RDFC offers programs to develop rural communities

The Rural Development Finance Corporation (RDFC) is a North Dakota nonprofit finance and development corporation whose member-owners include the North Dakota Association of Rural Electric Cooperatives (NDAREC), the Broadband Association of North Dakota (BAND), and all of North Dakota’s electric and telecommunications cooperatives. RDFC encourages economic diversification and community vitality by generating funding that supports sustainable asset building.

Community Capital Loan Fund
The goals of this program are to:

• Assist local development organizations.
• Assist political subdivisions in leveraging additional capital to finance business and community economic development activities.
• Provide microloans, establishing or enhancing revolving loans.
• Provide community loans for residential property or industrial park development, infrastructure, and projects involving essential services.
• Provide other uses considered on a case-by-case basis. RDFC funds must be matched dollar for dollar and be repaid in 10 years or less.

Participation Loan Fund
The purpose of this loan fund is to expand lending capacity to primary sector businesses and the expansion of start-up retail and service-based businesses. The funds can be used for structural improvements, equipment, and expenditures that will enhance the overall image of the business and commercial districts in rural communities.

PACE/Flex PACE Community Loan Fund
This program partners with the Bank of North Dakota (BND) and refers to the guidelines BND uses to administer its interest buydown incentive program (PACE and Flex PACE).

The funds are used to help rural communities leverage the interest buydown. Eligible projects typically include structural improvements, equipment purchases, and expenditures that will enhance the overall image of a business or the commercial district of a rural community and/or provide necessary services. Loans are targeted toward projects that create or retain jobs, add new products or services, and/or construct, renovate, or expand rural businesses.

Grant Program
Quality of life is a fundamental value that drives RDFC’s efforts. This is emphasized through the grant program. Each year, RDFC provides $3,000 in grant funding to each member cooperative, allowing them to develop and aid the communities they serve in a practical and actual way. Below is a list of CCEC’s past two years’ grant recipients.

• Arthur Rural Fire Protection District
• Hunter Fire Department
• Valley City Barnes County Rescue Squad
• Wimbledon Fire Protection District
• North Country Trail
• Sheyenne River Water Trail

“One of Cass County Electric Cooperative’s core principles is Concern for Community,” said Paul Matthys, CCEC vice president of member services. “These grants are one way of helping to ensure that our rural communities enjoy a vibrant and fulfilling quality of life.”

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