News

The Industrial Commission named Interim Bank of North Dakota (BND) President Todd Steinwand as President of the Bank at its meeting on July 27, 2021. Prior to acting as interim President, Steinwand served as BND’s Chief Business Development Officer. Steinwand, succeeds Eric Hardmeyer, who held the position for 21 years, the longest-serving president in the Bank’s 102-year history.

The North Dakota Industrial Commission has approved changes to North Dakota Housing Finance Agency’s (NDHFA) North Dakota Roots program that will allow the NDHFA to finance mortgage loans for higher-income individuals and families and to refinance residential real estate loans.

The North Dakota Industrial Commission today approved two new Bank of North Dakota (BND) loan programs to help the state’s livestock producers cover expenses related to the extreme drought conditions in the state. Producers must work with their local lender to determine if the programs are appropriate for their situation and make application through them.

The North Dakota Industrial Commission (Commission) has awarded $520,890 in Renewable Energy Program matching funds for two projects that enhance renewable energy while providing options for underground storage of carbon dioxide.

The North Dakota Industrial Commission today approved $5.8 million in Outdoor Heritage Fund matching grants for 16 conservation and recreation projects benefiting North Dakotans across the state. The funding, generated from oil and gas production tax revenue, supports projects such as access to public and private lands for sportsmen, farming and ranching stewardship practices, fish and wildlife habitat preservation and outdoor recreation areas.

The North Dakota Industrial Commission (Commission) approved funding totaling $970,004 for three lignite research projects. In a joint statement, the Commission consisting of Governor Doug Burgum, Attorney General Wayne Stenehjem and Agriculture Commissioner Doug Goehring, stated, “The lignite industry is always looking forward and developing new markets and new technologies to improve existing operations. The projects that we funded today will continue the success of this industry that is so important to the state and its citizens.”

The state-owned Bank of North Dakota (BND) reported a profit of $141.2 million in 2020, down from $169 million in 2019 with a return on investment of 15%, according to information presented to the Industrial Commission (Commission) in BND’s annual report today.
The report’s theme, “Responding with Confidence,” focuses on the important role the Bank played by assisting residents in response to the COVID-19 pandemic. BND created three business loan programs, one business grant program and a student loan relief program, while also administering an agriculture disaster relief program. It also assisted local lenders in accessing Federal Paycheck Protection Program funds by hosting weekly webinars connecting lenders with the Small Business Administration and members of Congress. These efforts, along with the work of the Department of Commerce and their partners, enabled North Dakota to receive more funds per capita than any other state.

The North Dakota Industrial Commission (Commission) approved funding today totaling $10 million for two legislatively directed research projects contingent on Oil and Gas Research Council approval.

The North Dakota Industrial Commission has established a special grant round and is currently accepting applications through May 10th for the North Dakota Renewable Energy Program. The program funds projects that involve research and development of renewable energy technologies that have strong growth potential in North Dakota.

The North Dakota Industrial Commission has approved North Dakota Housing Finance Agency’s (NDHFA) planned distribution of almost $200,000 in housing rehab assistance.