The North Dakota Development Fund approved four loans totaling $6.3 million during the third quarter. The recipients include businesses seeking working capital, facility acquisition, inventory support and financing for a new manufacturing plant.
The largest approval was a $5 million loan to Packet Digital to help finance construction of the Badlands Batteries drone-battery plant in Fargo. Other approvals included $325,000 for Vertical Malt's relocation and expansion, $925,000 for a child-care facility purchase and $95,000 for Prairie Education Group.
State officials said the four projects represent about $102.3 million in combined project costs. The financing approvals are reported outcomes, but the associated construction, relocation and expansion benefits still depend on the recipients executing their plans.
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