The North Dakota Department of Commerce announced today that two companies were approved a total of $847,000 in loan and venture funds through the North Dakota Development Fund (NDDF) during the second quarter of 2021.
“We continue to see amazing opportunities for economic development across the state” Commerce Director of Economic Development and Finance Josh Teigen said. “The technology industries, especially agriculture technology, are making a significant impact on our state’s position of being a leader in innovative solutions.”
Second quarter of 2021 recipients:
- Kiddie Klubhouse, a childcare provider in Park River, received a $97,000 loan to purchase a location for a childcare center to allow the provider to accommodate more children.
- FarmQA Inc. in Fargo was approved $750,000 in venture debt for working capital to help the company scale operations and continue product development.
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.