Small business lenders in North Dakota offer the capital companies need to grow.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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North Dakota’s vast open spaces and stunning natural parks are complemented by the rapid growth of Fargo and Bismarck into dynamic modern centers. These cities draw high-income professionals with affordable, high-quality amenities and entertainment, while the state’s low unemployment rates offer promising economic opportunities and potential for small business growth.
In North Dakota, there are 75,265 small businesses present, according to the U.S. Small Business Administration. Though many large companies exist here too, including in sectors such as agriculture, energy, and healthcare, there are numerous small businesses present that provide even more opportunities. The state has a growing tourism industry, for example, which is often supported by small businesses in food service, artisans, and other providers. Small businesses in the state provide 196,770 jobs for residents here as well. That is more than 25% of the state’s population and much more of the workforce. Total payroll for those companies is $9,131,397, funds that contribute to many households throughout the state.
To support this type of business, small business lenders in North Dakota offer a range of loan options. The most recent data from the U.S. Small Business Administration indicates there are 641 active small business loans in the state, with a total loan volume of $376,528,096. The average loan size here is $587,407. This data shows just how essential these lenders are at helping to support not just companies in various sectors but so many of the individuals that reside and work in the state.
North Dakota small business loans provide a funding option for various business needs to companies in the state with under 100 employees (typically). These loans may be beneficial for many needs, such as business growth opportunities, new product development, hiring more employees, upgrading technology, and adding new locations. With various types of loans available, businesses can often find a wide range of borrowing options to choose from to meet their needs.
North Dakota small business lenders offer a range of loans with a wide range of features. These loans provide a capital infusion for the business with the expectation that the borrower will repay the loan with interest over a pre-set timeframe. Most of the time, there is flexibility in these terms, but it is up to lenders to determine if the borrower is a good risk and to take on the loan or not.
To determine risk, lenders typically gather a significant amount of information about the company. This often includes financial data such as balance sheets, profit and loss statements, and details of the overall financial health of the company. Companies that need funding often must show that they have the financial means to make payments on time. That often means taking into consideration other types of debts the company has as well as the credit history of the company and the owner.
Often, lenders will use the company’s business plan to gain more insight into the operations as well as the ownership. It can also provide insight into the industry, products, and services the company offers. A market analysis can help the lender to see how profitable the company could be.
As a business owner, it helps to know about all of the capital options available since North Dakota small business lenders typically offer a wide range of tools to help companies meet their financial needs. Some of the loan options commonly available in the state include:
You are not limited to small business loans from financial institutions alone, though. Small business owners and entrepreneurs might look into local or regional business development organizations, economic development agencies, or a local governments small business development center before turning to loan participation. Specific loans like those for real estate, minority-owned businesses, or those that come with a loan guarantee come with unique requirements for eligibility.
If you have a North Dakota business with a good track record and a clear idea of what you’d do with the loan amount, North Dakota business lending or business financing may be your best bet to cover your needs. With a lending institution or credit union, each will usually have their own eligibility requirements and loan application rules. If you work with a local lender, they may also be able to provide you with further resources on local loan funds or financing options because many banks and credit unions want to support their local region.
A small business loan could help fund the success of a business. Companies should take the time needed to compare options to find those that are best suited for their needs.
| Rank | Bank Name | # of North Dakota Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | First Western Bank & Trust | 30 | 4.42% | $265,863 |
| 2 | Aspire Bank | 15 | 4.46% | $191,347 |
| 3 | Bremer Bank | 14 | 4.37% | $736,471 |
| 4 | VISIONBank | 13 | 4.81% | $165,662 |
| 5 | Red River State Bank | 11 | 4.36% | $1,317,282 |
| 6 | U.S. Bank | 9 | 5.99% | $56,156 |
| 7 | Capital Credit Union | 8 | 5.02% | $233,013 |
| 8 | Alerus Financial | 7 | 4.25% | $440,957 |
| 9 | Starion Bank | 7 | 4.56% | $247,857 |
| 10 | Frandsen Bank & Trust | 6 | 4.48% | $1,329,833 |
First started in 1964, First Western Bank & Trust was founded to help the people of South Dakota to achieve their financial goals. Now with 18 branches in Minnesota and South Dakota, First Western Bank & Trust is able to provide loans and personal and business banking for its customer’s needs.
We reached out to First Western Bank & Trust to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Aspire Bank was founded in Fargo, North Dakota, in 2017 by Toby Kommer. Aspire Bank offers a number of products and services to its clients, including all aspects of personal and business banking, including small business loans, insurance, checking and savings accounts, online banking, and many other products.
We reached out to Aspire Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Bremer Bank was started in 1943 by Otto Bremer in Minnesota. Bremer Bank offers a number of tools and services to help its members achieve their goals financially, including tools for business, agriculture, wealth, and personal banking, with items like loans and insurance available to assist.
We reached out to Bremer Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in Ada, Oklahoma, in 1901, VISIONBank has over 120 years of experience to meet the needs of its customers. Providing a wide range of products and services to meet all of the needs of its personal and business customers, including small business loans and checking and savings accounts.
We reached out to VISIONBank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Red River State bank started in 1887 as the First State Bank of Fertile in Minnesota. Now with two locations to meet the needs of its customers, Red River State Bank can provide products and services, including business and agricultural loans as well as personal banking products and services.
We reached out to Red River State Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
A number of resources exist to help companies build their success. Often, these are free resources designed to provide a wide range of support for companies from startup to growth.
One of the most valuable of these tools is the Small Business Administration in North Dakota. It can offer help with lending, but it also provides resources for building business credit, securing contracts, hiring employees, and even managing disasters. There are local offices available that can provide more hands-on support, but there is also a lot of information and tools available right on the organization’s website that are free to use.
Another valuable organization is SCORE. It was designed to allow experienced and successful business owners to help support and guide new companies, providing a way for companies to reach their objectives with guidance. It is possible to find local mentors to work with your company, as well as various tools, including webinars and informative guides online. There is no cost for these services either. A local office in Bismarck is one starting point though the website is also packed with resources.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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