An ideal candidate and example of how the North Dakota Opportunity Fund helps small businesses

The North Dakota Opportunity Fund enters its tenth year in hot demand. Last year was the busiest in the program’s history and all indications are 2022 will be no different.
 
This past month, NDOF recently participated in a financing package for Xiphos Technical Services. The small business is currently located in Plaza, North Dakota and was started in 2014 to provide project management and inspection services for energy companies, utilities, and contractors operating in western North Dakota.
 
The business, one of many born to meet the Bakken boom’s demands, has endured the fluctuations in the energy economy and has maintained consistent profitability.

“Xiphos is an ideal candidate for the North Dakota Opportunity. They checked all the boxes we look for in a small business,” says LCD Group Commercial Lending Director Matt Burthold.

“We’ve supported many small oil and gas industry related businesses and Xiphos fits the mold of our other clients. They have a solid business model and provide a range of in-demand services. While they are industry-specific, they are diversified within the industry they serve,” notes Burthold.
In addition to project management and inspection services, Xiphos’ services also includes pipeline and facility inspection, project management, Fusion certification, pigging and maintenance, staffing solutions, consulting, design, fabrication, welding, blasting and coating.
 
Xiphos’ steady growth over the years made an expansion necessary. The company received NDOF financing to help fund a portion of the purchase of a five-acre commercial property in Williston, which will be developed into the company’s new headquarters. In Xiphos’ case, it worked with its lender, Gate City Bank, and the Bank of North Dakota on the project. NDOF funds were also used for the local match of the BND Flex PACE Interest Buydown Program.
 
“Once again, the North Dakota Opportunity Fund helps mitigate the risk for lenders and fits perfectly in filling gaps to make projects like this a reality,” says Burthold.

Leveraging funds to expand opportunity across North Dakota

The North Dakota Opportunity Fund leverages private financing to help small business owners attain loans and investments to expand and create jobs. 

LCD Group manages the fund, which is available in 38 municipalities across the state.

Click here for more information about the North Dakota Opportunity Fund or contact Matt Burthold at (701) 667-7601 or at matt@lcdgroup.org.