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Growth Initiative Fund (GIF) Approves Three Loans Second Quarter

July 14, 2020 | Bylgnelson| News

The GFMEDC-administered Growth Initiative Fund (GIF) approved three loans during the second quarter of 2020. All 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 three GIF loan approvals totaled $171,000 and provide the opportunity for these primary-sector companies to access approximately $275,000 in matching state interest-buy-down grant funds. 

The expanding primary-sector companies utilizing the program this past quarter:

  • Red E – a manufacturing and engineering company located in Fargo
  • Norwood Sales – a Horace-based manufacturer and distributor of a wide variety of agricultural equipment and accessories
  • Weisgram Metal Fab – a diverse-service manufacturing company in West Fargo

The total capital investments made by these three projects is approximately $3.8 million, with an estimated creation of 12 new jobs.  

Currently, the GIF is managing 86 active loans with a total loan balance of $5.58 million. Over the lifetime of the fund, the GIF has funded 243 loans in Cass County for a total of $15.5 million.