Bismarck, N.D. -- The North Dakota Development Fund, a funding program within the North Dakota Department of Commerce, awarded funding for seven projects totaling $1,675,000 at its board meeting in September.
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 a daycare loan program created by the North Dakota Legislation in 2009.
The following requests were funded:
OmniByte?Technology?Inc. (Fargo) was approved?for?a $525,000 loan to provide funding for working capital.? OmniByte?provides mobile, web?and automation solutions and services to field service organizations.?
Mobile Recon Systems?LLC (Grand Forks) was approved?for?a $400,000 investment to provide funding for working capital and equipment purchases for the company based upon its planned expansion. The company designs, tests?and manufactures UAVs.?
Glasser Images?LLC (Bismarck) was approved?for?a $150,000 investment to provide funding for working capital. The company edits and processes photos and videos for private and commercial markets.?
Ringside?LLC (Beach) was approved?for?a $150,000 investment to provide funding for mobile application development and working capital. Ringside provides a real-time application that tracks livestock shows across the United States.?
Renuvix?LLC (Fargo) was approved?for?a $100,000 loan to provide funding for working capital. The company manufactures and distributes sucrose polyester for?use as a component in applications such as coatings, composites?and adhesives.?
Karen?Kost?(Casselton) was approved?for?a $100,000 loan to purchase a building in Casselton to expand?her daycare service company?in?the Casselton area.?
Triple 8?LLC,?DBA Wellspring Hydro (Williston) was approved?for?a $250,000 investment to provide funding for working capital. The company is developing a state-of-the-art chlor-alkali facility in western North Dakota, using Williston Basin oilfield brine as the feedstock to manufacture hydrochloric acid and sodium hydroxide.?
The North Dakota Department of Commerce works to improve the quality of life for North Dakota citizens by leading efforts to attract, retain and expand wealth. Commerce serves businesses and communities statewide through committed people and partners who offer valuable programs and dynamic services.
For more North Dakota news and information go to www.NDCommerce.com.