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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

             

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.

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.

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