The North Dakota Department of Commerce announced today that three companies were approved for approximately $3.34 million in loan and venture funds through the North Dakota Development Fund (NDDF) during the first quarter of 2022.
“The North Dakota Development Fund coordinates efforts between all the sources of financing, the business and the community,” Commerce Director of Economic Development and Finance Josh Teigen said. “Businesses that have a reasonable chance of succeeding and are in need to equity financing can apply for the development as a possible solution.”
First quarter of 2022 recipients:
Academy of Kids Child Care Center Inc. a child care center in Grand Forks, was awarded $89,000 to cover the costs of renovations for its center located in the Grand Forks Columbia Mall. The North Dakota Department of Human Services and the Grand Forks Region Economic Development Corporation also supported the project.
Airtonomy Inc. a drone software company in Grand Forks was approved for an investment of up to $1 million to hire additional staff within North Dakota. The software company is developing a solution to enable anyone to operate commercial drones at any time with push button simplicity.
Hoefer Group LLC a company that will be located in Dunseith was awarded $2.25 million for a revolving line for inventory financing. Hoefer Group designs and manufactures ultralight luxury recreational vehicles. The company will employ more than 100 people in the Dunseith area.
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.