The Growth Initiative Fund (GIF) Board has voted to suspend payments and interest accrual for all outstanding GIF loans through June 30th in response to economic challenges related to COVID-19.
As a supportive measure, the GIF board had initially voted to suspend current payments and interest accrual for 30 days (3/21-4/19), which aligns with similar action by North Dakota Development Fund (NDDF). The NDDF Board also voted on 4/16 to extend their suspension an additional 60 days.
“As we continue to monitor the current economic uncertainty and timelines related to this COVID-19 pandemic, we are committed to ensuring the GIF remains adaptable in supporting the needs of our regional primary sector businesses,” said Greg Mastrud, GIF Board Chair.
The GIF is a revolving loan fund administered by GFMEDC, supporting Cass County primary-sector companies with loan programs such as PACE/Flex PACE, Funding Partners Program, and Early Venture Microloan Program.
More information on Bank of ND programs like PACE and Flex PACE Programs.