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The North Dakota Department of Commerce leads the state's efforts to attract, retain and expand economic wealth. Charged with coordinating and focusing the state's economic development resources, the business development team works closely with national and local partners to accomplish that task. Primary sector businesses can secure up to $300,000 in financial assistance through the North Dakota Development Fund, an innovative economic development program created by the North Dakota Legislature in 1991. The Development Fund is administered through the North Dakota Department of Commerce. The Development Fund provides 'gap' financing not available from other, more traditional sources. Funds are available through direct loans, participation loans, subordinated debt and equity investments. These options provide long-term and short-term capital to new, expanding or relocating primary sector businesses. Development Fund dollars can be used for real estate, equipment and working capital. Since the Development Fund's inception, it has invested nearly $90 million in 491 companies. North Dakota provides a collaborative effort between federal, state and private sector resources. Through a coordinated plan, partnering entities deliver convenient access to over 15 financial assistance programs. The NDDF makes investments of up to $3,000,000 through innovative financing mechanisms including direct loans, participation loans, and subordinated debt and equity investments. Any request of $150,000 or more must be reviewed and approved by the NDDF Board of Directors.
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