Since 2012, The Red River Corridor Fund (RRCF) has managed a capital resource dedicated to helping small businesses access the capital they need to grow and expand.
In four years we have developed many valued partnership with some tremendous community lenders. Choice Financial Group has emerged as one of the RRCF’s strongest partners in supporting borrowers unlock capital to start and grow local businesses.
The RRCF has been fortunate to support 3 great projects in Langdon underwritten by Todd Borchardt, President of Choice Financial in Langdon. Mr. Borchardt had this to say about his experience using the RRCF Collateral Support Program (CSP):
“We have a lot of capable folks in smaller communities who are eager and willing to start small businesses, and in turn create jobs, but in many cases they just simply don’t have the capital to make their dream happen. We’ve used the Red River Corridor Fund on three occasions now in Langdon to assist business owners in getting started when they otherwise wouldn’t have been able to. Our result has been three very successful businesses that collectively employ many people. Not only that, it’s had a great economic impact in town and kept more cash locally in the community. This program really aligns well with Choice Financial’s people-first mentality in that it allows us to provide our clients some unique opportunities to succeed, while providing Langdon with some great local businesses.”
“From my perspective, this program has really been a win-win for the bank and the client. There’s no more appealing way to collateralize a loan than with cash, and at the same time we are able to increase our deposit base from a funding standpoint.”
The RRCF has supported a wide variety of projects from retail to manufacturing. However, one of the more unique projects is a business in Grand Forks commercializing biotechnology breakthroughs. This business was financed by Eddie Sheely, Business Banking Officer at Choice Financial. He commented:
“Working with the Red River Corridor Fund has been a good experience. The RRCF’s Collateral Support Program has helped support a Biotechnology company that is working on bringing a new product to commercialization. The approval process was quick and the company received collateral support to help mitigate risk on a term note used for operating capital. The Red River Corridor Fund’s Collateral Support Program is a great tool for bankers to have in their tool belt when looking to help businesses grow.”
The RRCF realizes that deals come in many shapes and sizes and is always interested in visiting with lenders and economic developers to explore opportunities at any stage of development. We want lenders and economic developers to know that we still have capital available and continues to look for good projects that are in need of collateral assistance to secure business financing. Feel free to contact Ryan Aasheim at 701-499-6994 or if you have a project you think might have a role for the RRCF.