The GFMEDC-administered Growth Initiative Fund (GIF) approved five loans during the fourth quarter of 2021.
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 $613,000 and provide the opportunity for these primary-sector companies to access approximately $1.14 million in matching state interest-buydown grant funds.
The primary-sector companies utilizing these programs this past quarter are:
- Weisgram Metal Fab – A West Fargo manufacturer that provides a complete spectrum of custom metalwork services to some of the world’s top brands.
- Drekker Brewing – an international award-winning Fargo brewery that distributes their products to 15 states.
- Office Sign Company – a Fargo sign manufacturer that sells their products throughout North America and internationally.
- Norwood Sales – a Horace-based diversified manufacturer of products mostly related to the ag industry.
- TrueNorth Steel – a multi-faceted steel manufacturing company (this project related to West Fargo bridge facility).
The total capital investments made by these projects equal approximately $19.1 million, with an estimated creation of 172 new jobs and utilization of 393,000 square feet of space.
For the year, 2021 saw a record number of approvals both in number of loans and total GIF loan amounts. There were 22 approved loans totaling $2.53 million, with approximately $108.0 million in capital investments, 507 jobs, 882,000 square feet of space and access to $4.58 million in matching state grant funds.
Currently, the GIF is managing 87 active loans with a total loan balance of $5.7 million. Over the lifetime of the fund, the GIF has funded 261 loans in Cass County for a total of $16.7 million.