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Red River Corridor Fund has another strong year in 2017

on Tue, 02/06/2018 - 20:47

The end of 2017 marks the 5th full year of operations since the Red River Corridor Fund (RRCF) was established in 2012. In those 5 years, RRCF has deployed more than $3.5 million in capital resources and induced over $10.7 million in private lending and investment in North Dakota small businesses.

Other 5 year highlights include:
• 25 businesses supported
• 12 partner banks
• 164 jobs created or retained
• $ 1,714,000 – estimated annual wage of supported companies

2017 was another consistent year for the Red River Corridor Fund which provided $379,570 in collateral support to 4 businesses in Langdon, Carrington, and Grand Forks with projects including a bakery, biotech firm, and gym and wellness center. These funds were able to leverage over $1.2 million in private lending, leveraging $3.35 for every $1 of RRCF funds.

"We have continued to have a consistent impact on the communities that we serve by making capital resources more accessible to grow and expand local businesses," said Ryan Aasheim, Business Development Director with the Red River Corridor Fund. "We are looking forward to another impactful year in 2018 including the roll out of several new capital programs and implementation of a number of programmatic updates."

The expiration of the Department of Treasury’s State Small Business Credit Initiative (SSBCI) authorization in 2017 has allowed the RRCF to consider a number of additions and modifications to the current offering of programs. We look forward to announcing the new programs we will be adding to the Fund and adjustments to our rules that will allow the RRCF to create an even greater impact in North Dakota. You can expect an official announcement in the next 2-3 months.