize the previous loan to provide additional working capital.
- Club Kids Drop-in Childcare Inc. in Fargo received a $8,633 loan to recapitalize the previous loan to provide additional working capital.
- Lil’Bloomers Childcare and Preschool DBA Lil’Bloomers at Timber Creek in Fargo received a $17,392 loan to recapitalize the previous loan to provide additional working capital.
- Lil’Bloomers Childcare and Preschool Inc. DBA Inspiring Minds Child Care and Preschool in Fargo received a $17,392 loan to recapitalize the previous loan to provide additional working capital.
- Harvest Fuel Inc., a company that produces cattle products from farm by-products in Walhalla, received a $170,785 loan for construction improvements to meet increased demand.
- The Summit in West Fargo received a $50,000 loan to start a child care facility within the church.
- Triple 8 LLC DBA Wellspring Hyrdro in Williston received a $750,000 loan engineering, research and plant design.
- Vistcito Investments Inc. DBA Emmy’s Place LLC in Grand Forks received a $100,000 loan for the purchase and fit up costs of a new child care facility.
- S&S Water Products LLC, a Fargo company that produces a product known as AquaCare Cleaning mitts, received a $25,000 loan for a revolving line of credit to fund the purchases of inventory and marketing expenses.
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 Day Care Loan Program created by the North Dakota Legislation in 2009.
More information about the NDDF can be found at belegendary.link/North-Dakota-Development-Fund.