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North Dakota

Business and Industry Guaranteed Loan Program

Outline of Need:
La Rinascente Pasta is located in Hope, ND which is located in the Griggs-Steele Empowerment Zone in east central ND. The pasta equipment will be housed in a new building that will be built and owned by the Hope Development Corporation. The folded pasta “Fideo” manufactured at the plant will be marketed to the Hispanic population, primarily in the Eastern United States. Fideo products are primarily used as soup ingredients in Caribbean-based soups known as “Soupa de Fideo”

How Rural Development Helped:
This is a critical project in the empowerment zone and would not have been possible without USDA Rural Development and the Business and Industry Guaranteed loan. The B&I loan for $1.2 million to U.S. Bank assisted La Rinascente Pasta, LLC with permanent financing to purchase machinery and equipment for a pasta manufacturing plant.

The Results:
As a result of this project 20.5 jobs were created.