One of the real, if sometimes under-appreciated, benefits of Lewis & Clark Development Group’s Revolving Loan Fund are the significant impacts it has on communities.
The fund, which provides critical capital to businesses, is helping many of these businesses meet essential community needs throughout Lewis & Clark Regional Council’s ten-county region. A great case in point is McClusky-based Quality Electric.
Established in 2012, Quality Electric first provided clients with panel upgrades on homes and mast change outs following storms. From these small jobs, the business quickly expanded to trenching in new underground electricity into homes and farms, replacing overhead lines.
Now, six years later, the firm employs two full-time and two part-time employees providing services for 500 commercial, residential, and farmstead customers throughout central North Dakota.
Quality Electric’s expansion is thanks in large part to LCD Group’s Revolving Loan Fund, which helped the woman-owned business purchase assets, provide working capital, and assist in loan refinancing with American Bank Center to allow for continued operations.
This assistance was critical as McClusky had been in need of electrical contracting services for several years. As a result of the refinancing, Quality Electric now provides the services of an on-call local electrician, bringing area homes up to code, and teaching electrical safety within the community and throughout the area.