U.S. Senator Heidi Heitkamp today announced nearly $4 million in federal loans to support the construction of a new farm equipment dealership in Devils Lake and long-term financing of a hotel and convention center in Minot.
“Every day I come to work in the U.S. Senate, I'm fighting for rural America, and that includes enabling our rural communities to thrive,” said Heitkamp. “To make sure towns like Devils Lake and Minot continue to grow we need to make sure that policies are in place that allow for the economic development of these communities. These federal loans through USDA will help provide for a new farm equipment dealership in Devils Lake that will continue to support the agriculture community and provide needed financing for the purchase of a hotel and convention center located in an important economic location in Minot.”
The federal loans are distributed as follows:
- Leading Edge Equipment, Devils Lake: $2 million federal loan will be dispersed to Nodak Electric Cooperative, Inc. to assist Vasichek Properties, LLC also known at Leading Edge Equipment to construct a new 65,000 square foot farm equipment dealership to meet the growing needs and demands of the agriculture community. This will allow for Leading Edge Equipment to meet the needs of their customers while making opportunity for 3 new jobs and maintaining 28 current employees. These federal funds are made possible through the Rural Economic Development Loan and Grant Program that helps provide financing to local utilities that then can provide funding to rural projects that support job growth and retention.
- Clarion Hotel and Convention Center Minot Fairgrounds, Minot: $1,999,000 federal loan will be dispersed to ADB Investments ND, LLC to support Celtic Bank to provide long term financing for the purchase of Clarion Hotel and Convention Center Minot Fairgrounds, previously known as Holiday Inn Minot Riverside. The hotel currently supports about 55 jobs and is located in a strategic location near the airport, the Minot Zoo, and the Minot Fairgrounds. These funds are made possible through the Business and Industry Loan Guarantees program that allows for private financing by guaranteeing loans for rural businesses.
Both federal loans are made available through the U.S. Department of Agriculture Rural Development.