The Grand Forks Growth Fund approved an updated policies and procedures packet Sept. 15 that codifies administrative approvals, clarifies delinquency processes, and incorporates new program iterations such as rural FlexPace, childcare FlexPace and (potentially) a future affordable housing FlexPace program. Staff said the policies had not been updated in approximately six years and that the revisions reflect current loan products, software references and administrative practices.

Staff also presented the Growth Fund’s 2024 annual report, which included program summaries, real‑estate actions and charts requested by the committee at earlier meetings. The annual report was presented for information only.

On past‑due loans, staff reported progress: African Arts Arena made a payment in August and was in communication about further payments; Cough Investments made a $2,000 payment last week and the bank had corrected an issue that prevented automatic withdrawal. Staff said they would update the committee at the next meeting if any loans remain past due.

Why it matters: The policies update standardizes how staff will handle routine administrative changes to loans, strengthens language about delinquency management and captures the suite of FlexPace programs the fund offers. Committee members approved the policy changes unanimously and accepted the annual report as information only.