Development Fund Gives Agro-Tech of Velva a Boost
Posted on June 27, 2001
BISMARCK, ND - Agro-Tech, Inc (AT), Velva, received a $38,000 investment from the Regional Rural Revolving Loan Fund (RRLF) in addition to bank financing, which will enable construction and permanent financing of a new facility.
AT provides contract research and development services for major agriculture chemical and seed industries. Companies come to AT to have pesticide, fertilizer and seed products tested before sale to producers. The company has become well established in these industries over the past five years. Run from a family farm, the company has been successful but needs expansion.
�All of Agro-Tech�s revenue comes from out-of-state clientele, bringing new dollars to North Dakota,� said Gov. John Hoeven. �It is competing and doing very well in a growing market.�
Due to increasing business, AT is building a facility just north of Velva on highway 41. It will include offices, a laboratory, a shop and a conference center. The building will allow the business to continue expansion and create a more professional environment for clientele.
Curtis Lee of the Velva area founded Agro-Tech in 1996. He coordinates and manages all contract research, and his wife, Susan, does the accounting and bookwork. AT will hire two full-time employees within two years.
�Among rural businesses, Agro-Tech is a model of excellence,� said Lee Peterson, director of the state�s Department of Economic Development and Finance (ED&F;). �The RRLF is designed especially for companies like it.�
The RRLF is a financing program within the North Dakota Development Fund (NDDF), a division of ED&F; that invests in qualifying rural businesses of North Dakota in order to ensure economic growth and support rural life.
�We are excited to get the new facility,� said Curtis Lee, president of Agro-Tech. �It will provide us with office space for business growth and a location to host meetings with clients.�
ED&F; provides guidance, quality products and services that create and sustain local economic growth and diversity for communities across North Dakota. For more information about ED&F; or the NDDF, visit www.growingnd.com.
Contact: Lee Peterson, ED&F; Director, 701-328-5300
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