Growth Initiative Fund
An Active Fund
The Growth Initiative Fund (GIF) Activity Report highlights a strong 2019 and 2020 reflective of the region’s growth.
In 2019 and 2020, the GIF’s participation as the “community” buy-down partner in the Bank of ND’s PACE and Flex PACE programs has allowed the primary-sector companies to access approximately $3.4 million in matching state grant funds to offset interest expense.
The fund had six loan approvals as of November 2020 totaling $521,000. These projects were part of roughly $15,668,000 in total capital investment, adding 46 jobs and 107,000 square feet of space.
The fund had 18 loan approvals totaling of $1.36 million. These 18 loans were part of more than $26.4 million in total capital investment adding 155 jobs and almost 200,000 square feet.
Role of GIF
The GIF is an $8.5 million revolving loan fund formed in 1993 by the EDC and administered by staff.
Key Facts & Data
Lifetime of the GIF Loan: The fund has supported 246 loans as of November.
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.