Growth Initiative Fund Supports Business Growth

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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.

Growth Initiative Fund 1 1 1


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.

2021 GIF Loan Approval Activity 1

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


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.

growth initiative fund loans

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.

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