Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Growth Fund committee approves PACE/FlexPACE support for three regional manufacturers
Summary
The Grand Forks Growth Fund Committee voted to approve PACE or FlexPACE assistance for Johnstown Bean Company, Northern Plains Railroad and Cirrus Industries to support equipment purchases and an expansion; the loans include subordinate collateral and personal guarantees, and drew questions about foreign investment and repayment terms.
The Grand Forks Growth Fund Committee approved PACE or FlexPACE loan assistance this month for three locally based manufacturers — Johnstown Bean Company, Northern Plains Railroad and Cirrus Industries — to support equipment purchases and a facility expansion.
Committee members voted to approve small Growth Fund contributions layered under larger primary loans from other lenders. The requests included a FlexPACE contribution of roughly $8,500 for Johnstown Bean, $116,511 for Northern Plains Railroad and $269,231 for Cirrus Industries; each award was structured as a deferred buy-down at 2.5% interest with personal and corporate guarantees, staff said.
Those awards follow broader financing from private lenders or state programs: Johnstown Bean is pursuing a $500,000 primary loan, Northern Plains a roughly $2.96 million…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
