NDOF Collateral Support Program helps two businesses meet their unique financing needs

Two western North Dakota businesses have  benefitted from the North Dakota Opportunity Fund’s Collateral Support Program. The new program was created in May in response to interest from lenders across the state.

The program establishes pledged case collateral accounts with lending institutions within the NDOF’s consortium of 38 North Dakota communities. Through these accounts, qualifying small businesses are able to enhance their loan collateral through more favorable terms and conditions.

Which is exactly what Hazen’s Surge Aesthetics and 360 Nutrition in Williston were able to do.

Surge Aesthetics of Hazen

Started in 2016, Surge Aesthetics LLC is a med spa in Hazen. Owners Corrie and Tim Rogness and their employees provide a range of medical and non-medial services for clients in the Hazen area.

Medical services provided by Surge Aethetics inculdes injectables such as Botox, Dysport, Juvederm fillers, Kybella, and Sculptra. A variety of laser services are provided including hair reduction, tattoo reduction, and spider vein reduction. CoolSculpting and Morpheus 8 treatments are also offered. These are all provided along with non-medical services such as facials, eyelash extensions, and more. 

The Rognesses worked with Capital Credit Union’s Ryan Welder, who worked with LCD Group to secure assistance through the NDOF Collateral Support Program.

360 Nutrition of Williston

Katalin Quale is a registered dietician who has worked in the fitness and wellness industry for more than a decade. Quale’s business, 360 Nutrition, combines her twin passions for nutrition and cooking. Located at 215 West Highland Drive in Williston, 360 Nutrition sells clothing, cooking supplies, supplements, footware, and, now, on-the-go healthy meal options.

One of the transformative impacts of the energy boom, according to Quale, is more Williston residents find themselves working longer hours with less time to prepare healthy meals and maintain healthy diets. 360 Nutrition seeks address this challenge by offering fast, fresh, and delicious “grad and go” foods that promote a healthy lifestyle. Seeing both a demand and an opportunity, Quale’s future plans include opening a meal preparation service. Quale’s lead lender is First State Bank & Trust of Williston where she worked with loan officer Skye Olson.

Working as Intended

LCD Group Commercial Loan Director Matt Burthold says the Collateral Support Program is working as intended and that both Surge Aesthetics and 360 Nutrition are, in his words, “prime examples of this.”

“Both of these clients have used the programs to enhance their loan collateral,” says Burthold. “The advantage for both Surge Aesthetics and 360 Nutrition is that for their respective lenders, the Collateral Support Program is able to allow for additional funding for both businesses.”

Burthold says the program is giving lenders another financing option for their clients. 

“Surge Aesthetics and 360 Nutrition offer niche services. Oftentimes, these types of businesses have unique financing needs and the NDOF Collateral Support Program is perfectly suited to meet those needs.”

About the North Dakota Opportunity Fund

The North Dakota Opportunity Fund leverages private financing to help small businesses and manufacturers attain loans and investments needed to expand and create jobs.

Lewis & Clark Development Group manages the fund on behalf of 38 North Dakota municipalities. Since its inception in 2012, the NDOF has disbursed $29.9 million in loan proceeds. 

Learn More: Click here for more information about the North Dakota Opportunity Fund.

Put LCD Group’s Expertise to Work for You: LCD Group’s Commercial Lending Director Matt Burthold can help your small business. Contact Matt today at (701) 667-7601 or at matt@lcdgroup.org.

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