Lewis & Clark Regional Development Council (RDC) has approved loans through the North Dakota Opportunity Fund for interim financing to purchase and upgrade a business condominium in Bismarck that will house Solid Rock Music.
The North Dakota Opportunity Fund will also be used to finance the local match to the Bank of North Dakota’s Flex PACE interest buydown program.
A portion of the long-term financing for this project will also be completed by Lewis & Clark Certified Development Company (CDC) with the SBA 504 loan program. BlackRidge Bank of Bismarck is the lead bank on the project.
About Solid Rock Music: Solid Rock Music will be a full service music instrument retail store selling guitars, basses, drums, keyboards, pro-audio, lighting, recording gear, and accessories. The store will also rent sound equipment for weddings and events.
Owner Matthew Markel, who has more than 12 years experience in music retail, created the business to fill a need in the community noting the limited options for musical lessons and instrument repair in the Bismarck area. He anticipates his target customer to be music students, church groups, semi-professional and hobby musicians.
Solid Rock Music will be located at 1317 Tacoma Avenue Suite 203 in Bismarck.
About the North Dakota Opportunity Fund: The North Dakota Opportunity Fundleverages private lender financing to help small businesses and manufacturers attain the loans and investments needed to expand or create jobs. A consortium of 38 municipalities across North Dakota are eligible for participation in the program. For more information, contact Matt Burthold at (701) 667-7601 or at firstname.lastname@example.org.
About the SBA 504 Loan Program: The SBA 504 Loan provides businesses with fixed-rate financing for the purchase of long-term assets. Proceeds can be used for the purchase of land, building, and equipment as well as to finance eligible closing costs. The 504 loan is made in conjunction with the borrowers’ local financial institution, which provides a first mortgage for up to 50 percent of the project cost. For more information, please contact Tracy Whitney at (701) 667-7602 or at email@example.com.