|
|
The North Dakota Development Fund was created through legislation 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. The Development Fund makes investments of up to $1,000,000. The fund invested $2,854,500 in 14 primary sector and child care businesses from July 1, 2012 to June 30, 2013. Since the inception of the Development Fund, it has invested $99 million in 533 companies with over $31 million invested in rural communities. The fund specializes in incubation, PIPES, seed, early, mid, and late venture investments. The New Venture Capital Program will invest up to $300,000 with appropriate capital structures favoring the following investment instruments: Subordinated debt with warrants to acquire common stock; Preferred stock with warrants to acquire common stock; Common stock.
|
