GFMEDC Assistance Takes 3D-Fuel from their First to their Fourth Production Line
October 26, 2021 | Bylgnelson| News
3D-Fuel recently added a fourth production line at their manufacturing facility in Fargo, ND. Founded in 2014, 3D-Fuel manufactures 3D printing filament.
The GFMEDC-administered Growth Initiative Fund (GIF) approved a Flex PACE loan for this expansion project, in conjunction with the Bank of North Dakota (BND) and 3D-Fuel’s lender. The participation of the GIF with BND in their Flex PACE program allows the borrower to receive low-interest financing to support their expansion needs.
The GFMEDC has been there assisting the company since they were a startup. Through the GIF, they have also helped financed the first filament production line in 2014 as well as the third production line in 2020. In addition, GFMEDC has provided various types of assistance over the years, as we often do, as part of ongoing communications with our primary sector companies.
“John knows to come to us for advice and connections as he grows his business, and our team keeps in touch on a regular basis, including occasional proactive connections when we encounter something that seems like a fit for what 3D-Fuel is doing. That’s a testament to the benefit of the mutual engagement between the EDC and the primary-sector companies,” said GFMEDC Chief Innovation Officer John Machacek.
The company was at zero employees when the GFMEDC assistance began, and today they are at 12 FTEs with hopes to grow to 26 within the next 18 months. They originally began utilizing 2,000 sq. ft. of space behind their related entity Fargo 3D Printing and have since grown to approximately 9,000 sq. ft.
“It simply would not have been possible to launch our company without the direct and indirect assistance of the GFMEDC and the connections that they have facilitated for us. We have certainly been able to grow more quickly with their help than without it. I look forward to working with them again in the future as we accelerate our growth in the rapidly expanding 3D printing industry,” said John Schneider, CEO of 3D-Fuel