Fargo dentist Austin Vetter recently found himself in an enviable position. His practice had outgrown its current location. New patients were coming in and his staff of 14 needed new space to accommodate demand.
Vetter knew it was time to relocate. The decision was whether to remodel a location or build new. For him, the preference was to build new as he knew exactly what he needed in a new facility.
“I wanted a state-of-the-art dental clinic that reflected the things that matter most to me. I wanted a clinic that was very modern, full of technology, yet very accommodating to children and families,” said Dr. Vetter.
For the father of four, pediatric dentistry is a passion and having an inviting, warm, and fun environment is highly important.
A Friend’s Referral Had a Big Impact
In developing his plans, Vetter started visiting with his friends and colleagues about how they were able to secure financing to build and expand their clinics. It was during one of those conversations that he learned about the North Dakota Opportunity Fund (NDOF).
“I had a friend in the dental community who used the North Dakota Opportunity Fund and had nothing but great things to say about the program,” said Dr. Vetter.
Together with his lender, Brevara Bank of Bismarck and in cooperation with the Bank of North Dakota (BND), Vetter collaborated with the North Dakota Opportunity Fund to finance the purchase and construction of Vetter Dental’s new office at 3207 11th Street South in Fargo.
“It was a real pleasure working on this project,” said Matt Burthold, LCD Group commercial lending director. “We were able to finance the local community match for BND’s Flex PACE interest rate buydown on the loans used for the permanent financing of the building and the equipment for Dr. Vetter’s new clinic.”
“This was a by-the-book project which achieved exactly what the North Dakota Opportunity Fund was set up to do,” Burthold notes.
Loan Also Helped Vetter Lower His Monthly Payments
In addition to building a welcoming and a top-of-the-line highly equipped facility, the NDOF loan helped Vetter lower his monthly payments.
“The loan has been extremely helpful to me. I am a sole small business owner who built a very large dental office. This loan has helped me lower my monthly payments at the beginning of the ownership, which will allow me to be acclimated to my new debt schedule and slowly prepare me for the full debt payments after a specified time,” said Dr. Vetter. “For me, that’s a huge advantage.”
Another advantage that Vetter notes is how easy it was to work with Lewis & Clark Development Group. “My experience with them was excellent. All my questions were answered. I reached out to them later in the process and they were very helpful, friendly, and fast with the paperwork.”
The NDOF’s impact and the experience with LCD Group has made Vetter a fan and booster of both.
“To me, the North Dakota Opportunity Fund is a no-brainer for any small business,” observes Dr. Vetter. “I’m very happy that I found Lewis and Clark Development Group. They were so easy to work with.”
About Vetter Dental
Vetter Dental offers a complete line of dental services from family dentistry to cosmetic dentistry to restorative dentistry. Dr. Austin Vetter and his team of professionals have earned both the trust of patients and rankings as the highest rated dental practice in Fargo.
Vetter is a North Dakota native who was awarded a full-tuition football scholarship to North Dakota State University where he played tight end. He earned his DDS from Creighton University.
Visit Vetter Dental online to learn more.
About the North Dakota Opportunity Fund
Lewis & Clark Development Group oversees the North Dakota Opportunity Fund, an innovative program that leverages private lending to help small businesses and manufacturers attain the financing needed to expand and create jobs.
Businesses located in the NDOF consortium of 38 municipalities are eligible for participation in the program. NDOF financing can be used for: construction, equipment, working capital, real estate, and interim SBA 504 loans.
Since 2012, the NDOF has disbursed $29.9 million in loan proceeds.
Click here for more information about the North Dakota Opportunity Fund or contact LCD Group Commercial Lending Director Matt Burthold at (701) 667-7601 or at matt@lcdgroup.org today.