The North Dakota Department of Commerce announced today that five businesses were approved for $3,509,999.76 in loan and venture funds through the North Dakota Development Fund, Inc. (NDDF) during the third quarter of 2023.
"North Dakota's business-friendly environment and commitment to developing childcare facilities are key drivers of the state's thriving economy," NDDF Venture Financing Manager Hannah Lange said. "This supports startups and expansions while strengthening the state's economy and community well-being simultaneously."
2023 third quarter recipients:
- Kids Connection L.L.C. in Fargo received $100,000 for equipment and working capital in a newly built childcare facility.
- River of Life Church received $10,000 for working capital to hire additional employees.
- Vineyard 2nd Generation, Inc received $100,000 for equipment and working capital.
- Kleven Properties LLC received $300,000 to purchase a building and renovations.
- Colossal Biosciences Inc. received a $2,999,999.76 investment in Colossal Biosciences to support their expansion in North Dakota.
The NDDF 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.