04/20/2021 | News release | Distributed by Public on 04/20/2021 12:47
The GFMEDC-administered Growth Initiative Fund (GIF) approved seven loans during the first quarter of 2021. Six of the loans were in conjunction with Bank of North Dakota's PACE/Flex PACE program, which provides lowered interest rates to assist expanding companies. One of the loans was through the GIF's Early Venture Microloan Program.
The GIF loan approvals totaled $553,000 and provide the opportunity for these primary-sector companies to access approximately $933,000 in matching state interest-buydown grant funds.
The primary sector companies utilizing these programs this past quarter are:
The total capital investments made by these projects equal approximately $43.5 million, with an estimated creation of 115 new jobs and an addition of 199,000 square feet of new space.
Currently, the GIF is managing 82 active loans with a total loan balance of $5.57 million. Over the lifetime of the fund, the GIF has funded 250 loans in Cass County for a total of $15.9 million.