North Dakota Commerce Department launches program aimed to boost economic development

(Bismarck, ND) — The North Dakota Commerce Department has launched a new initiative geared to provide loans — considered “deal-closing” — to companies in the state considering new industrial projects in three sectors.

The program is called Advance ND.

The sectors are value-added energy, agriculture and manufacturing. The companies must be considering another state in the site selection process in order to qualify for the loans.

“Advance ND will serve as a financial incentive for those companies whose projects would contribute significant capital investment, add value to North Dakota resources, and provide new employment opportunities to the state’s economy,” said Jessica Tooke, North Dakota Development Fund CEO at Commerce. 

Up to $1 million per $50 million  of total projected capital expenditures will be awarded, with a cap of $10 million per company.