July 26, 2017
Seeking business applications for gap financing
For profit businesses with a need for additional financing to complete a capital project, invest in property or equipment, or to shore up their working capital should contact the Red River Regional Council (RRRC).
The RRRC, as part of the economic and business development services they provide in Grand Forks, Nelson, Pembina and Walsh counties in North Dakota, operates two revolving loan funds, the Progress Fund and the Revolving Loan Fund (RLF), both of which have money available to loan. Loans can be requested in a range from $10,000 to $100,000 dollars.
The funds provide what is referred to as “gap” financing to businesses that have purchases or projects in the works that have received some monetary commitments from primary lenders, but need additional funds to round out the total amount of funding required.
According to Dawn Keeley, Executive Director of the RRRC, both funds have been essential to economic and business development in the region. “Since the inception of the funds, we have written 58 loans to businesses that have created 334 jobs in the region,” she said. “Overall, the loan programs have provided over $4.3 million in loans, with more than an additional $59.7 million leveraged from private and other public funds. We encourage any business looking for additional funding for a project or purchase to contact us immediately.”
Businesses interested in a loan from this fund are urged to contact Maggie Suda, economic developer at the RRRC 701-352-3550 or email@example.com. Businesses will need to complete an application. All loans are subject to the approval of the RRRC Board of Directors.