The North Dakota Development Fund, a loan program within the North Dakota Department of Commerce, awarded funding for five projects totaling $2.75 million at its monthly board meeting in February.
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. Primary sector businesses create new wealth and are typically manufacturers, food processors and export service companies.
Area requests funded were:
› Plains Mobile Inc., Linton, was awarded a $400,000 loan to finance working capital needs, equipment purchases and improvements needed to be made by the company based upon its planned expansion. The company develops an integrated cloudbased software aimed at simplifying business systems that interact with people, equipment and mobile devices.
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› The Valley City-Barnes County Development Corp., in Valley City was awarded a $500,000 loan to assist with workforce training for Eagle Creek Software Services.
