Lewis & Clark Development Group, through the North Dakota Opportunity Fund (NDOF) recently approved and funded a loan to Integrity Auto & Diesel Repair of Williston for interim financing to purchase a commercial building.
Integrity Auto and Diesel Repair started two years ago by Nathan Jorgenson, Eric Quale, Mitch Bogue, and Nathan Kennedy. They have been busy since they started with bookings consistently two to four weeks out over their first two years. They have been in a small two bay shop in the northwest part of Williston and found a bigger shop in a better location 4989 140th Ave NW in Williston that will substantially increase exposure, efficiencies and growth.
The North Dakota Opportunity Fund worked with the owners and Integrity’s lender, First International Bank in Williston to put the financing together.
LCD Group Commercial Lending Director Matt Burthold says this project highlights how the NDOF fuels expansion projects.
“The North Dakota Opportunity Fund loan for the interim financing provides small businesses and lenders a needed additional partner for financing expansion projects like Integrity Auto & Diesel Repair,” adds Burthold.
“Our involvement allows the lender to mediate its risk in the interim financing on projects they may be more tentative on financing without it.”
LCD Group oversees the North Dakota Opportunity Fund, an innovative program that leverages private financing to help small businesses, like Integrity Auto and Diesel Repair, attain loans and critical investments needed to expand and create jobs. A consortium of 38 municipalities across North Dakota is eligible for participation in the program.
Want to know what else is available with the North Dakota Opportunity Fund and in LCD Group’s small business tool box?