Lewis & Clark RDC, through the North Dakota Opportunity Fund, recently approved and closed a loan for the portion of the funding to secure the franchise. Dakota Western Bank of Scranton is the lead bank on the project.
Thanks to the Lewis & Clark Regional Development Council, Mellmer Tools, LLC of Dickinson has purchased a Snap-on Tools franchise route for Dickinson.
The purchase includes inventory, receivables, equipment and working capital. Snap-on has approved the franchise/asset purchase by Preston Mellmer, who has already operated the route for the last three years. Mellmer will inject cash equity into the project and Dakota Western Bank will participate with Bank of North Dakota in providing the major portion of the funds.
LCD Group Commercial Lending Director Matt Burthold says the Snap-on project adds another lender and community to those benefiting from the Opportunity Fund across the state.
“Using the North Dakota Opportunity Fund in this project gave Preston and Dakota Western Bank a better structure to close the deal,” noted Burthold. “We are pleased to have played a part in the purchase of a business we know will be very successful.”
To learn more about the North Dakota Opportunity Fund, contact Matt Burthold at (701) 667-7601 or at email@example.com.