Business
Lending
Let's Get Down to Business
Whether you’re looking to start a new business or grow an existing one, Lake Agassiz Development Group offers lending programs to help you achieve your business goals. Don’t worry about finding the right solution for yourself; our experienced loan team will utilize these programs in conjunction with traditional and non-traditional funding sources to create a custom loan package with rates and terms that fit your business’s needs.
504 Loan Program
As a certified development company, LADG has been originating SBA 504 loans for small businesses across North Dakota since 2004. The SBA 504 program is designed to help start-ups and expanding small businesses thrive and create jobs. The program provides long-term, competitively priced fixed-rate loans for major fixed assets to businesses which have a high probability of success in the marketplace.
Energy Efficiency Revolving Loan Fund
A loan program to provide financing for upgrades and retrofits to increase the efficiency of commercial and multi-family housing buildings in North Dakota. The program will be done in conjunction with financing from a qualified lender and is administered by Lake Agassiz Development Group on behalf of the State of North Dakota and capitalized through a grant from the US Department of Energy.
For-profit businesses or nonprofit organizations who own and operate multifamily residential, commercial, or mixed use properties in North Dakota may apply.
Complete an Energy Audit on the property to be improved. Energy audit questions should be directed to mitch@lakeagassiz.com
Complete the business loan application and submit to tyson@lakeagassiz.com. A secure portal is available to upload associated documents noted in the Application Checklist. Reach out to Tyson to get that set up for your project.
Sign and return the Release and Consent.
- An Energy Audit is required to be completed to qualify for the program. Details on the required format can be found at https://www.energy.gov/sites/default/files/2024-12/rlf-energy-audit-guide_120624.pdf
- Must be in conjunction with a qualified lead lender
- The general amount of funds lent per project is between $50,000 – $1,000,000
- Below market rate interest
- Up to 25 year amortization with 5 year term
- Cannot have any delinquent or charged off debt with the Federal Government
- Davis Bacon Wage Rates do apply to all contractors and subcontractors during construction.
SBA Microloan Program
LADG has been offering the Microloan Program since 1993. The program provides fixed-rate financing for new and existing small businesses in North Dakota and seven counties in Minnesota. Eligible entrepreneurs can access as much as $50,000 for working capital, inventory and equipment needs.
For-profits, start-ups, newly established, and existing small businesses located in the state of North Dakota and the following Minnesota counties: Clay, Traverse, Grant, Douglas, Wilkin, Otter Tail, and Becker.
Complete the business loan application and email to tyson@lakeagassiz.com.
Must demonstrate the inability to get credit elsewhere on request greater than $20,000.
Cannot have any delinquent debt to the Federal Government.
Rural Microentrepreneur Assistance Program
LADG administers the Rural Microentrepreneur Assistance Program for the state of North Dakota. This program provides funds to boost small business development, create new jobs and strengthen economies in rural communities. Entrepreneurs can access as much as $50,000 for working capital, inventory, real estate purchases, supplies, furniture and fixtures, raw materials, machinery and equipment. LADG also offers assistance to entrepreneurs who participate in the program and need access to additional tools to help their businesses succeed.
Recipients may be individuals, public or private organizations or other legal entities allowed to incur debt (existing small businesses must have less than 10 FTEs) located in the state of North Dakota.
Complete the business loan application and email to tyson@lakeagassiz.com.
Must be located in an eligible rural area. Click Here to Verify.
Must demonstrate the inability to get credit elsewhere on request greater than $20,000.
Cannot have any delinquent debt to the Federal Government.
USDA Intermediary Relending Program
This program supports and encourages business development in rural North Dakota communities. Eligible entrepreneurs can access as much as $250,000 or 75% of the total project, whichever amount is lower, for the purchase of real estate, fixed assets, working capital and inventory.
Recipients may be individuals, public or private organizations or other legal entities allowed to incur debt located in the State of North Dakota.
Complete the business loan application and email to tyson@lakeagassiz.com.
Must be located in an eligible rural area. Click Here to Verify.
Must demonstrate the inability to get credit elsewhere on request greater than $20,000.
Cannot have any delinquent debt to the Federal Government.
EDA Revolving Loan
This program began as a grant from the Economic Development Administration in the aftermath of the 1997 flood disaster. The fund is currently available to all businesses in Cass, Ransom, Richland, Sargent, Steele and Traill Counties in North Dakota. Eligible entrepreneurs can access a maximum of $250,000. These funds are usually subordinated to bank financing.
Complete the business loan application and email to tyson@lakeagassiz.com.
LADGrow
The fund is currently available to all businesses in the state of North Dakota. Eligible entrepreneurs can access a maximum of $250,000. These funds are usually subordinated to bank financing.
Complete the business loan application and email to tyson@lakeagassiz.com.