Growth Initiative Fund Supports Business Growth

The GFMEDC-managed Growth Initiative Fund (GIF) is one of our many vital business support tools. This revolving loan fund primarily acts as a community buy-down partner with the Bank of North Dakota on the PACE and Flex PACE loans. The buy-down programs help unlock additional matching state grant funding to provide low-interest financing for primary-sector companies, encouraging and enabling significant capital investments into their business.

2025

In 2025, the fund approved 11 loans totaling $555,000, with the primary-sector companies investing $12.1 million in capital investment, adding 33 jobs and 25,000 new square feet.

The GIF’s interest buy-down partner participation with Bank of North Dakota provided access of up to $1.2 million in matching PACE/Flex PACE grant funds for the primary-sector companies to enable low-interest financing.

Background

The GIF is a $9.2 million revolving loan fund formed in 1993, administered by the GFMEDC staff and governed by seven board directors appointed by GFMEDC, Cass County, City of Fargo and City of West Fargo. The GIF was primarily funded in the mid 1990’s to early 2000’s from contributions by Cass County, City of Fargo and City of West Fargo, totaling almost $8 million.

A great benefit of this revolving fund structure, and the enabling of matching state grant funds for the companies, is that these approximate $8 million in public funds contributed to the GIF have been used many times over, generating more than $20.6 million in GIF loans, while also helping provide access to $36.3 million in matching state grant funds for the expanding primary sector companies.