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About us

The Red River Corridor Fund (RRCF) is a collaboration of 36 North Dakota Communities with the goal of supporting small businesses by increasing access to capital and enhancing credit programs across North Dakota.  The RRCF was established using funds awarded by the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI) as authorized by the Small Business Jobs Act of 2010. Led by the City of Carrington, Praxis Strategy Group, and Development Capital Networks, the RRCF will manage and administer capital resources to help small business growth and enhance job creation throughout the state of North Dakota.

The RRCF will administer funds using two primary lending and investment programs.

  • Collateral Support Program - provide guarantees to local banks to make qualifying loans to small companies. A typical loan will be for working capital up to $1 million. When extending a guarantee, RRCF will purchase a Certificate of Deposit at the participating bank as additional collateral
  • Angel Capital Program - The Angel Capital Network has been incorporated as the Red River Angel Fund and will support local business development by investing in North Dakota-based angel funds. This will fill an important need for seed and early stage funding for North Dakota entrepreneurs.

 

The Red River Corridor Fund is made up of the following 36 North Dakota communities:

  • Ashley, Bottineau, Bowdon, Buxton, Carrington, Cavalier, Clifford, Cooperstown, Ellendale, Fessenden, Finley, Fredonia, Gackle, Grand Forks, Hannaford, Harvey, Hillsboro, Hope, Jamestown, LaMoure, Langdon, Lehr, Mayville, Milnor, Napoleon, New Rockford, Oakes, Reynolds, Rolla, Rugby, Sharon, Sheyenne, Valley City, Wahpeton, Washburn, Wishek

 

BUSINESS ELIGIBILITY

The U.S. Department of Treasury has established a set of requirements that all businesses must satisfy in order to receive support from the State Small Business Credit Initiative supported Red River Corridor Fund.

Requirements

  • The business must be located within the geographic boundaries of one of the participating municipalities (a waiver may be granted for businesses outside city limits if the investment in question is determined to provide significant economic impact directly to the community)
  • The business must have fewer than 750 employees
  • The borrower cannot be an executive officer, director, or principal shareholder of the participating lender and cannot have a related interest in or be an immediate family member or executive officer, director, or principal shareholder of the participating lender
  • Principals of both borrower and lender cannot have been convicted of a sex offense against a minor