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Agriculture and Diversity Development Fund details announced | Agriculture news

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The Agriculture and Diversity Development Fund created by the North Dakota Legislature earlier this yr to assist new or increasing value-added agriculture companies is ready to simply accept purposes.

Funding alternatives embody grants as much as $2.5 million, rate of interest buydowns of as much as $500,000, and loans with quantities decided by a fund committee.

Proceeds could also be used to buy or lease tools, set up a value-added enterprise, or broaden an present enterprise. Businesses should show monetary feasibility, improve profitability for farmers and ranchers, create jobs and develop North Dakota’s economic system. 

“Diversification is a critical element of stabilizing the ag industry in our state,” Agriculture Commissioner Doug Goehring stated.

Applicants should be a enterprise registered with the North Dakota Secretary of State’s workplace, or a state resident who diversifies a crop or animal trade and gives collateral makes use of for agriculture sources. Businesses with a majority possession composed of North Dakota residents may have precedence over these whose majority is out of state.

Examples of kinds of eligible initiatives embody meals manufacturing and processing services, feed or pet meals processing services, commodity processing services, agriculture product manufacturing services, and animal manufacturing services.