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GFMEDC-administered Growth Initiative Fund (GIF) approved six loans during the fourth quarter of 2022

January 6, 2023 | Bylgnelson| News

The Growth Initiative Fund approved six loans in fourth quarter of 2023. The total capital investments made by these projects equal approximately $16.5 million, with an estimated creation of 33 new jobs and utilization of 42,000 square feet of space.
Five 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 and one loan was with the GIF’s Early Venture Microloan Program.
The GIF loan approvals totaled $468,000 and provide the opportunity for these primary-sector companies to access approximately $762,000 in matching state interest-buydown grant funds.

The primary-sector companies utilizing these programs this past quarter are:

  • Dakota Specialty Milling – a family-owned business that manufactures specialty baking ingredients and processes non-branded flour products for a variety of manufacturers and distribution companies.
  • Grain Designs – a company that designs, manufactures, and sells custom home and office furniture & signage direct to consumers.
  • JSM Woodworks – a manufacturer of architectural millwork, case goods, fixtures, and furniture, commonly for the commercial, retail, hospitality and healthcare markets.
  • PRx Performance – a leader in the manufacturing and distribution of space-saving fitness equipment.
  • SpaceAge Synthetics – a manufacturer of specialty and mass-produced composite components from polyurethane and fiberglass products for the marine, transportation, and building products industries.
  • Trimyxs – a startup manufacturer of a universal push lawnmower attachment.
For the year, 2022 was another busy year of approvals. There were 16 approved loans totaling $1.14 million, with approximately $44.6 million in capital investments, 69 jobs, 177,000 square feet of space and access to $1.8 million in matching state grant funds.
Currently, the GIF is managing 91 active loans with a total loan balance of $6.8 million. Over the lifetime of the fund, the GIF has funded 276 loans in Cass County for a total of $18.2 million.