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.
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.
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.
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.
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.
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.