Lenders › Lake Agassiz Certified Development Company
504 CDCFargo, North Dakotacertified development company89th of 182 by approvals
Lake Agassiz Certified Development Company
SBA 504 loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Lake Agassiz Certified Development Company, based in Fargo, North Dakota, is a certified development company (CDC) that makes SBA 504 loans. SBA approved 75 of its 504 loans worth $55.0M in FY2021 to FY2025, which places it 89th of 182 active CDCs by number of approvals.
In FY2025, the latest complete fiscal year, it had 12 approvals totalling $6.8M. FY2026 to 30 Jun 2026 adds 13 more.
The median approval was $458K, against $657K for the 504 program as a whole; 12.0% of its approvals were for $150,000 or less (program: 4.6%).
Its loans went to businesses in 3 states and territories and 12 counties, led by North Dakota (89.3%), Minnesota (6.7%) and South Dakota (4.0%). The largest industry group was health care and social assistance at 16.0% of approvals, and 4.0% of approvals were to franchise businesses.
Of 109 disbursed loans approved in FY2010 to FY2021, SBA records 3 as charged off (2.8%), 35 as paid in full and 71 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is above it.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 13 | $9.9M | $621K | $762K | 84 |
| FY2025 | 12 | $6.8M | $365K | $569K | 53 |
| FY2024 | 7 | $6.2M | $685K | $886K | 36 |
| FY2023 | 8 | $9.1M | $580K | $1.1M | 92 |
| FY2022 | 12 | $10.1M | $569K | $840K | 96 |
| FY2021 | 36 | $22.8M | $342K | $632K | 279 |
| FY2020 | 24 | $15.2M | $459K | $633K | 153 |
| FY2019 | 10 | $5.7M | $428K | $571K | 93 |
| FY2018 | 9 | $8.7M | $796K | $966K | 71 |
| FY2017 | 7 | $4.0M | $570K | $567K | 49 |
| FY2016 | 5 | $2.0M | $308K | $403K | 27 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 55 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | North Dakota | 504 program |
|---|---|---|---|
| Approvals in these years | 126 | 659 | 85,591 |
| Cancelled or never disbursed | 17 | 73 | 12,514 |
| Disbursed loans | 109 | 586 | 73,077 |
| Paid in full | 35 | 243 | 35,491 |
| Charged off | 3 | 13 | 905 |
| Still outstanding (status exempt from disclosure) | 71 | 330 | 36,681 |
| Charged off, share of disbursed loans | 2.8% | 2.2% | 1.2% |
| Dollars charged off, share of disbursed dollars | 2.2% | 2.7% | 0.9% |
| Dollars charged off | $1.8M | $10.7M | $499M |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 504 program, same year |
|---|---|---|---|---|---|
| FY2021 | 31 | 3 | 0 | 0.0% | 0.1% |
| FY2020 | 21 | 2 | 0 | — | 0.1% |
| FY2019 | 8 | 0 | 1 | — | 0.3% |
| FY2018 | 8 | 1 | 0 | — | 0.4% |
| FY2017 | 6 | 3 | 0 | — | 0.8% |
| FY2016 | 5 | 2 | 0 | — | 1.0% |
| FY2015 | 4 | 4 | 0 | — | 1.2% |
| FY2014 | 6 | 4 | 1 | — | 1.3% |
| FY2013 | 8 | 5 | 1 | — | 1.4% |
| FY2012 | 7 | 6 | 0 | — | 2.0% |
| FY2011 | 3 | 3 | 0 | — | 2.1% |
| FY2010 | 2 | 2 | 0 | — | 3.4% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 504 program
| FY2021–FY2025 | This lender | 504 program |
|---|---|---|
| Median approval | $458K | $657K |
| Average approval | $733K | $1.0M |
| Approvals of $150,000 or less | 12.0% | 4.6% |
| Approvals to startups and businesses 2 years old or less | 8.0% | 14.4% |
| Approvals to franchise businesses | 4.0% | 9.0% |
| Jobs supported per approval, as reported | 7.4 | 10.1 |
| Charged off, loans approved FY2010–FY2021 | 2.8% | 1.2% |
States served
| # | State of the business (3 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | North Dakota | 67 | $51.0M | 89.3% | |
| 2 | Minnesota | 5 | $2.5M | 6.7% | |
| 3 | South Dakota | 3 | $1.4M | 4.0% |
In North Dakota the lender accounts for 20.6% of all 504 approvals in FY2021–FY2025.
Counties served
| # | County of the business (12 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Cass County, ND | 46 | $32.8M | 61.3% | |
| 2 | Grand Forks County, ND | 9 | $5.5M | 12.0% | |
| 3 | Clay County, MN | 4 | $1.7M | 5.3% | |
| 4 | Sargent County, ND | 3 | $5.9M | 4.0% | |
| 5 | Richland County, ND | 3 | $4.0M | 4.0% | |
| 6 | Spink County, SD | 2 | — | 2.7% | |
| 7 | Ward County, ND | 2 | — | 2.7% | |
| 8 | Barnes County, ND | 2 | — | 2.7% | |
| 9 | Burleigh County, ND | 1 | — | 1.3% | |
| 10 | Otter Tail County, MN | 1 | — | 1.3% | |
| 11 | Lincoln County, SD | 1 | — | 1.3% | |
| 12 | Ramsey County, ND | 1 | — | 1.3% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Health Care and Social Assistance | 12 | 16.0% | |
| 2 | Professional, Scientific, and Technical Services | 10 | 13.3% | |
| 3 | Other Services (except Public Administration) | 10 | 13.3% | |
| 4 | Construction | 9 | 12.0% | |
| 5 | Retail Trade | 8 | 10.7% | |
| 6 | Accommodation and Food Services | 5 | 6.7% | |
| 7 | Manufacturing | 4 | 5.3% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 4 | 5.3% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 4 | 5.3% | |
| 2 | Other Personal ServicesNAICS 8129 | 4 | 5.3% | |
| 3 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 4 | 5.3% | |
| 4 | Offices of Other Health PractitionersNAICS 6213 | 4 | 5.3% | |
| 5 | Automotive Repair and MaintenanceNAICS 8111 | 4 | 5.3% | |
| 6 | Services to Buildings and DwellingsNAICS 5617 | 4 | 5.3% | |
| 7 | Agencies, Brokerages, and Other Insurance Related ActivitiesNAICS 5242 | 4 | 5.3% | |
| 8 | Cattle Ranching and FarmingNAICS 1121 | 3 | 4.0% | |
| 9 | Offices of DentistsNAICS 6212 | 3 | 4.0% | |
| 10 | Activities Related to Real EstateNAICS 5313 | 3 | 4.0% |
Approval sizes
- $50,001 to $150,00012.0%9
- $150,001 to $350,00032.0%24
- $350,001 to $1 million38.7%29
- $1 million to $2 million10.7%8
- Over $2 million6.7%5
Loan terms
- Over 5 to 10 years5.3%4
- Over 10 to 20 years5.3%4
- Over 20 years89.3%67
Age of the businesses
- Existing, more than 2 years old92.0%69
- New business, 2 years or less1.3%1
- Startup, loan funds will open the business6.7%5
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accredited Lenders Program | 70 | 93.3% | |
| 2 | 504 Refinancing Program | 5 | 6.7% |
Franchise share
3 of 75 approvals in FY2021–FY2025 (4.0%) carried an SBA franchise code; across the 504 program the share is 9.0%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Farstad Oil, Inc. | 1 | 1.3% | |
| 2 | Tropical Smoothie Cafe | 1 | 1.3% | |
| 3 | Gradient Advisors | 1 | 1.3% |
Third-party lenders in its 504 projects
A 504 project pairs the CDC's loan with a larger loan from a bank or other lender. Banks and credit unions named on five or more of this CDC's projects in FY2021–FY2025:
| # | Third-party lender | Projects | Share | |
|---|---|---|---|---|
| 1 | Old National Bank | 10 | 13.3% | |
| 2 | First International Bank and Trust | 9 | 12.0% | |
| 3 | Bell Bank | 6 | 8.0% | |
| 4 | Western State Bank | 6 | 8.0% |
Questions and answers
How many SBA loans does Lake Agassiz Certified Development Company make?
SBA approved 12 504 loans through Lake Agassiz Certified Development Company in FY2025, worth $6.8M, and 75 over FY2021 to FY2025. That ranks 89th of 182 active CDCs by number of approvals.
How large are Lake Agassiz Certified Development Company's typical SBA loans?
The median 504 approval in FY2021 to FY2025 was $458K and the average $733K. The program-wide median was $657K.
What is Lake Agassiz Certified Development Company's charge-off rate?
Of 109 disbursed loans approved in FY2010 to FY2021, SBA records 3 as charged off (2.8%), 35 as paid in full and 71 still outstanding; the 504 program figure for the same approval years is 1.2%, so the rate here is above it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does Lake Agassiz Certified Development Company lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (4); other personal services (4); other professional, scientific, and technical services (4); offices of other health practitioners (4).
Where does Lake Agassiz Certified Development Company make SBA loans?
In 3 states and territories. North Dakota 67, Minnesota 5, South Dakota 3. In North Dakota it accounts for 20.6% of all 504 approvals.
Is Lake Agassiz Certified Development Company's SBA lending rising?
Approvals in the three latest complete fiscal years total 27, against 72 in the three before: falling (-62%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error