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Growth Initiative Fund Approves Seven Loans In Second Quarter

July 19, 2021 | Bylgnelson| News

The GFMEDC-administered Growth Initiative Fund (GIF) approved seven loans during the second quarter of 2021. 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 $948,000 and provide the opportunity for these primary-sector companies to access approximately $1,745,000 in matching state interest-buydown grant funds.

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

  • DFC Company – Fencing, signs and playground equipment manufacturing, fabricating and assembly in Fargo
  • Fabricators Unlimited (2 loans) – A Fargo manufacturer of countertops for residential and commercial applications in the wholesale market
  • Hebron Companies – Manufactures and distributes a wide selection of brick, block and related products (West Fargo facility)
  • Packet Digital – Electronic engineering and manufacturing in Fargo
  • Standard Industries – A Fargo manufacturer in steel & aluminum fabrication and ag equipment
  • Precision Dental Laboratories – a Fargo-based dental laboratory specializing in ceramics, crowns, bridges and other removable prosthetics and implants

The total capital investments made by these projects equal approximately $26.9 million, with an estimated creation of 133 new jobs and an addition of 161,000 square feet of new space.

Year to date, there have been 14 approved loans totaling $1.5 million, with approximately $70.4 million in capital investments, 248 jobs, 360,000 square feet of space and access to $2.67 million in matching state grant funds.

Currently, the GIF is managing 83 active loans with a total loan balance of $5.54 million. Over the lifetime of the fund, the GIF has funded 253 loans in Cass County for a total of $16.1 million.