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Hoeven Announces $1.2 Mil Investment From Dev Fund
Posted on March 8, 2002

BISMARCK, N.D. - Gov. John Hoeven today announced that the North Dakota Development Fund Board of Directors has approved $1,263,200 for five different projects. The financing supports the growth or sustainability of projects in Grand Forks, Mandan, Dickinson, New Rockford and Parshall, ND.

As an arm of the Department of Commerce, the North Dakota Development Fund provides gap financing to assist primary-sector businesses throughout North Dakota, according to Hoeven.

�Since its inception, the Fund has approved more than $40 million, which has contributed to the creation of more than 6,500 jobs for North Dakotans,� Hoeven said. �We have a powerful tool here for building our economy, and we�re targeting investments in the most promising business sectors.�

The projects receiving funding since Jan. 1, 2002, include:

  • Grand Forks Growth Fund, Grand Forks - building renovations for Cirrus Design Corp. aircraft assembly plant
  • National Information Solutions Coop (NISC), Mandan - 28,000 square foot expansion to existing facility
  • Pet Direct, Dickinson - call center for 12,000 independent pet and pet food stores in the US
  • North American Bison Cooperative, New Rockford - processing facility for bison and sale of bison products
  • Northwestern Dairy, LLP, Parshall - dairy operation

�This most recent group of project approvals demonstrates a good cross-section of the industries that we�ve targeted for development in the state, including value-added agriculture, information technology, tourism and business services,� Hoeven said. �These five projects join the other 236 business start-ups, new locations or expansions assisted by the Development Fund.�

The North Dakota Development Fund is a program of the North Dakota Department of Commerce, created by the 2001 Legislature. The Department of Commerce includes four divisions: Community Services, Economic Development and Finance, Tourism and Workforce Development. These divisions provide a one-stop shop for businesses or organizations that grow the state�s economy.

�Since October 2001, when we brought together these resources, we have received positive comments from the local development community, businesses and community organizations who truly appreciate the increased ease of doing business with the Department of Commerce. We will continue to expand on our user-friendly atmosphere and communicate to our customers the number of programs and services available,� said Lee Peterson, commissioner of the Department of Commerce.


Contact: Kathy Ibach or Don Canton - (701) 328-2200

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