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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. The Red River Corridor Fund represents a consortium of 36 North Dakota communities led by the City of Carrington, which will use the funds to leverage greater levels of private lending and investments to small businesses. 

“The State Small Business Credit Initiative continues to help connect sources of capital to the small businesses that need it,” said Jeffrey Stout, Director of the SSBCI program. “These funds will go a long way to provide loans and investments that will allow North Dakota’s small businesses to hire, grow, and further contribute to the local economy.”

“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.”

The Treasury Department has disbursed more than $1.1 billion in SSBCI funds to participating states since the beginning of the program. Small businesses and entrepreneurs need access to capital to build their businesses, and SSBCI is designed to help spur new private sector lending or investment in small companies by leveraging private capital along with the federal support offered by the program. In the first three years of the program, SSBCI helped 8,500 businesses nationwide secure $4.1 billion in loans or investments, nearly $7 in private capital for every $1 of federal support.

SSBCI was created when President Obama signed into law the Small Business Jobs Act on September 27, 2010. Under the program the Treasury Department will award up to $1.5 billion to fund state programs across the country that support small businesses including small manufacturers.  The Treasury Department has awarded allocations to all fifty states based on a formula set by the Small Business Jobs Act that considered population and unemployment levels.  Each participant designs its own small business programs, and the Red River Corridor Fund has implemented a collateral support program and a venture capital program.

To build on the momentum of the program’s success and capitalize on new working relationships among states and small business lenders and investors, President Obama recently proposed an extension of SSBCI in his 2016 Budget with an additional $1.5 billion in funding. A new authorization of the SSBCI program will keep local economic development efforts strong and allow states to continue supporting small businesses, job creation, and leverage greater levels of private lending and investments.

For more information on SSBCI and Treasury’s other small business programs, please visit  For more information on Carrington’s Red River Corridor Fund, please visit



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