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Commerce, Bank of North Dakota seek flexibility for development fund; lawmakers weigh $75 million line of credit
Summary
Department of Commerce and Bank of North Dakota officials proposed expanding tools available to the state development fund, including a possible $75 million line of credit, small targeted grant authority for defense-related leveraging, and a temporary non-primary‑sector pilot to help rural communities attract projects.
Department of Commerce officials and Bank of North Dakota executives told the Appropriations Education & Environment Division they plan to seek changes to the state development fund to give it more flexibility to compete for large economic-development projects.
Kelvin Hullett, chief business development officer at the Bank of North Dakota, told the committee the development fund was originally designed to address early‑stage financing gaps and has been more active after larger appropriations in recent bienniums. Hullett said the bank and Commerce now propose program refinements including a line of credit, modest grant authority for specific defense-contractor leverage,…
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