Growth Initiative Fund (GIF) Board votes suspend loan payments through June 30th
April 24, 2020 | Bylgnelson| News
The Growth Initiative Fund (GIF) Board has voted to suspend payments and interest accrual for all outstanding GIF loans through June 30th in response to economic challenges related to COVID-19.
As a supportive measure, the GIF board had initially voted to suspend current payments and interest accrual for 30 days (3/21-4/19), which aligns with similar action by North Dakota Development Fund (NDDF). The NDDF Board also voted on 4/16 to extend their suspension an additional 60 days.
“As we continue to monitor the current economic uncertainty and timelines related to this COVID-19 pandemic, we are committed to ensuring the GIF remains adaptable in supporting the needs of our regional primary sector businesses,” said Greg Mastrud, GIF Board Chair.
The GIF is a revolving loan fund administered by GFMEDC, supporting Cass County primary-sector companies with loan programs such as PACE/Flex PACE, Funding Partners Program, and Early Venture Microloan Program.