GFMEDC-administered Growth Initiative Fund (GIF) approved six loans during the fourth quarter of 2022

The Growth Initiative Fund approved six loans in fourth quarter of 2023. The total capital investments made by these projects equal approximately $16.5 million, with an estimated creation of 33 new jobs and utilization of 42,000 square feet of space.

Five of the loans were in conjunction with Bank of North Dakota’s PACE/Flex PACE program, which provides lowered interest rates to assist expanding companies and one loan was with the GIF’s Early Venture Microloan Program.

The GIF loan approvals totaled $468,000 and provide the opportunity for these primary-sector companies to access approximately $762,000 in matching state interest-buydown grant funds.

The primary-sector companies utilizing these programs this past quarter are:

  • Dakota Specialty Milling – a family-owned business that manufactures specialty baking ingredients and processes non-branded flour products for a variety of manufacturers and distribution companies.
  • Grain Designs – a company that designs, manufactures, and sells custom home and office furniture & signage direct to consumers.
  • JSM Woodworks – a manufacturer of architectural millwork, case goods, fixtures, and furniture, commonly for the commercial, retail, hospitality and healthcare markets.
  • PRx Performance – a leader in the manufacturing and distribution of space-saving fitness equipment.
  • SpaceAge Synthetics – a manufacturer of specialty and mass-produced composite components from polyurethane and fiberglass products for the marine, transportation, and building products industries.
  • Trimyxs – a startup manufacturer of a universal push lawnmower attachment.
For the year, 2022 was another busy year of approvals. There were 16 approved loans totaling $1.14 million, with approximately $44.6 million in capital investments, 69 jobs, 177,000 square feet of space and access to $1.8 million in matching state grant funds.
Currently, the GIF is managing 91 active loans with a total loan balance of $6.8 million. Over the lifetime of the fund, the GIF has funded 276 loans in Cass County for a total of $18.2 million.
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