Growth Initiative Fund (GIF) Fourth Quarter Update
The Growth Initiative Fund approved five loans in fourth quarter of 2023. The total capital investments made by these projects equal approximately $15.2 million, with an estimated creation of 69 new jobs and utilization of 67,000 square feet of space.
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 $560,000 and provide the opportunity for these primary-sector companies to access approximately $1.4 million in additional state interest-buydown grant funds.
The primary-sector companies utilizing these programs this past quarter are:
- Marv Haugen Enterprises – a manufacturer and distributor a of skid-steer and forklift attachments
- Packet Digital – an electronic engineering service provider offering a variety of products including smart batteries, UAS electronics, power management & more; with engineering services to design, prototype, test and manufacture products
- Horn Plastics – a manufacturer that fabricates plastic dump truck and bed liners; recreational plastic products such as slides, synthetic ice, cutting boards and tables; machined plastic for parts, bushings, bearings, fenders and more
- Agassiz Seed & Supply – a processor and distributor of a variety of seeds and products for agriculture, lawn & turf, forage harvest and erosion control
- CorVent Medical – a manufacturer and distributor of medical ventilators and accessories
For the year, there were 11 approved loans totaling $1.16 million, with approximately $29.3 million in capital investments, 101 jobs, 140,000 square feet of space and access to $2.4 million in state grant funds.
Currently, the GIF is managing 95 active loans with a total loan balance of $7.1 million.
Over the lifetime of the fund, the GIF has funded 289 loans in Cass County for a total of $19.2 million.
