Hoeven Announces $1.1 Million Treasury Award to the Red River Corridor Fund to Support Loans to Local Businesses

WASHINGTON – Senator John Hoeven today announced the U.S. Treasury Department has awarded more than $1.1 million to the Red River Corridor Fund, which will use the funds to leverage greater private lending and investment for local, small businesses looking to grow and hire. The award is made through the Treasury’s State Small Business Credit Initiative (SSBCI), which seeks to supplement new and existing state programs that support lending to small businesses and manufacturers.

“North Dakota’s investment in a pro-growth business environment has been a tremendous success, providing our people with good jobs and increased prosperity,” Hoeven said. “That growth continues because our small businesses and entrepreneurs are always pursuing new opportunities to expand their operations and diversify our economy. However, such opportunities can only be realized if our businesses have access to the capital they need to invest, grow and hire. Today’s award will help ensure that access.”

The Red River Corridor Fund represents a consortium of 36 North Dakota communities led by the City of Carrington. North Dakota participates in SSBCI through two groups of communities, including Carrington’s Red River Corridor Fund and the City of Mandan’s Lewis and Clark Regional Development Council, which represents 38 other North Dakota municipalities. To date, the Carrington and Mandan consortiums have received more than $12 million in SSBCI funds to support businesses and the local economy.

As a member of the U.S. Senate Appropriations Committee, Senator Hoeven is working to support programs that empower economic growth and small business development.