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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. “The RRCF is unique because it was a brand new program when we rolled it out at the end of 2012.” said Ryan Aasheim, Business Development manager. “As a result, it took some time to build up the awareness and get lenders comfortable with a new program.  Somewhere the word got out and in 2014 we saw an explosion in activity”.

“Our bank was very pleased with the quick turn-around and the ease of documentation for the loan we requested support for” said Aaron Tschosik of Starion Financial.  The program fills a critical need by providing collateral in the form of a certificate of deposit that is pledged as additional collateral for a small business loan.  This support is instrumental in moving some good, creditworthy projects forward.”

Some of the 2014 highlights and economic impact of the RRCF include:

  • $1,361,000 in collateral support provided for 9 loans totaling $3,010,211
  • 8 businesses supported in 7 communities including – dental offices in underserved rural communities, an ag equipment dealer, a start-up floral retailer, new construction for a nursery & landscaping retailer, and others
  • 6 new Partner Banks added
  • 70 jobs created and retained
  • $399,600 – annual wages of new full time employees
  • $8.5 million – annual 2013 revenue of businesses supported

In September the RRCF and Consortium of Participating Municipalities welcomed a representative from Treasury for visits to Carrington and Valley City to meet with members of the consortium, participating lenders and borrowers who were supported by the RRCF program. The representative had positive feedback about his experience which included this comment “The results speak for themselves and are a testament to your sustained efforts and commitment to all 36 communities in the consortium”.

Looking forward, 2015 is shaping up to be another strong year with a solid pipeline of project in development and exploration of new and innovative opportunities to leverage the RRCF program to impact small business throughout the region.

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