03.11.15

Hoeven: U.S. Treasury Awards $1.1 Million to Support North Dakota's Small Businesses

WASHINGTON – Senator John Hoeven today announced that the U.S. Treasury Department has awarded North Dakota’s Red River Corridor Fund (RRCF) $1,167,461 in State Small Business Credit Initiative (SSBCI) funds to support small businesses throughout the state. Led by the City of Carrington, the Red River Corridor Fund represents a group of 36 communities throughout North Dakota. The RRCF will utilize the funds as leverage to help small businesses secure more private lending and investments.

“Small businesses are the backbone of our state’s economy, and it is important to ensure they receive the support they need,” Hoeven said. “This funding will help entrepreneurs and small businesses get loans and investments so that they can continue to grow and create good jobs for North Dakotans.”

According to the Treasury Department, North Dakota is taking part in the SSBCI program via two groups of communities that will make the funds available for local businesses. In addition to the cities and towns participating in Carrington’s Red River Corridor Fund, there are 28 other municipalities taking part in SSBCI through the City of Mandan’s Lewis and Clark Regional Development Council.

For more information on SSBCI and Treasury’s other small business programs, please visit www.treasury.gov/smallbusiness. For more information on Carrington’s Red River Corridor Fund, please visit http://www.redrivercorridorfund.com.