Established by the North Dakota Legislative Meeting in 2021, the Agriculture And selection Enchancment (ADD) Fund Is about To merely settle for purposes Which will assist new or developing worth-added agriculture companies. The corporations should show monetary feasibility, enhance profitability for farmers and ranchers, create jobs and develop North Dakota’s financial system.
The funding alternatives embrace grants, Price of curiosity buydowns and mortgages.
So as To use, the enterprise Want to be registered with the North Dakota Secretary of State’s office or be a North Dakota resident who diversifies a crop or animal enterprise and provides collateral makes use of for agriculture assets. Businesses with a majority possession comprised of North Dakota residents Might have precedence over majority non-North Dakota-owned purposes. The Kinds of tasks may embrace, however Aren’t restricted to:
- Meals manufacturing and processing amenities
- Feed or pet food processing amenities
- Commodity processing amenities
- Agriculture product producer
- Animal manufacturing amenities
Priority consideration Shall be given to tasks most According to the mission of the ADD Fund Committee as set uped in North Dakota Century Code 41-01.1.
The proceeds Might Even be used To buy or lease gear, set up A worth-added agriculture enterprise or increase an current worth-added agriculture enterprise. Grants should not exceed $2.5 million. The velocity of curiosity buydown is As a lot as $500,000, and the mortgage quantity allowed Is set by the ADD Fund Committee.
The Financial institution of North Dakota is administering the fund. Go to bnd.nd.gov/ag for extra information and To use.