It won't stunt growth. A flat iron doesn't have any affect on your hair's ability to grow unless there's some bizarre instance where you somehow burn yourself and damage your hair follicles. :P You just might find yourself having to trim your hair more often as damage builds up, thus making it appear as if your hair isn't growing.
I don't mind heat styling my hair, I only do it about once a month. Typically after I retouch my roots, because I like getting to enjoy my color. In some ways I feel like having my hair straight is beneficial when wearing my hair down because it doesn't tangle, and the texture is very smooth, hence it reduces friction. However that comes at the cost of heat, and the heat is definitely damaging. Once I wash my hair after having my hair straight all week, I can see new split ends already in my hair. So heat is definitely one of the fastest ways to damage your hair.
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