Growth Initiative Fund Supports Business Growth

Over the last several years, the GIF’s participation as the “community” buy-down partner as part of the Bank of ND’s PACE and Flex PACE programs has allowed primary-sector companies to access approximately $9.5 million in matching state grant funds to offset interest expense.

2022

In 2022 (as of November 7), the fund approved 12 loans totaling $959,000, with primary-sector companies investing more than $41.5 million in capital investments, adding 52 jobs and 177,000 new square feet.

The GIF’s interest buy-down partner participation with Bank of North Dakota provided access of up to $1.5 million in matching grant funds.

Key Facts & Data

This $8.4 million loan fund has truly revolved over the lifetime of the GIF (formed in 1993), assisting in the growth and expansion of many regional primary-sector companies.

Here are the approvals from 2019-November 2022

	# Loan Approvals	$ Loan Approvals	Projects Capital	Jobs	Sq Ft	BND Grant
2019	18	$1,362,000	$26,476,700	141	195,550	$2,489,138
2020	6	$521,000	$15,668,000	46	107,000	$829,870
2021	22	$2,562,000	$108,032,500	507	881,920	$4,634,582
2022 (11/1/22)	12	$959,000	$41,522,000	52	176,500	$1,561,105
Totals	58	$5,404,000	$191,699,200	746	1,360,970	$9,514,695

Lifetime of the Growth Initiative Fund

The all-time loan activity and economic impact can be seen below from the 272 loans to date.

The GIF is an $8.4 million revolving loan fund formed in 1993 by Fargo, West Fargo and Cass County and is administered by the GFMEDC staff. The GIF is governed by seven board directors appointed by GFMEDC, Cass County, City of Fargo and City of West Fargo. The GIF received a large part of its early funding from contributions by the three public entities. The primary function of the GIF has been serving as the community portion for the Bank of North Dakota PACE and Flex PACE programs. The GIF has also provided some direct loans, most recently including the Early Ventures Microloan Program.