Growth Initiative Fund Ends 2024 with Ten Loans, $28.5 Million in Capital Investment
The GFMEDC-administered Growth Initiative Fund approved ten loans in 2024. The total capital investments made by these projects equal approximately $28.5 million, with an estimated creation of 62 new jobs and utilization of 116,500 square feet of space.
All 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.
The GIF loan approvals totaled $1,015,000 and provide the opportunity for these primary-sector companies to access approximately $2.1 million in additional state interest-buydown grant funds.
The expanding companies utilizing the program this year:
- Anvil Design & Manufacturing
- Dakota Monument
- Dakota Timber
- Galvanizers
- Grand Farm
- International Marketing Systems
- Lab Liquidators
- MAC Company
- Weisgram Metal Fab
- You Betcha
Currently, the GIF is managing 92 active loans with a total loan balance of $7.56 million. Over the lifetime of the fund, the GIF has funded 299 loans in Cass County for a total of $20.23 million, enabling almost $35.5 million in matching state grant funds to support the expansions. The total capital investments made by the companies related to these loans equaled approximately $700 million.
Infusing Funds
In addition, the City of West Fargo contributed $650,000 of new funds in 2024, as increased loan activity had dwindled down uncommitted funds available for new loans. The City of West Fargo’s contribution helps to stretch out our ability to finance more business expansions a bit further, and in the meantime, not stifle the ability for our region’s primary sector growth. In 2025, GFMEDC will continue to assess available cash injections and determine any next steps for additional requests to any of the public entities that have primarily funded the GIF’s assets.
