The GFMEDC-administered Growth Initiative Fund (GIF) approved three loans during the second quarter of 2020. 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 three GIF loan approvals totaled $171,000 and provide the opportunity for these primary-sector companies to access approximately $275,000 in matching state interest-buy-down grant funds.
The expanding primary-sector companies utilizing the program this past quarter:
- Red E – a manufacturing and engineering company located in Fargo
- Norwood Sales – a Horace-based manufacturer and distributor of a wide variety of agricultural equipment and accessories
- Weisgram Metal Fab – a diverse-service manufacturing company in West Fargo
The total capital investments made by these three projects is approximately $3.8 million, with an estimated creation of 12 new jobs.
Currently, the GIF is managing 86 active loans with a total loan balance of $5.58 million. Over the lifetime of the fund, the GIF has funded 243 loans in Cass County for a total of $15.5 million.