PONTE VEDRA, Florida, Dec. 19, 2018 (GLOBE NEWSWIRE) -- North Avenue Capital (NAC), specialized commercial lender, has announced the closing of a $3.1 million loan to MonDak Portables, LLC of Epping, North Dakota. The debt facility was funded in partnership with the USDA Rural Development Business & Industry loan program and the proceeds used to refinance existing debt and provide working capital for this long-standing rural business that serves over 135 clients across North Dakota, Wyoming, Nebraska, Indiana, and Colorado.
MonDak is a certified women-owned business operating in four locations across the country. Since its founding in 2008, owners Barbara Rogers and Katherine Zent have worked diligently to manufacture, deliver, and service portable toilets for a broad range of customers, with a focus on the oil & gas exploration industry and federal government entities. Not only did the $3.1 million USDA loan provide more affordable debt, but it armed MonDak with the working capital needed to expand, particularly with their climate-controlled “comfort stations.”
According to Jason Hoerr, Commercial Lender at NAC, “With a focus on quality service, MonDak has emerged from the recession with a strong reputation and loyal customers. Now that they have longer-term financing in place, they can focus on strategies for growth.” NAC’s Chief Executive, Ben Chatraw, added, “Barb and Kathy know the market, their customers, and the opportunities that lie ahead. Like many rural companies, they simply needed a financial partner that was willing to provide a capital structure that gave them room to execute.” Chatraw reiterated that MonDak is a prime example of how the USDA program is having meaningful impact on job growth and economic development in rural communities.
About MonDak Portables, LLC
MonDak Portables manufactures, delivers, and services portable toilets. MonDak rents and sells portable toilets and trailers to over 135 clients throughout North Dakota, Wyoming, Nebraska, Indiana, and Colorado. Headquartered in Epping, North Dakota, and is a certified women-owned business. For more information on MonDak Portables, please visit their website at www.mondakportables.com.
About North Avenue Capital, LLC
North Avenue Capital is a specialized commercial lender exclusively originating, underwriting, and funding USDA Rural Development loans. As a Top 5 nationwide lender, NAC uses its expertise, capital, and relationships, NAC is committed to building businesses, growing economies, and creating jobs in rural America. Learn more about North Avenue Capital and their Borrowers by visiting www.northavenue.com.