Fargo, N.D. (October 25, 2013) – Two local companies are making investments totaling more than two million dollars. JSM Woodworks and Melet Plastics were both recently approved for Flex PACE loans.
JSM Woodworks (West Fargo) fabricates wood-panel and solid-wood based products for the retail and hospitality industries.
Melet Plastics (Fargo) utilizes a unique one-shot plastic mold process to produce high quality and cost effective natural fiber composite parts. These composite parts are found in many different agricultural construction and aeronautical equipment.
“The GFMEDC is delighted to partner on opportunities to assist companies that reinvest in their business and our community. We are thankful for their contribution to our economy and dedication to our region,” said Jim Gartin, GFMEDC President.
The GIF partners with the Bank of North Dakota and a participating local bank allowing primary-sector companies to access low interest financing through the PACE loan program. The Bank of North Dakota’s PACE program’s goal is to assist North Dakota communities in expanding their economic base. The GIF only provides PACE and Flex PACE loans to primary-sector companies.
The Growth Initiative Fund (GIF):
The GIF is a community revolving loan fund managed by the GFMEDC. It was established in 1993 and capitalized by property taxes from Cass County, the City of Fargo and the City of West Fargo over the period of 1993 – 2001. Those funds continue to be reinvested. The purpose of the GIF is to assist the GFMEDC in achieving its mission of retaining and expanding primary-sector employment.
The mission of the GFMEDC is to grow the economy of Cass County, N.D. and Clay County, Minn. by attracting, expanding and retaining primary-sector businesses.
A primary-sector business is one that brings new dollars into a community through the sale of its products and services outside the trade area. A primary-sector company is a company which can operate anywhere in the country. The primary sector is the foundation of an economy and the principal driver of community growth and development.
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