The North Dakota Department of Commerce announced today that five businesses were approved for $6,700,000 in loan and venture funds through the North Dakota Development Fund, Inc. (NDDF) during the fourth quarter of 2023.
"I am excited to witness the growth and impact these funds will have on the recipients’ endeavors," NDDF CEO Jessica Tooke said. "This quarter's recipients reflect the diversity of North Dakota's economic landscape, spanning from childcare and robotics to hospitality and facility design.
2023 fourth quarter recipients:
- Explorer's Academy Jamestown, LLC. received $100,000 for building improvements and working capital. Their goal is to provide a stable and safe environment that allows children to be calm and comfortable while learning the fundamentals.
- Explorer's Academy Hillsboro, LLC received $100,000 for building improvements and working capital. They currently operate eight childcare locations in North Dakota with Hillsboro becoming their 9th North Dakota location.
- Airtonomy, Inc., DBA Thread received a $500,000 revolving line of credit for building improvements and to fund accounts receivable. Thread changes the game by completely automating flight together with data collection, transport, and analysis of any drone or robotic vehicle, with the push of a button.
- The Wave by Epic, which received “Tourism Primary-sector" certification, received $3,000,000 for a construction project and working capital.EPIC Companies is fundraising for a full-service 135 room hotel and indoor waterpark in Fargo under the company The Wave by EPIC, LLC.
- Scranton Holding Company received a $3,000,000 investment in facility design and permitting. North American Iron, Inc. (NAI) is a wholly owned subsidiary of Scranton Holding Company (SHC), a Delaware corporation that was incorporated on Jan. 6, 2020.
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.