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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

             

TREASURY’S STATE SMALL BUSINESS CREDIT INITIATIVE HAS DISBURSED MORE THAN $1 BILLION TO SPUR SMALL BUSINESS LENDING

on Tue, 03/11/2014 - 22:15

The U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) today released a new quarterly report showing that the program has now disbursed more $1 billion to state economic development agencies to support small business lending and investment. The new report also found that those state agencies accelerated their use of SSBCI funds in 2013, more than doubling the amount reaching small businesses or investment funds when compared to the end of 2012.

The Treasury report supports a proposal in President Obama’s FY 2015 budget released this week to extend the program

RED RIVER CORRIDOR FUND LAUNCHES FIRST ANGEL FUND INVESTMENT

on Tue, 01/28/2014 - 17:30

The newly formed Red River Angel Fund has made a $250,000 equity investment into a local medical device firm, Streamline, Inc. which conducts manufacturing operations in southeastern North Dakota. This investment was made possible by the deployment of $125,000 through the Red River Corridor Fund’s Seed Capital Network Program and matching contribution from a private investor group.

The funds will primarily be used to support sales, distribution, production, and marketing efforts and could create up to 8 high paying jobs for the region.

RED RIVER CORRIDOR FUND PROVIDES $112,500 TO HELP OPEN VALLEY CITY MOVIE THEATER

on Tue, 10/08/2013 - 21:49

The Red River Corridor Fund (RRCF) has provided $112,500 through its Collateral Support Program (CSP) to secure financing that will be used to re-open a movie theater in Valley City, N. D. The financing will support building renovation and equipment upgrades and could create 10 jobs.

“We are thrilled that the Red River Corridor Fund was able to help assist Dacotah Bank to extend much needed credit that allowed the borrowers to bring this valuable community amenity to Valley City.” Ryan Aasheim, business development manager of the Red River Corridor Fund, said.

RED RIVER CORRIDOR FUND PROVIDES $400,000 TO SUPPORT ND MANUFACTURER

on Tue, 06/04/2013 - 14:07

The Red River Corridor Fund (RRCF) has recently deployed $400,000 through its Collateral Support Program (CSP) to fund a $1 million working capital loan in northeastern North Dakota. The financing will support operations of a local manufacturer and result in the creation 21 jobs.

The funding for this project is the first transaction of a Red River Corridor Fund’s project to support North Dakota small businesses by increasing access to capital and credit. Under the State Small Business Credit Initiative (SSBCI) program, the RRCF is mobilizing more than $3.4 million issued by U.S.

RED RIVER CORRIDOR FUND RECEIVES $3.4 MILLION TO INVEST AND LEND IN SMALL BUSINESS

on Mon, 10/22/2012 - 15:37

The U.S. Department of the Treasury has announced the approval of a State Small Business Credit Initiative (SSBCI) application from the Carrington Consortium of 36 municipalities in North Dakota.  The planned use of SSBCI funds by these municipalities will help create new jobs and is expected to spur more than $34 million in additional small business lending.

“The funds headed to North Dakota will help facilitate the access to capital small businesses need to grow, create jobs, and support families in communities across the state,” said Treasury Deputy Assistant Secretary Don Graves.