The Growth Initiative Fund (GIF) approved six companies’ applications (for eight loans) during the third quarter of 2019. All 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 eight GIF loan approvals totaled $555,000 and provide the opportunity for these primary-sector companies to access approximately $1,035,000 in matching state interest-buy-down funds.
The total amount of active GIF loans surpassed the $5 million mark for the first time in the history of the fund. Over its lifetime, the GIF has funded more than $14 million in loans and currently has 76 active loans in its portfolio.
The expanding primary-sector companies utilizing the program third quarter 2019:
- SJ Machine
Machining and induction heating treating company in Casselton, ND
- TrueNorth Steel
Headquartered in West Fargo, the company is expanding their Fargo steel manufacturing companies
- Office Sign Company
Sign manufacturer with two Fargo facilities
- Eastside Machine
Fargo-based manufacturer of siding/gutter/roof roll-forming machines as well as other specialty roofing product machines
- DFC Company
Fencing, signs and playground equipment manufacturing, fabricating and assembly in Fargo
- Korber Medipak Systems NA Inc.
Designs custom automated material handling and packaging machinery with an existing facility in Fargo and an additional location under construction in the Horace area
The total capital investments made by these companies is approximately $9.8 million with an estimated 31 new jobs. The year-to-date approved GIF loans are part of more than $18.6 million in capital investments and 98 new jobs.