October 10, 2006

Established by Dakota Foundation (Bart & Lynn Holaday) with a Program-Related Investment on 12/01/01 with a loan of $75,000 to the UND Center for Innovation Foundation. Interest rate of 3% per annum with maturity on Nov. 30, 2008. May be extended by donor. To rovide short term loans to students entrepreneurs in North Dakota.

Student Venture Loans:

1. Northern Heights Rock Gym, Jason Magness & Sam Price, October 2002
2. Suite 49 Bar & Grill, Andrew Olson, February 2004
3. Pilot Friendly Products, Michael Shope, December 2004
4. Stickit2theU.com, Michael Bungartz, Dece,ber 2004
5. Lil’ Whipper Snippers, Drew Parley, August 2005
6. Club Express, Michael Rocks Maqueen, August 2006