Lewis & Clark Development Group continues to assist energy businesses in western North Dakota. The latest company to benefit from LCD Group’s services and programs is Williston-based Nova Energy, LLC.
Formed in 2012, Nova Energy is an oil field services firm owned and operated by Ed Ringen and his son Alan Ringen. Among the services the firm provides are salt water disposal, well monitoring, flow testing, and roustabouting.
Nova Energy currently employs around 100 people but that number is growing. According to Ed Ringen, demand is increasing, which necessitated the need to look for a new location to house Nova Energy’s operations.
“We’ve added a few clients and we needed to expand our business. Being able to work with Lewis and Clark really helped us be able to do that,” says Ringen.
LCD Group provided loans through the North Dakota Opportunity Fund for interim financing and for the local match to the Flex PACE interest buydown program, which allowed Nova Energy to purchase property located at 14195 Highway 2 West near Williston.
A portion of the long-term financing to Nova will also be completed by Lewis & Clark Certified Development Company (CDC) with the SBA 504 program. The lead bank is First International Bank in Minot. The Bank of North Dakota also participated on this project.
“Lewis and Clark made it possible for us to expand and continue to employ people in the Williston area,” added Ringen.
For more information about LCD Group’s business loan programs, please contact LCD Group Commercial Lending Director Matt Burthold at (701) 667-7601. Specific questions on the SBA 504 Loan program may be directed to Tracy Whitney at (701) 667-7602.