Cover photo for North Dakota Agriculture Diversification and Development Fund

North Dakota Agriculture Diversification and Development Fund (ND-ADDF)

Bank of North Dakota


About

The Agriculture Diversification and Development Fund (ADD) was established through HB No. 1475 during the sixty-seventh Legislative Assembly to support new or expanding value-added-agriculture businesses that demonstrate financial feasibility, enhance profitability for farmers and ranchers, create jobs and grow North Dakota’s economy. The funding opportunities include grants, interest rate buydowns and loans.


Eligibility

Value-added agriculture business registered with the North Dakota Secretary of State’s office or North Dakota resident that diversifies a crop or animal industry and provides collateral uses for agriculture resources. Businesses with a majority ownership comprised of North Dakota residents will have priority over majority non-North Dakota-owned applications. Companies outside North Dakota must have an established relationship with a North Dakota partner which includes individual, company or agency to validate the credibility of the proposal and comply with the intent of the Code. The types of projects may include but are not limited to:

  • Food production and processing facilities

  • Feed or pet food processing facilities

  • Commodity processing facilities

  • Agriculture product manufacturer

  • Animal production facilities


Terms

Funding Amounts

Grants: Amount to be determined by the ADD Committee but total grants may not exceed 10% of the total fund. ($2,500,000)

Interest rate buydown: Maximum loan buydown is $500,000. Interest buydowns are one-time transactions for the duration of a designated-term project. The maximum interest buydown shall not exceed 4.00%, which may be used to reduce the borrower’s interest rate on loans made by the lead financial institution and BND, subject to a minimum rate of 1.00% to the borrower.

Loan: Amount determined by ADD Committee.


Resources


Similar Programs


Details

Organization

Bank of North Dakota (BND)

Financial Instrument

Grant, Loan

Maximum Award Amount

$250,000

Total Program Funding

$2,500,000

Image Credit

Kelly Sikkema


Updated January 7, 2022

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