LCD Group oversees the North Dakota Opportunity Fund, an innovative program that leverages private lending financing to help small businesses and manufacturers attain loans and critical investments needed to expand and create jobs.

In addition to providing loans, the NDOF also offers a Collateral Support Program for qualifying businesses.

Businesses located in the NDOF consortium of 38 North Dakota municipalities are eligible for participation in the program.

Frequently Asked Questions


What can the North Dakota Opportunity Fund be used for?
  • Construction
  • Equipment
  • Working Capital
  • Real Estate
  • Interim SBA 504 Loans

What can’t the loan funds be used for?

  • Passive real estate
  • Unguaranteed portion of SBA-Guaranteed loans
  • Any payment of taxes
  • Reimbursement of equity injection
  • Purchase of any business ownership interest
    Who or what is eligible?

    This program is open to businesses. To be eligible, businesses must:

    • Show the ability to service the debt and conduct business
    • Show a commitment to the project
    • Provide satisfactory payment history with other lenders/creditors
    • Have a satisfactory credit history
    • Offer acceptable collateral
    What are the rates, terms, and fees?

    The Loan Participation Program offers rates ranging from four percent (4%) to market rate. Projects that have the highest development impact or provide assistance to underserved persons, or businesses impacted by natural disaster, are eligible for the most attractive rates.

    Terms vary by asset type.

    All loans must be secured with collateral. Security arrangements are determined on a project-by-project basis.

    Loans cannot exceed $1 million and must not exceed more than 50% of the proposed project costs.

      What about collateral?

      All loans must be secured on a project-by-project basis. Loan proceeds may be up to $1 million but must not exceed 50 percent of the proposed project’s cost. For qualifying businesses, the NDOF Collateral Support Program offers additional collateral accounts with lending institutions to enhance loan collateral, which will help businesses obtain financing on acceptable terms and conditions.

      The following is an example of how the new program may help a small business:

      Small Business Expansion Project:
       $500,000 total project; $485,750 value of total collateral available
       $340,025: Lender policy is 70% loan-to-value advance rate
       $75,000: Business is able to provide 15% cash equity
       $84,975: Funding gap challenge

      Solution Provided by the NDOF Collateral Support Program:
       $425,000: Lender loan with an $84,975 Collateral Support Certificate of Deposit (CD)
       $75,000: Borrower Equity

        What is the application process?
        • Call Matt Burthold at 701.667.7601 or inquire by e-mail at for general information
        • Complete the Application form which also lists other required documentation
        • Submit the Application and required documentation to the LCRDC by US Mail or via e-mail to
          • Application must be signed
          • Scanned images of the signed application and required documentation are accepted as originals
        • Complete application package is analyzed and evaluated for program qualification
        • Qualified application packages are underwritten for credit worthiness
        • Qualified, underwritten application packages proceed to the appropriate committee for final approval or denial
        • Applicants are notified of committee approval or denial within 48 hours of the committee’s decision.

        LCD Group’s Regional Loan expert:

        Matt Burthold

        • Commercial Lending Director, Lewis & Clark Development Group (2013 – Present)
        • Business Programs Specialist, USDA Rural Development (1994 – 2013)
        • 35 years of business development and commercial lending experience
        • Certified Economic Development Professional – National Development Council
        • SBA 504 Loan Packaging and Loan Closing Certification – National Association of Development Companies

        Contact Matt

        (701) 667-7601

        Are you an individual, business, or government rep looking for funding?