Word is getting out, inquiries coming in about NDOF Collateral Support Program

Back in May, after interest from lenders across the state, the North Dakota Opportunity Fund (NDOF) Steering Committee created a collateral support program. 

The program establishes pledged case collateral accounts with lending institutions within the NDOF’s consortium of 38 communities throughout North Dakota. Through these accounts, qualifying business are able to enhance their loan collateral through more favorable terms and conditions.

Within months of its launch, the NDOF Collateral Support Program is having an impact.

LCD Group Commercial Lending Director Matt Burthold reports that the NDOF Loan Committee has approved two collateral support transactions with funding currently pending.

“We have two businesses in the NDOF consortium communities that are well on their way to obtaining funding for collateral support to complete the financing. The program is working as it was intended,” adds Burthold.

Rather than provide direct financing to business, NDOF’s Collateral Support Program pledges collateral to the lead lender to allow for additional funding for the business. 

“The program is giving lenders another option from the North Dakota Opportunity Fund to fit the unique financing needs for clients,” said Burthold. “As the word gets out, we are receiving more inquiries from lenders and businesses. I’m seeing an increase in interest throughout the consortium.”

About the North Dakota Opportunity Fund

The North Dakota Opportunity Fund leverages private financing to help small businesses and manufacturers attain loans and investments needed to expand and create jobs.

Lewis & Clark Development Group manages the fund on behalf of 38 North Dakota municipalities. Since its inception in 2012, the NDOF has disbursed $29.9 million in loan proceeds. 

Learn More: Click here for more information about the North Dakota Opportunity Fund.

Put LCD Group’s Expertise to Work for You: LCD Group’s Commercial Lending Director Matt Burthold can help your small business. Contact Matt today at (701) 667-7601 or at matt@lcdgroup.org.