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North Dakota Development Fund Celebrates Investment Milestone
Post Date: Sep 22 2015

By ND Commerce
The North Dakota Development Fund, an investment program within the North Dakota Department of Commerce, recently awarded its $100,000,000th investment.

 “Since the inception of the Development Fund, it has invested $104 million in 573 companies with over $36 million invested in rural communities,” Development Fund CEO Dean Reese said. “These investments have contributed to the projected creation of 10,683 primary sector jobs and helped seven start-up businesses begin operations in North Dakota in 2014 to 2015, three of which were in rural communities.”

 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.

 “Over the past 24 years, the Development Fund has proven to be a valuable resource for business development, significantly contributing to job creation,” Commerce Commissioner Al Anderson said. “As we continue to grow and diversify our economy, it is important that we provide the financing resources needed to help support business start-up or expansion projects in our state.”

 The North Dakota Development Fund coordinates efforts between all the sources of financing, the business and the community. Any project considered for financing must be feasible and have a reasonable chance of succeeding. The fund is a secondary source of financing, which can be subordinate to private sources. If a business can't handle added debt, the Development Fund can take an equity financing position.

 The Development Fund administers six investment programs, which includes the Regional Rural Revolving Loan Fund, which provides funding for primary-sector projects located in a community of less than 8,000 in population or located more than five miles outside the city limits. 

 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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