Close to $40 Million in State and Federal Funding Awarded to Support Regional Growth
September 30, 2021 | Bylgnelson| News
Some recent state and federal funding programs will support regional primary-sector* companies in program enhancements and expansion projects.
$30 Million in New Market Tax Credits (NMTC) Allocation
Dakota Business Lending was recently awarded $30 Million in New Market Tax Credits (NMTC) Allocations through the United States Department of Treasury.
All projects done through the NMTC program must either be located in a qualifying low-income census tract, be transformative in size or scale to the (re)development of a distressed area and adaptable to the unique structure and requirements of the program.
“While the New Markets Tax Program has been around for a number of years nationally, the Fargo-Moorhead area has had somewhat limited access to this powerful financial tool to support primary-sector business development,” Joe Raso, CEO of GFMEDC, stated. “We are pleased to partner with Dakota Business Lending to leverage our market knowledge of potential expansion projects to demonstrate the type of demand needed to justify a NMTC allocation.”
Dakota Business Lending provides financing for small businesses in North Dakota, Minnesota and Montana.
“Dakota Business Lending’s mission is to provide financing solutions through collaborative partnerships, like the GFMEDC, in a supportive and creative environment to grow the economy and create and preserve quality jobs. The New Markets Tax Credit (NMTC) program is an entirely new level of equity investments that complements our mission perfectly while expanding upon our rich 40+ year history of small business lending in the State,” said Steve Dusek, President & CEO, Dakota Business Lending.
ND Innovation Technology Loan Fund (LIFT) Awards $2.25 Million to ND businesses in September
The North Dakota Department of Commerce announced recently that the Innovation Technology Loan Fund (LIFT) Committee awarded $2.25 million to three North Dakota businesses for the month of September.
September LIFT recipients (in Fargo) include:
Checkable Medical, a Fargo-based company received $500,000 to further develop an end-to-end platform that allows consumers to test their symptoms at home and get a treatment plan without having to go to the doctor.
Elinor Coatings, a company commercializing solutions for corrosion and surface protection, including chromate free primers for aluminum, steel, and multi-metal applications received $750,000 for product development and sales, including applied research and experimentation, operational testing, and working capital to hire employees.
In August, two companies were awarded $1.25 Million.
701x, a Fargo agriculture technology company, was awarded $750,000 to further develop a GPS-enabled ear tag that allows ranchers to remotely access records, track locations, monitor movement, and receive alerts about their cattle.
WeClean Local, located in Bismarck and Fargo, is tech-based and community-driven cleaning service that is redefining the cleaning industry. The company was awarded $500,000 for software development
“We continue to see quality projects come before the LIFT Committee,” Commerce Head of Investments and Innovation Shayden Akason said. “There is still $11.5 million in LIFT funds to be awarded this biennium so I highly encourage companies to apply at business.nd.gov/lift/.”
North Dakota Awards $4.9 Million in Bio Science Grants
Nine grants totaling $4.9 Million have been awarded to North Dakota companies in the bio science industry.
Fargo area companies include:
Genovac Antibody Discovery (Fargo) awarded $1.45 Million to support the commercial development and production of multiple therapeutic, diagnostic and research antibody products.
Agathos Biologics (Fargo) awarded $900,000 to create new materials and methods for research and biomanufacturing and use them for drug development to address unmet medical needs and increase the availability of genetic medicines to more patients.
Lincoln Therapeutics (Center for Innovation in Grand Forks) awarded $712,000 to develop intranasal ketamine as a safer, fast acting, non-addicting analgesic to improve battlefield pain management.
Checkable Medical (West Fargo) awarded $300,00 to run a clinical study to support the first over-the-counter test for Strep A.
National Agriculture Genotyping Center (Fargo) awarded $125,000 to upgrade the current biotechnology used for variety identification and certification of spring wheat and barley.
CorVent Medical, Inc (location TBD) awarded $113,000 to enhance an existing ventilator product, demonstrate feasibility and building prototypes for testing and validation.
*A primary-sector company is one that exports a majority of its goods and services outside the trade area, bringing in new wealth. The new wealth circulates and supports all other sectors of the local economy, thus making the primary sector the principal driver of economic and community growth. A growing primary sector ensures the health of the local economy and affects every other sector and every occupation in the community.