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 three loan programs:
- Red River Revolving Loan Fund (RLF)
- Progress Fund
- Community Development Loan Fund (CDLF)
Each of these programs are 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.
All of these programs are designed to follow a lead lender.