The GFMEDC-administered Growth Initiative Fund (GIF) approved three loans during the third 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 $393,000 and provide the opportunity for these primary-sector companies to access approximately $714,000 in matching state interest-buydown grant funds.
The primary-sector companies utilizing these programs this past quarter are:
- PRx Performance – A Fargo manufacturer and supplier of high quality exercise equipment, specializing in home-gym systems.
- 3D Specialties/Sign Solutions USA – A sign manufacturing & distribution company that specializes in traffic safety products (West Fargo facility).
- Epic Solutions – A Fargo manufacturer of equipment, controls, monitoring and other innovative systems within the road construction/pavement industry (such as highway striping for example).
The total capital investments made by these projects equal approximately $23.8 million, with an estimated creation of 108 new jobs and an addition of 129,000 square feet of new space.
Year to date, there have been 17 approved loans totaling $1.92 million, with approximately $88.9 million in capital investments, 335 jobs, 489,000 square feet of space and access to $3.44 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 257 loans in Cass County for a total of $16.4 million.