The Hair Academy in Bismarck is under new management and the North Dakota Opportunity Fund helped make the purchase possible.
Co-owning couples Colton and Samantha Shoults and Jordin and Andrea Birst officially purchased the business on August 2.
The couples secured financing through Starion Financial, which in turn used the North Dakota Opportunity Fund to help fund a portion of the purchase. For both couples, it was another chance to work with Lewis & Clark Development Group.
“We have used LCD Group in the past on other business opportunities and we were fortunate to once again have their assistance with our new business venture,” says Andrea Birst, who, along with Samantha Shoults, oversees the academy.
The Hair Academy was established in 2005. Since opening its doors, the academy has attracted students from across North Dakota. It is the only cosmetology school in the Bismarck-Mandan area and one of three in the state.
Birst, who oversees the curriculum and directs instructors, says the school currently has 31 students enrolled with another 20 slated to begin training in September.
For her part, Shoults directs operations, which includes finances, regulatory compliance and reporting. When necessary, she will assist on the floor with instruction and work with the academy’s customers who provide the students with hands-on training.
In addition to helping with the purchase of the property, the NDOF loan will also be used to finance the local match to the Bank of North Dakota’s Flex PACE interest buydown program.
“What I like most about the North Dakota Opportunity Fund is how innovative and simple it is in meeting the lending needs of small business owners like the Shoultses and Birsts,” says LCD Group Commercial Lending Director Matt Burthold.
“And it’s always great to have clients, like them, who come back to us for help on other projects.”
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.
“Starting a new business is not an easy process. It is important to do your research and seek out as much help as possible,” advises Birst.
“Fortunately, LCD Group offers valuable support for entrepreneurs. We recommend every small business owner look into the opportunities LCD Group has to offer. They are great to work with.”
The Hair Academy is located at 2101 East Broadway Avenue in Bismarck. More information about the school may be found at www.hairacademynd.com.
To learn more about the North Dakota Opportunity Fund and LCD Group’s other business loan programs, contact Matt Burthold at (701) 667-7601 or at firstname.lastname@example.org. Additional program information may be found online here.
Photo provided by Andrea Birst. From left to right: Andrea Birst, Samantha Shoults, and Carole Bosch, former owner of The Hair Academy.