Development Fund, Childcare Loans and Automation Grants Highlighted as Tools to Spur Jobs
Commerce told lawmakers the North Dakota Development Fund leverages private capital, cited several investment success stories and described childcare loan activity and a $5M automaton grant program funded by ARPA that awarded 17 projects statewide.
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Commissioner Chris Shilken presented a macro picture of the North Dakota Development Fund, describing its role as gap financing intended to catalyze private capital. He told the committee the fund has supported 938 projects and helped create 9,357 jobs since 1991, and said the fund generally limits its participation to no more than 25% of a primary sector deal to preserve meaningful private capital at risk.
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