The North Dakota Department of Commerce announced today that three companies were approved for $3.2 million in loan and venture funds through the North Dakota Development Fund (NDDF) during the third quarter of 2022.
“Any primary sector business in North Dakota could be eligible for a flexible loan or equity funding of up to $3 million through the Development Fund,” Commerce Director of Economic Development and Finance Rich Garman said. “Since its inception, more than $130 million has been awarded to over 667 communities throughout North Dakota.”
Third quarter of 2022 recipients:
- Legacy Childcare LLC DBA Legacy Childcare 2.0 was awarded a $100,000 loan to purchase an existing child care business in North Fargo that will accommodate 161 children.
- CorVent Medical Inc., a Fargo-based company was awarded a $3 million loan for working capital to complete the company’s application to the U.S. Food and Drug Administration for 510(k) approval of a post-intensive care unit market ventilator.
- Chess 7205 2nd LLC, was awarded a $100,000 loan to purchase a building in Williston that will serve as a child care center and a care center for disabled children.
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.