“A solid return on investment”: NDOF provides annual support for Small Business Development Centers

Since 2012, the North Dakota Opportunity Fund has disbursed almost $35 million in loan proceeds to businesses located throughout its consortium of 38 North Dakota communities and municipalities. 

For several years now, the NDOF steering committee has awarded an average of $15,000 annually to help meet the operational needs of North Dakota Small Business Development Centers (SBDC) throughout the state.

Working Towards the Same Goal

“We really view the Small Business Development Centers to be partners,” says LCD Group Commercial Lending Director Matt Burthold.

“We are all working towards the same goal, which is expanding starting and growing new small businesses in North Dakota. We’ve received clients from the SBDC and we’ve referred many clients to them. It’s only logical for NDOF to help the SBDC with their operational needs,” adds Burthold.

The mission of North Dakota SBDCs is to provide services that power the creation, growth, and success of small businesses in the state. SBDCs provide a team of credentialed advisors that provided expertise, insights, and connections to help small business owners and entrepreneurs.

SBDCs Provide an Effective Service Delivery Network

SBDCs are part of a national SBA economic development program. North Dakota’s SBDCs are operated through the University of North Dakota.

According to Tiffany Ford, SBDC director, the centers provide a network that serves as effective service delivery system for all small businesses throughout the state.

Each service center is staffed by Center Director or Business Advisor who provides specialized training on various aspects of business management and entrepreneurship. SBDCs offer specialized and personally tailored one-on-one advising and act as referrals for lenders, economic developers, and organizations like Lewis & Clark Development Group.

Numbers Highlight SBDCs’ Impact

“The numbers show the impact our centers have on communities within the NDOF consortium,” says Ford.

She points out the program operates centers across the state, those in Minot, Williston, Bowman, Dickinson, Bismarck, and Fargo, along with a virtual access center in Beulah, directly benefit NDOF consortium communities.

“Last year, we served 1,175 clients and helped start 67 new businesses in those communities,” notes Ford who adds that, in 2023, the work of the North Dakota SBDC helped small business clients within the NDOF consortium access more than $52 million in capital.

“That’s what I call a solid return on a 15,000 dollar investment for our Opportunity Fund communities,” says Burthold.

Click here to learn more about North Dakota’s Small Business Development Centers

For more information about the North Dakota Opportunity Fund, visit LCD Group’s website or contact Matt Burthold at (701) 667-7601 or at matt@lcdgroup.org.