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Purpose

     The purpose of the Red River Corridor Fund (RRCF) is to create jobs by helping small businesses across North Dakota access capital. The RRCF is funded by the U.S. Department of Treasury as part of the State Small Business Credit Initiative (SSBCI) program through the Small Business Jobs Act of 2010. The RRCF consists of a coalition of 36 North Dakota municipalities who joined together to bring this capital resource to their communities.

Collateral Support Program one page overview

Red River Angel Fund - website

 Red River Corridor Fund Printable One Page Overview

             

STATE SMALL BUSINESS CREDIT INITIATIVE REPORT: OVER $1.3 BILLION ISSUED FOR SMALL BUSINESSES

on Thu, 03/17/2016 - 16:19

The U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI) today released a new Quarterly Report detailing how the program continues to help small businesses access capital. More than $1.3 billion has been deployed nationwide, helping boost local economic development efforts and supporting greater levels of private sector lending to small businesses. States have now drawn 95 percent of the nearly $1.5 billion of available funds.

“The State Small Business Credit Initiative has helped states develop strong financing programs that make it possible for some of the nation’s

RRCF Supports 6 Businesses & One Investment Involved in major merger in 2015

on Mon, 01/04/2016 - 16:39

The Red River Corridor Fund (RRCF) finished its third full year of operations by providing collateral support for six key community projects in 2015. Over $960,000 in collateral support was issued in 2015 to unlock $2.5 million in private sector financing for new and expanding businesses in 5 North Dakota communities, Cooperstown, Grand Forks, Langdon, Napoleon, and Wahpeton.

The nature of the businesses supported by the Red River Corridor Fund covers a broad range and include retail, manufacturing, biotechnology, and agriculture processing.  

“We are proud of the projects we played a role

Medovex Corp. Closes Acquisition of Streamline, Inc.

on Wed, 11/18/2015 - 16:22

Medovex Corp.a developer of medical technology products, announced in March that it had closed the acquisition of Streamline, Inc., a Minneapolis, Minnesota-based medical technology company. Streamline shareholders approved the transaction at a meeting held March 25, 2015.

Medovex will now combine Streamline's expertise in patient safety oriented specialty medical equipment with its vision for acquiring and developing medical technology that solves significant challenges faced by health care providers.

RRCF supports 3 area businesses in March

on Thu, 04/30/2015 - 13:36

The Red River Corridor Fund had a busy March, providing over $460,000 in collateral pledges that supported $1.3 million in loans for 3 area small businesses in Cooperstown, Grand Forks, and Christine, North Dakota. Activity picked up in March after a busy 2014 and the RRCF is looking to support several deals in May. The supported business cover a wide range of sectors which include a biotechnology company, manufacuring firm and furniture refurbishing retailer.

In addition, the management team will be attending the SSBCI 2015 Annual Conference in Washington D.C.

U.S. TREASURY AWARDS $1.1 MILLION TO RRCF for NORTH DAKOTA’S SMALL BUSINESSES

on Wed, 03/11/2015 - 16:21

The U.S. Treasury Department today announced that North Dakota’s Red River Corridor Fund has received $1,167,461 in State Small Business Credit Initiative (SSBCI) funds to help small businesses access the capital they need to grow and create jobs.  To date, $3,433,709 in SSBCI funds have been disbursed to the Red River Corridor Fund to support businesses and the local economy.

Red River Corridor Fund has strong 2014 - supports 8 businesses

on Wed, 02/11/2015 - 20:35

2014 proved to be a banner year in the relatively short existence of the Red River Corridor Fund (RRCF).   The RRCF deployed both the first and second disbursement of funds from the U.S. Department of Treasury’s SSBCI (State Small Business Credit Initiative) program in 2014. Since the inception of the program in September 2012, the RRCF has invested close to $2 million through the Collateral Support Program (CSP) and Seed Capital Network (SCN) program.

In 2014 alone, the RRCF supported 8 businesses through the CSP with 6 of those coming in the second half of the year.

Dentist and Nursery/Garden Center the latest businesses to receive CSP

on Fri, 01/02/2015 - 22:47

The RRCF wrapped up 2014 by extending collateral support to several important community businesses in two consortium communities. The projects include a dental practice in Carrington and nursery and garden retailer in Ellendale. Financing was used to purchase equipment, make leashold improvements, and new construction. "We finished 2014 strong by extending collateral support to these 2 great community businesses in December" said Ryan Aasheim, Business Development Manager of the Red River Corridor Fund.

U.S. TREASURY AWARDS MORE THAN $1.1 MILLION TO NORTH DAKOTA’S RED RIVER CORRIDOR FUND

on Fri, 09/26/2014 - 15:51

The Red River Corridor Fund (RRCF) has secured an additional $1,133,124 in funding for the state’s small businesses through a second disbursement from the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI). Funding will be used to provide collateral support and direct equity investment to assist businesses with much needed capital funding for expansion, growth, and startup. 

The RRCF was awarded a total allocation of $3,433,709 million in September 2012. To date, the federal funds have generated $3.02 million in private sector financing to North Dakota businesses.

RED RIVER CORRIDOR FUND PROVIDES $172,500 TO SUPPORT DENTAL PRACTICE

on Wed, 08/06/2014 - 15:49

The Red River Corridor Fund (RRCF) has provided $172,500 through its Collateral Support Program for the purchase of equipment and transfer of ownership of the only dental practice in Grafton, North Dakota which serves Cavalier and surrounding communities in northeast North Dakota. The dental practice will provide standard dental care as well as serving as one of the few practices in the region providing full root canal procedures outside of Grand Forks. 

The financing was issued by Farmers & Merchants National Bank out of Fargo.

RED RIVER CORRIDOR FUND PROVIDES $150,000 TO SUPPORT REGIONAL CONSTRUCTION FIRM

on Thu, 06/05/2014 - 19:15

The Red River Corridor Fund (RRCF) has provided $150,000 through its Collateral Support Program to support equipment financing for a regional construction firm that serves Jamestown and several other eastern North Dakota communities. Funding could help create up to 10 jobs and utilize local materials suppliers 

“We are very happy to work with Dacotah Bank on this financing to assist a growing company” Ryan Aasheim, business development manager of the Red River Corridor Fund, said.

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