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Small Business Loans in North Dakota (2021 Update)

North Dakota has roughly 60,000 small businesses adding to the livelihood of the state. While the area might not be the most progressive in the country for entrepreneurs, this doesn't change the fact that many small business owners have the same nationwide struggle of trying to stay afloat. Small business loans are essential for the success of many companies, as it provides owners with a large lump sum of cash that can be put into the equity of a business.Small Business Loans in North Dakota

Small Business Loans vs Personal Loans

Not every small business qualifies to receive a small business loan, causing these owners to wonder if a personal loan is the better choice. Unlike a personal loan, a business one is tied into the assets of your company. If the company should fail over time, the lender will not go after the owner, but instead take back some of these assets to pay back the loan. If you're taking out a personal loan to pay for business-related expenditures, remember that you are fully responsible for paying back the entirety of what you borrowed. If your business should go under, the lender could come after personal collateral, like your home or car, to repay the loan. It's crucial that you try to go for a business loan for your company before taking out a personal loan.

Banks in North Dakota That Offer Small Business Loans

Here are the best banks in North Dakota for small business loans:

Dakota Community Bank and Trust National Association

Headed by Mr. Dale Pahlke as the Chairman, President, CEO, and COO, Dakota Community Bank and Trust National Association has funded small business ventures with $97 million in small business loans.

Northland Financial

Based in Steele, North Dakota, Northland Financial also have locations in Bismarck and Medina. Aside from small business loans, it offers investment products as well.

Security First Bank of North Dakota

Operating under the supervision and management of Oliver Bancorporation, Inc., Security First Bank of North Dakota was founded in 1925 and is based in Center, North Dakota.


BlackRidgeBANK prides itself for community-centered banking services from individual to business level. It is currently headed by Mr. Mark A. Anderson, CFA as its President.

Western State Bank

Despite being based in Devils Lake, North Dakota, Western State Bank has many locations in Arizona. It first opened in 1902 and has since been offering its banking products and services.

Kirkwood Bank and Trust Co.

Having been in operation since 1975, Kirkwood Bank and Trust Co. has grown enough to loan small businesses $48 million in just a year.

How to Apply for a Loan

To qualify for a loan, you'll need to present business documentation to the lender so they can approve your case. Lenders will ask for your business assets, banking information, expenditure receipts, loss data and sales. Banks want to know they're giving out loans to solid companies that have a chance of future success. Lenders can be picky when choosing a loan recipient because of the high rate of failure among small businesses. In order to protect themselves, they won't hand out their loans to just anybody, especially high-risk and niche companies. The approval time for business loans in North Dakota is roughly two months.

When You'll Receive Money and How to Use It

After your loan has been approved, the lender will deposit the money directly into your bank account. It is entirely up to you how the money is used, but it's advised that you only use the loan funds for business-related endeavors. If you're taking out a loan to expand on your company, don't use the money to pay staff or repair property damage. To make the most of your loan cash, you'll need to establish clear goals that benefit the future of your business. For business owners using a loan to bail out their failing business, you need a solid objective for how that money will help the company and what it needs to be used for in order to achieve this.


Top Cities in North Dakota and Their Lenders

North Dakota is one of the northernmost Midwestern states in the country. The area is rich in natural resources and has therefore played a major role in various natural resources sectors over the past few decades. Conditions in North Dakota are tough – winters can be extremely brutal which may mean that certain businesses don’t work very well in North Dakota. There are a number of major cities to choose from if you’re looking to start a business in the area. The recent upsurge in natural resources has meant that the area is thriving economically in certain regions.

In this portion of the article we’ll take a deeper look at each of the top cities in North Dakota to help you determine which is the best for you and your business. We’ll also provide suggestions on which lenders you should work with in each city. It’s important to choose the right funding partner for your small business.

Fargo, North Dakota

Fargo has a diverse economy with companies ranging from natural resources to technology. Microsoft has a major hub in the city. If you’re looking to live in a large city in North Dakota, Fargo is probably your best option. The area has all the resources you’ll need to start a successful business. Below are the top small business lenders in the Fargo region:

Dakota Business Lending

Dakota Business Lending is a business lending specialist with over 30 years of experience in the industry. The lender has a great deal of experience helping business in owners in Fargo with obtaining the type of finance they need to start their business to continue. If you’re looking for a specialist in business lending, this is definitely one of your best options in Fargo.

Union State Bank Fargo

Union State Bank Fargo is the most reputable full-service lending in Fargo. They provide a range of different financial services to their clients. Not only can they provide you with term loans and business lines of credit, they can also help you with your traditional business banking needs. They’re a great full-service financial institution that can help you take your business to the next level.

Bismarck, North Dakota

Bismarck is another major city in the North Dakota area. The city is well known for its healthcare and energy industries. If you’re thinking of starting a business in either of these industries, Bismarck is an affordable place to live. Below are our favorite lenders in the city:

First Community Credit Union

First Community Credit Union is a small credit union with offices in a few of the major Dakota states. They have SBA loans, agriculture loans, business real estate loans, traditional terms loans, and a range of other business lending vehicles. They’re a great option in Bismarck.

Dakota Business Lending
Dakota Business Lending was mentioned for Fargo as well, but it’s only fair they’re in the Bismarck section too. They have plenty of experience helping the city’s business owners achieve new levels of success. We highly recommend them for both Fargo and Bismarck.

Grand Forks, North Dakota

Grand Forks is home to the University of North Dakota. Much of the local economy is dependent on the university in the city. It’s also a major hotspot for retail and a few other industries such as technology. There is also a major US Air Force base located nearby. Below is our favorite lender in the area:

Citizens Community Credit Union

Citizens Community Credit Union is a small credit union with a presence in North Dakota. They’re a great lender if you’re looking for SBA loans, commercial lines of credit, commercial real estate loans, or traditional business term loans. They have a variety of different options available.

Minot, North Dakota

Minot is another small city in the state of North Dakota with a range of industries in the area. The local USA Air Force plays a major role in the local economy. The natural resources industry is also a major player in the Minot area. Below is our favorite lender in the Minot area:

First Western Bank

First Western Bank partners with the large Bank of North Dakota to provide business loans in the Minot region. They are particularly knowledgeable about SBA loans – if you’re confused by the process, they can walk you through the entire thing.

Williston, North Dakota

Williston is conveniently located nearby much of the state’s major natural resources reserves. For this reason, it’s a major player in the natural resources sector in the state. Below is the top lender in the Williston area:

First International Bank & Trust

First International Bank & Trust is the best lender for the Williston region. They have a great commercial lending department that can help you get large loans for a business of any size. We highly recommend them if you’re looking for a lender in the area.


Remember, some of these companies or banks are very specialized and may only handle SBA small business loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don't worry as there still may be other alternative lenders willing to work with you.