SBA 504 Loan helps Elite Cabinets & Building Supply open in Watford City

Lumberyards play an under-appreciated but very critical role in local economies. The closure of one lumberyard in one community has a ripple effect throughout the surrounding region. With local choices limited, area contractors have supplies shipped in, which increases lag time for them and, most importantly, costs for clients.

Contractors and residents in Watford City know this all too well, which is why they – along with many others – are celebrating the recent opening of Elite Cabinets & Building Supply LLC.

The former Watford City Lumberyard and Ace Hardware location has now been reopened and reimagined by owners Josh and Becki Andersen. It also the second Elite location in western North Dakota. The Andersons also own and operate Elite Cabinets & Building Supply in Killdeer.  

During the last few years, many commercial and residential construction projects were delayed due to limited access to local building supplies. And it could not have come at a worse time for Watford City. 

At the height of the Bakken boom, Watford City saw its population explode from around 1,700 residents in 2010 to more than 6,200 residents a decade later. The population has now stabilized but the demand for construction has remained consistently strong.

SBA 504 Loan Made a Difference

Seeing an opportunity, the Andersons worked with lenders Kelly Peterson and Sydney Schieffer at First International Bank & Trust to purchase the location.

Through their lenders, the couple was connected to LCD Group’s Senior Lending Director Ashley Hruby who helped them secure an SBA 504 Loan. The loan helped the Andersons with construction improvements to the location and equipment purchases.

“It’s always a pleasure to work with lenders like Kelly and Sydney who creatively design the best beneficial financing package for the borrowers. The SBA 504 Loan exists to help small business owners like the Andersons, who have now achieved a big win that benefits Watford City and the surrounding area,” says Hruby.

Learn More: Click here to learn more about how the SBA 504 Loan works and how LCD Group can help grow your small business.