The North Dakota Department of Commerce has addressed recent inquiries about the mission and practices of the **North Dakota Development Fund, Inc. (NDDF), emphasizing its critical role in fostering economic growth and supporting businesses across the state.
NDDF’s Mission and Impact
The NDDF provides “flexible gap financing” through loans and equity investments for new and expanding primary sector businesses in North Dakota. Designed to complement rather than compete with private lenders, the fund focuses on projects that drive economic development, create jobs, and promote innovation in the state.
“The NDDF seeks to expand the availability of capital for projects that may not otherwise secure funding, ensuring North Dakota remains competitive in attracting businesses,” the department noted.
Key initiatives include:
– Providing low-interest loans to expand childcare capacity statewide.
– Offering grants to companies automating processes to address workforce shortages.
– Supporting projects where North Dakota competes with other states for business development.
In over 30 years of operation, the NDDF has strategically managed investments while adhering to strict eligibility guidelines to maximize its impact.
Collaboration with Economic Developers
The NDDF works closely with state and local economic developers, who play a vital role in supporting businesses seeking to expand or relocate to North Dakota.
Economic developers assist companies by:
1. Assessing workforce, logistics, and real estate needs.
2. Issuing Requests for Proposals (RFPs) to connect businesses with local resources.
3. Facilitating access to skilled labor through partnerships with training providers and academic institutions.
4. Navigating financial incentives, including grants, tax abatements, and loans.
5. Supporting site selection and ongoing business operations.
By connecting businesses to resources and maintaining partnerships with local suppliers, contractors, and government entities, economic developers strengthen local supply chains and create synergies between new ventures and established resources.
Long-Term Economic Support
Even after businesses establish operations, economic developers and the NDDF continue to offer guidance and resources to ensure sustained success within the community.
The Department of Commerce reaffirmed its dedication to economic development and the NDDF’s mission, highlighting its commitment to innovation, collaboration, and responsible growth to benefit North Dakota’s economy and its citizens.
By: Montana Newsroom staff
