The North Dakota Department of Commerce announced today that the North Dakota Development Fund (NDDF) will temporarily refrain from approving or entering into new loans, investments, financial assistance commitments or other financing transactions. The NDDF Board of Directors approved the temporary pause during its regular board meeting earlier today.
The temporary pause applies to new applications received after the board approved the resolution. The pause does not apply to the Child Care Loan Program, which serves new and expanding licensed child care facilities across North Dakota.
The board approved the temporary pause as Commerce and NDDF leadership review the fund's operations following the release of a recent audit and evaluate how the state's development finance programs align with the goals of ReadyND, North Dakota's long-term economic development framework.
NDDF will continue administering its existing portfolio and fulfilling its legal and contractual obligations.
"This pause is a prudent step by the Development Fund Board of Directors," said NDDF CEO Brian Opp. "It will allow the board and staff to focus on administering the fund's existing portfolio and ensuring the continued effective management of current investments and obligations."
"The temporary pause allows Commerce and the board to evaluate the future role of the Development Fund in light of the recent audit findings and the state's broader economic development strategy," said Commerce Commissioner Chris Schilken. "As we continue implementing ReadyND, our focus is ensuring North Dakota's economic development tools are aligned with today's opportunities and tomorrow's needs."
The North Dakota Development Fund is administered by the North Dakota Department of Commerce. Created by the Legislature in 1991, the fund serves as the state's development finance agency and provides financing and investment opportunities intended to support business development, job creation and economic diversification throughout North Dakota.
For more information about the Development Fund, visit belegendary.link/North-Dakota-Development-Fund.