Message from the EDC president, Jim Gartin
As we approach the fourth quarter of 2012 and pass my six month tenure at the GFMEDC, it's time to reflect! Not that I'm counting, but six months seems to be a good point, not only to review, but to look forward to new heights.
The GFMEDC's mission statement focuses on working with primary-sector businesses in Clay and Cass Counties. Primary-sector businesses have been defined as "those businesses that produce a product, which is sold outside the market thus bringing revenues back into Cass and Clay Counties to support the economic growth of the region".
It all seems so simple and easily defined, but on closer inspection it is quite complex and very involved. The basic steps can be outlined with one premise; the GFMEDC supports local manufacturers in their efforts to maintain and grow their businesses. That support could be providing conduits to local and state government programs, workforce assistance, financial and loan programs for growth and much more.
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Local Cities Join 36 others to participate in $9 million loan pool
The State Small Business Credit Initiative (SSBCI), a governmental program will provide $9 million to a consortium of cities, including Fargo, West Fargo and Casselton.
The Mandan-led consortium expects to have its loan participation program up and running by early December. The Lewis & Clark Regional Develoment Council (LCRDC), which has offices in Mandan, will administer the loan program in which a lender originates a senior loan and the SSBCI funds provide for a second, subordinate loan to the same borrower.
The program must ultimately leverage the federal dollars to generate at least $10 in new small business investment for every $1 of SSBCI support. It targets loans with an average principal of $5 million or less and cannot extend loans that exceed a principal of $20 million. The consortium's application stipulates a maximum direct loan size of $1 million supporting loans up to $10 million.
The loan participation program can fund up to 50 percent of an eligible business project, but will generally be at level of 20 percent.
The total allocation to the State of North Dakota equals roughly $13 million. The remainder of the funds will go to a Carrington-led consortium of cities.
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GFMEDC and manufacturing committee touted the benefits of a manufacturing career during Big Iron
One booth at this year's Big Iron event focused on the opportunities in the manufacturing industry. The high-tech industry provides high wages and has plenty of open positions.
The manufacturing committee, led in part by the GFMEDC, participated in Big Iron to share information about manufacturing careers.
"Big Iron is about showcasing agricultural equipment designed to help the farmer become more productive. The equipment used by farmers is manufactured using skilled labor and a large number of agricultural manufacturers are within the local area. Our message is for everyone, potential applicants, parents, grandparents, friends, and others who may not be aware of the manufacturing jobs currently available. If one of our employers hires just one applicant because of our effort at Big Iron, it is a success," said Roger Oliver, Executive Director, Dakota MEP.
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Fargo's Foreign Trade Zones provides several benefits to business
Fargo's foreign trade zone (FTZ) provides opportunities for local business including manufacturing, warehouse and distribution centers.
An FTZ is a special geographical area, in or adjacent to a Customs Port of Entry, where commercial merchandise receives the same customs treatment it would if it were outside the commerce of the United States. In other words, merchandise held in the FTZ is not subject to customs duties and taxes. This tariff and tax relief essentially lowers the cost of doing business for manufacturers and processors that import components or materials from other countries.
Subzones can be created anywhere in the state of North Dakota. Contact the Fargo Airport Authority at 701-241-1501 for more information.
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CareerFM wants your jobs
Please remember that your investment includes the opportunity to post your jobs on CareerFM.com. We ask that you limit the jobs to degree-required positions in the Fargo Moorhead Metro.
Your jobs enhance our website and allow us to better market the region to potential residents. We appreciate your help! |
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In the News...
10 states where youth rules by Richard Barrington; North Dakota tops the list of states where young people can find opportunity. The report on moneyrates.com analyzes nine economic and lifestyle factors. |
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Do you have news to share?
If you have news items you would like included in an upcoming newsletter, please send the ideas or articles to lgnelson@gfmedc.com. Thank you! |
