Growth Initiative Fund (GIF) Fourth Quarter Report

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.

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