Lewis & Clark Development Group recently approved a loan package, in partnership with lead lender Starion Bank of Mandan, to assist Ideal Tire, LLC to own and operate the Big O Tire Store.
LCD Group provided approximately 35 percent of the total financial package, which includes funding from:
- Intermediary Relending Program (IRP) Mandan Fund for the local match of the Bank of North Dakota’s Flex PACE Interest Buydown program,
- Revolving Loan Fund (RLF) for working capital,
- North Dakota Opportunity Fund for the interim construction, and
- The SBA 504 loan program for long-term improvement financing.
“This is a textbook case of our ability to marshal as many financing options as needed to assist small businesses,” says LCD Group Commercial Lending Director Matt Burthold. “We are able to draw from many funding sources to help make projects like this a reality.”
Big O Tires is North America’s second largest retail tire franchisors with nearly 400 independently owned and operated locations in 21 states. The chain was founded in 1962 by a group of independent tire dealers who banded together to form a tire-buying cooperative so they could secure volume pricing and successfully compete against the major tire manufacturers’ company stores. The concept worked. Today, Big O Tires stores provide customers with a broad array of automotive services in addition to quality tires, wheels, and accessories.
The Mandan store is located at 2801 Memorial Highway in Mandan and is owned and operated by Randy Rhone, Ben Zachmeier, and James Schwartzbauer.