Grant to provide loan to Precision Results Manufacturing in JamestownThe North Dakota Department of Commerce, in conjunction with the South Central Dakota Regional Council, has provided a $110,000 grant to the city of Jamestown.
The North Dakota Department of Commerce, in conjunction with the South Central Dakota Regional Council, has provided a $110,000 grant to the city of Jamestown.
The funds will be used to provide a loan for working capital to Precision Results Manufacturing, Inc., which manufactures metal parts for companies nationwide. The funds will allow the Jamestown company to add four full-time staff to its work force.
“The additional jobs will provide Precision Results Manufacturing the ability to expand and acquire new clients,” said Deb Kantrud, executive director of the SCDRC.
Funds for this project came from the Community Development Block Grant program managed by the North Dakota Department of Commerce. The program provides financial assistance to eligible cities and counties in North Dakota. The eight regional planning councils receive an allocation from the state to fund projects in their region.
“The CDBG program is a wonderful tool that allows us within the Regional Council to assist businesses to start-up and expand by providing them with funds for working capital, purchasing buildings and investing in new equipment,” Kantrud said.
Funds are awarded in the form of grants and loans in four categories: economic development projects, public facilities, planning and housing. Primary beneficiaries of the CDBG funds are low- and moderate-income individuals. To apply, applicants must contact the regional council in their area.