2024 ANNUAL REPORT
TABLE OF CONTENTS
Welcome to the Lake Agassiz Development Group’s 2024 Annual Report. In the pages ahead, you’ll learn about two North Dakota businesses that have grown with support from LADG, explore highlights from our history, and review this year’s financial performance. We’re proud to share the progress we’ve made together in 2024 and invite you to take a closer look at the impact of our work.
A LEGACY OF EMPOWERING COMMUNITIES
LAKE AGASSIZ DEVELOPMENT GROUP’S FOUR-DECADE JOURNEY
In the heart of North Dakota, where ambition meets opportunity, the Lake Agassiz Development Group (LADG) has been quietly shaping the destiny of communities for nearly 50 years. From the entrepreneurs who start cutting-edge businesses in their garages to the communities who come together to lift one another up, North Dakota has become a place where resilience and innovation thrive–and LADG is the steadfast partner that has been there every step of the way.
Lake Agassiz Regional Council (LARC):
In the mid-1970s, North Dakota was on the cusp of revolutionary change. Six counties— Cass, Ransom, Richland, Sargent, Steele, and Traill—came together to establish LARC, a regional economic development resource. The U.S. Department of Commerce designated these counties as an Economic Development District in 1975, bringing together the public, private, and non-profit sectors to craft a strategic roadmap for sustainable economic
growth. Federal funding for planning and public works projects flowed in, igniting hope for community growth. Today, LARC continues to augment the work of regional cities and counties and bring federal dollars to area projects.
Lake Agassiz Regional Development Corporation (LARDC):
Dreams come to life in the heart of downtown Fargo. LARDC, born from LARC in 1987, is a birthplace of innovation. Step into our Regional Small Business Center and you’ll find entrepreneurs sculpting their futures. Office space, financial support, and a network of dream-chasers converge here. The SBA Microloan Program, a lifeline for small businesses, finds its home here too, alongside the USDA Rural Microentrepreneur Assistance Program and the USDA Intermediary Relending Program. But LARDC’s impact doesn’t stop at businesses. It extends to homes—senior housing in Wahpeton, Lisbon, Hope, and Page.
Lake Agassiz Certified Development Company (LACDC):
A new chapter began in 2005 when LACDC was born to administer the SBA 504 Program. It’s the story of financing dreams, of real estate purchases and equipment acquisitions that fuel business expansion. Ten leaders, pillars of the community, form the board that oversees this transformative program.
The history of LADG is more than a story of economic development. It’s a story of resilience, hope, and the unshakable spirit of North Dakota. As LADG continues our journey, our commitment to North Dakota remains unwavering. Whether it’s a housing corporation for our senior populations, a SBA 504 loan to eager new entrepreneurs, or assisting vital North Dakota organizations to access grants, we want to be here for all North Dakotans.
The next chapter is unfolding, and together, we’ll write a story of even greater impact.
TEAM
TYSON LYTLE
LADG MICROLOANS IN ACTION:
KIRKWALL CONSOLIDATED OPERATIONAL ASSETS TO FARGO
KIRKWALL MAKING THE MOST OF CENTRALIZED OPERATIONS
Moving smaller businesses forward is a primary focus for micro-loans by the Lake Agassiz Development Group.
Kirkwall, a company dedicated to preserving operational integrity in critical environments, made their move literal when they consolidated operational assets in Fargo last year with help from the LADG, and grew their team.
Kirkwall: Changing The Face of Operational Oversight
Kirkwall’s primary mission is to enable accessible monitoring of sensors in critical environments, and to detect and mitigate anomalies that cause downtime, preserving business operations in agricultural, utilities, manufacturing and hard industry sectors to - “anything that keeps our day-today life going,” noted a representative from Kirkwall. Their proprietary software
“What the loan helped us do is centralize entirely into North Dakota - bring all our assets into that one home location, which removes the need for spending extra money and extra resources trying to travel and transport everything.”
- Kseniya Melk
helps preserve operational integrity in these environments while also working to prevent productivity losses, and if losses aren’t totally preventable: “there’s enough information on the ground to help create an immediate plan of action.”
We’re no longer in a position to get to it when we get to it. The critical time is now.
- Kseniya Melk
Kirkwall as a Start-up
Co-Founder William Cromarty, whose background includes work with national security and intelligence, helped create Kirkwall because he saw many industries have vulnerabilities from both mechanical and human error that needed to be addressed. Kirkwall’s ability to monitor critical systems in real time and rapidly detect anomalies provides tangible, actionable insights that help organizations respond before small issues escalate into costly failures. Last year, Kirkwall’s software identified an error and helped prevent a critical freezer failure, preserving years of cancer research, DNA samples and costly chemical reagent within 30 seconds of incident occurrence. These same processes
can oversee, monitor, and alert operators to a variety of systems, including equipment that relies on infrared, electro-optical, acoustic, chemical, biological, magnetic, MEMS, and other sensors. As Kirkwall notes, “every second counts when dealing with critical assets.”
The Power of Microloans
The LADG microloan helped move Kirkwall forward in several ways. First, it helped to consolidate assets previously spread out across state lines, and establish a robust presence in Fargo. We leaned into the local resources and really ingrained ourselves in the Dakota’s economy,” said a representative of Kirkwall. This allowed the team to put more of their effort into research, development, and expansion. Additionally, the support from the Lake Agassiz group allowed Kirkwall to grow their workforce from two to four full time employees and establish a robust STEM intern program with support from North Dakota State University. As Kirkwall continues to develop its capabilities and reach, founders William Cromarty (CEO) and Ujjwal Adhikary (CTO) hope to become another great innovative group that is “putting Dakota on the map.”
TWO RIVERS A LONG-AWAITED
EXPANSION
LADG HELPS LOCAL VET EXPAND PRACTICE
Two Rivers Veterinary Hospital has been serving area communities since 2011, but they quickly outgrew their original expansion in 2015 and were prevented from further planned growth by the pandemic.
Their dream to fully serve their clients with a facility specifically designed for animal care became possible with a loan through the Lake Agassiz Development Group and Bell Bank, and in January of last year, Two Rivers opened their doors on a new facility.
“Every element of the clinic now reflects thoughtful detail we hadn’t had the resources to incorporate before.”
- Lisa Berge
New Space – New Possibilities
Two Rivers Practice Manager Lisa Berge notes that their expanded offices allow a better experience for patients and clients with separated areas for diagnostics, treatment, surgery, and recovery “the minute you walk in the door with your pet.” The compartmentalized system included in the building’s design was specifically tailored to veterinary practice and allows staff to offer more comprehensive services including post-operative therapies and rehabilitation. Berge says that even the recovery room was designed with attention to detail for pet-centered care because “we want to make sure it’s done right.”
wellness because “pets age faster than us, and at age seven, your pet is already considered geriatric.” The interventions and preventative care become more important in aging pets, and being able to monitor changes and help clients navigate medical interventions is an important part of the work at Two Rivers. Berge says: “We can help them integrate practices into their pet’s daily life that help them live a long and fulfilled life.”
“The
Space
That we Need to be in”
They understand that it’s not just a pet.
- Lisa Berge
The opportunities for expanded and enhanced animal care provided by the Lake Agassiz Development Group have been put to full use by Two Rivers Veterinary Hospital. As they look to the future, there are discussions centered around finding a way to board senior animals who need specialized care and space. For now, the staff and clients at Two Rivers are grateful to be able to bring the best possible animal care to our region by providing “a better environment for any pet that’s coming in.”
The Focus on Complete Care
As a small animal veterinary medicine provider, Two Rivers early on recognized the importance of caring for an aging pet population. The new expanded facility offers the vets and vet techs the chance to educate clients with older pets, which Berge believes is crucial to
As part of its mission to foster economic development and entrepreneurship, LADG administers seven different loan programs sponsored by four different federal agencies and one county. Three of the loan programs are available statewide in North Dakota; four are available on a local or regional basis; two have been extended to cover western Minnesota. With this suite of programs, LADG can fund loan requests from $500 to $5.5 million. For all of the programs, applicants must be unable to obtain financing, in full or in part, from a bank or credit union. Often, the LADG’s loans are used as a gap financing tool in cooperation with a financial institution.
SMALL BUSINESS LENDING 2024
PORTFOLIO SUMMARY
417 Main Ave, Fargo, ND 58103 (701) 235-1197
LADG BOARD MEMBERS
LAKE AGASSIZ REGIONAL DEVELOPMENT CORPORATION
Rick Mairs, President Ransom County
Lisa Rotvold, Treasurer Traill County
Robert Wurl, Secretary Richland County
Larry Jacobsen, Vice President Steele County
LAKE AGASSIZ REGIONAL COUNCIL
Thomas E. Jefferson Chairman Minority Representative
Duayne Baldwin Vice Chairman Sargent County Soil Conservation District
Terry Hoffman Cass County Soil Conservation District
Shelley Luebke City of Mantador
Carol Siegert City of Hunter
Jeff Dick Ransom County Soil Conservation District
Michael Haverland Richland County Soil Conservation District
Jason Arth Sargent County
Brian Tuite City of Finley
Bill Bohnsack City of Mayville
Neil Olerud Ransom County
Kurt Elliott Traill County
Terry Hoffmann Cass County
LAKE AGASSIZ CERTIFIED DEVELOPMENT COMPANY
Mike Bannach, President Fargo
Dan Delahoyde, Secretary Cogswell
Justin Neppl, Treasurer Breckenridge
Landon Poss Fargo
Rick Steckler Wahpeton
Scott Schultz Grand Forks
Michael Gust Fargo
Kelsey Smith Fargo
Kevin Bunn City of Enderlin
Nathan Berseth Richland County
Carey Fry Job Service North Dakota
Mark Osland Traill County Soil Conservation District
James Law
Steele County Soil Conservation District
Perry Brown Steel County
Jake Klobuchar, Vice President Fargo
Troy Ott West Fargo