Business Loan Programs

Red River Regional Council

The RRRC provides financing to new and expanding businesses within Grand Forks, Nelson, Pembina, and Walsh Counties through four loan programs:

  • Catalyst Fund – New Fall 2020
  • Red River Revolving Loan Fund (RLF)
  • Progress Fund
  • Community Development Loan Fund (CDLF) (in partnership with the ND Department of Commerce)

Each of these programs is used to provide gap financing – to help finance a gap that can be left after equity and bank financing have been maximized.

Job Development Authorities

The RRRC also manages the Nelson and Pembina County Job Development Authorities (JDAs).  The JDAs can provide funding in the following forms:

  • Bank of North Dakota (BND) Flex PACE – an interest rate buydown program that can reduce a bank loan interest rate up to five percentage points. JDA funding is provided in the form of a deferred loan as match to BND’s grant.
  • Direct Loans – typically under $10,000.

With the exception of the Catalyst Fund, all of these programs are designed to follow a lead lender.

More details here …

Loan Program Application Requirements

  • Business Loan Application
  • Resume(s) for all owners
  • Organizational Papers and copies of necessary permits/licenses to operate the business
  • Business Plan
  • Interim Financial Statements (most recent month-end)
  • Financial Projections with assumptions for at least the first 2 years of operation
  • 2 years of Business Tax Returns
  • Business Debt Schedule
  • Bank Commitment Letter
  • Personal Financial Statement(s) for all owners
  • 2 years of Personal Tax Returns for all owners
  • Evidence of at least 10% equity available (copy of bank statement)
  • Detailed list of available collateral and associated values