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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.
**Interest buydown: ** The program will limit the borrowing rate to 5.00% below the yield rate, but in no event may the interest rate be more than five hundred basis points below the national prime interest rate. (If the prime rate is published as a range, the highest interest rate in that range will be used for purposes of this program.) In no case will the ADD Fund buydown an interest rate below 1.00%.
Loan: Amount determined by ADD Committee.
Application Instructions
Applicant must complete the ADD application form (PDF) and submit a complete business plan, current balance sheet and income statement along with full sources and use of funds. The completed application must include original signatures of the applicant, project advisor if applicable, and lender.
To email the application and supporting documents: Send to bndinfrastructure@nd.gov.
To postal mail the application and supporting documents: Send to
Bank of North Dakota
Agriculture Diversification and Development Committee
1200 Memorial Highway
Bismarck, ND 58504
Forms
Resources
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Details
Organization
Financial Instrument
Grant, Loan
Maximum Award Amount
$250,000
Total Program Funding
$2,500,000
Updated September 8, 2024
Image Credit: Kelly Sikkema
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