North Dakota’s economy is powered by agriculture, energy, manufacturing, and small businesses that keep local communities thriving. From Fargo’s growing startup scene to family-owned farms across the plains, entrepreneurs form the backbone of the state. But growth often requires outside capital. That’s why understanding financing options and SBA loans in North Dakota is essential for long-term success.
This guide covers SBA loan programs, local resources, and tips for securing the right funding for your business.
More than 75,000 small businesses operate in North Dakota, employing over half the state’s workforce.
Agriculture and energy companies require major investments in land, machinery, and infrastructure.
SBA loans and local programs ensure that even rural businesses can access capital.
SBA 7(a) Loans
The most common SBA loan, providing up to $5 million for working capital, refinancing, or expansion.
SBA 504 Loans
Long-term, fixed-rate financing for major assets like land, facilities, or heavy equipment. Often used by manufacturers and energy firms.
SBA Microloans
Up to $50,000, perfect for startups and very small businesses in rural towns.
SBA Disaster Loans
Critical for recovery after floods, storms, or other natural disasters that affect the state.
SBA North Dakota District Office (Fargo) for SBA programs and workshops.
North Dakota Small Business Development Centers (SBDCs) for free business consulting and loan preparation.
Dakota Business Lending: Provides SBA 504 loans and financing resources.
Local banks and credit unions partnering with SBA to fund entrepreneurs statewide.
Most lenders in North Dakota look at:
Personal and business credit history.
Tax returns and financial statements.
A detailed business plan with growth projections.
Collateral for larger loans.
Loan purpose and repayment strategy.
Review SBA loan eligibility
Gather tax and financial records
Write or update your business plan
Select the right SBA program (7a, 504, microloan)
Contact SBA-approved lenders in North Dakota
Submit application with documents
Await approval and funding
Farmers and ranchers financing equipment and land.
Energy companies expanding infrastructure and operations.
Manufacturing businesses in Fargo and Bismarck modernizing facilities.
Local retailers and restaurants accessing SBA microloans.
Start with your local SBDC for free consulting.
Explore Dakota Business Lending for SBA 504 options.
Use SBA microloans if you’re a startup or small-town business.
Consider disaster loans if your business was affected by severe weather.
Applying without a clear business plan.
Overlooking local programs like Dakota Business Lending.
Borrowing more than projected revenue can support.
Ignoring SBA disaster loan opportunities after flooding or storms.
Growth in financing for renewable energy and green initiatives.
More state and federal resources for rural small businesses.
Increased access to online SBA loan platforms for faster approvals.
From Fargo startups to farms and energy companies across the plains, North Dakota entrepreneurs have access to many financing tools. SBA loans, nonprofit lenders, and local programs provide affordable, flexible capital for growth.
Ready to get started? Contact the SBA North Dakota District Office, connect with your SBDC, and explore Dakota Business Lending resources. With the right strategy, financing your North Dakota business is within reach.