Growth Initiative Fund
An Active Fund
The Growth Initiative Fund (GIF) boasted a strong 2021 reflective of the region’s growth.
In 2021, 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 $4.6 million in matching state grant funds to offset interest expense.
The GIF is an $8.5 million revolving loan fund formed in 1993 by Fargo, West Fargo and Cass County and is administered by the GFMEDC staff.
The fund had a record year of 22 loan approvals totaling $2.53 Million.
These projects were part of roughly $108 Million in capital investments made by the primary-sector companies.
As part of these projects, those companies are adding more than 500 jobs and utilizing roughly 882,000 square feet of space.
In addition, the GIF’s participation as the “community” interest buy-down partner in the Bank of North Dakota’s PACE and Flex PACE loan programs allows the primary-sector companies to access up to $4.58 million in matching grant funds.
Key Facts & Data
This $8.5 million loan fund has truly revolved over the lifetime of the GIF (formed in 1993), assisting in the growth and expansion of many primary-sector companies in the region. The all-time loan activity and economic impact can be seen below from the 262 loans to date.
The all-time numbers above are through 1/6/22. This includes one loan in 2022.
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.