Overview
What is Growth Initiative Fund?
Growth Initiative Fund is a nonprofit organization situated in Fargo, North Dakota, specifically at 51 Broadway 500. Its primary objective is to foster economic growth within Cass County, North Dakota. The organization accomplishes this by providing incentive loans to both existing and out-of-state businesses looking to expand operations in the area. The aim is to generate employment opportunities within the county. Growth Initiative Fund is designed to collaborate with local governments, leveraging private sector assistance and reducing governmental burdens. As of the provided information, the organization is currently managing 85 PACE loans, 1 funding partner loan, and 5 microloans, all contributing to the economic development of Cass County.
Is Growth Initiative Fund legitimate?
Growth Initiative Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Growth Initiative Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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What is the mission statement of Growth Initiative Fund?
The Growth Initiative Fund exists with a mission to foster economic development. It achieves this by creating and managing financial programs, encouraging the creation of primary sector jobs. The organization provides incentive loans to both existing and out-of-state clients looking to expand operations, with the aim of generating employment within the served area. This is done in partnership with local governments, aiming to bring professional assistance and support from the private sector, thereby lessening the burdens of government. Currently, the fund is servicing various types of loans, including PACE loans, funding partner loans, and microloans.
Who is the CEO of Growth Initiative Fund?
Michelle Schumacher is the Director of Growth Initiative Fund.
What is the revenue of Growth Initiative Fund?
Growth Initiative Fund's revenue in 2022 was $41,280.
Who are the executives of Growth Initiative Fund and what are their salaries?
There 7 volunteers at Growth Initiative Fund.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Growth Initiative Fund?
Growth Initiative Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Growth Initiative Fund
The Growth Initiative Fund, a corporation, is dedicated to fostering economic growth in Cass County, North Dakota. Its primary objective is to establish and manage financial programs, with the aim of encouraging job creation in the primary sector within the county. The organization achieves this by offering incentive loans to both existing businesses and out-of-state clients looking to expand their operations in the Cass County area. By doing so, it helps create employment opportunities within the county. The Growth Initiative Fund also serves as a bridge between local governments and the private sector, providing professional assistance and lessening the burden on government. Currently, the fund is actively managing 85 PACE loans, one funding partner loan, and five microloans, demonstrating its commitment to supporting economic development in Cass County.
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Impact
October, 2024
The Growth Initiative Fund significantly impacts economic development in Cass County, North Dakota, by facilitating job creation and expansion opportunities in the primary sector. By providing incentive loans to both local and out-of-state businesses looking to establish or grow their operations in the region, the Fund fosters a robust environment for economic activity.
With a portfolio that includes 85 PACE loans and various microloans, the Fund supports businesses in accessing essential financial resources that enhance their capacity to hire and invest in the local economy. This strategic financial backing not only stimulates job creation but also contributes to community improvement and local governance by reducing the administrative burdens typically associated with these initiatives. Through its focused efforts, the Growth Initiative Fund plays a pivotal role in driving sustainable economic growth and prosperity for Cass County residents.
This information is meant to be a general summary of Growth Initiative Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $34,830
- Program Service Revenue: $6,450
- Gross Receipts: $41,280
Assets and Liabilities:
- Total Assets: $8,391,493
- Total Liabilities: $0
- Net Assets: $8,391,493
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM REVENUE
Revenue
$6,450
Organization Details
Founding Year
1993
Phone
(701) 364-1900Principal Officer
Michelle Schumacher
Main Address
51 BROADWAY 500, FARGO, ND, 58102
NTEE Category
Code: S40 - Community improvement
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