Agriculture and Diversity Development Fund details announced | Agriculture news | bismarcktribune.com

The Agriculture And selection Enchancment Fund created by the North Dakota Legislature earlier this yr to assist new or developing worth-added agriculture companies Is about To merely settle for purposes.

Funding alternatives embrace grants As a lot as $2.5 million, Price of curiosity buydowns of As a lot as $500,000, and loans with portions decided by a fund committee.

Proceeds Might Even be used To buy or lease gear, set up A worth-added enterprise, or increase an current enterprise. Businesses should show monetary feasibility, enhance profitability for farmers and ranchers, create jobs and develop North Dakota’s financial system. 

“Diversification is a essential factor of stabilizing the ag enterprise in our state,” Agriculture Commissioner Doug Goehring said.

Candidates Want to be a enterprise registered with the North Dakota Secretary of State’s office, or a state resident who diversifies a crop or animal enterprise and provides collateral makes use of for agriculture assets. Businesses with a majority possession composed of North Dakota residents Might have precedence over these whose majority is out of state.

Examples of Kinds of eligible tasks embrace meals manufacturing and processing amenities, feed or pet meals processing amenities, commodity processing amenities, agriculture product manufacturing amenities, and animal manufacturing amenities.