SBA loans play a crucial role in providing financial assistance to entrepreneurs and small business owners. For those in North Dakota seeking SBA loans, understanding the key players in the lending landscape is essential. Here’s a breakdown of the top SBA lenders in North Dakota based on the number of loans, average loan amount, and average interest rates.
North Dakota Preferred SBA Lenders
| Rank | Bank | Bank HQ | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | U.S. Bank | Cincinnati, OH | 14 | $82,400 | 6.4% |
| 2 | Bremer Bank | Saint Paul, MN | 13 | $504,908 | 6.1% |
| 3 | VISIONBank | Fargo, ND | 9 | $32,333 | 5.7% |
| 4 | Starion Bank | Bismarck, ND | 7 | $217,929 | 5.9% |
| 5 | Capital CU | Bismarck, ND | 6 | $195,500 | 5.0% |
| 6 | Choice Financial Group | Fargo, ND | 5 | $103,440 | 6.4% |
| 7 | First Western Bank & Trust | Minot, ND | 5 | $108,020 | 4.8% |
| 8 | Alerus Financial | Grand Forks, ND | 4 | $1,355,625 | 6.4% |
| 9 | Aspire Bank | Fargo, ND | 4 | $221,350 | 5.0% |
| 10 | Bank Forward | Hannaford, ND | 4 | $246,250 | 5.6% |
| 11 | Bell Bank | Fargo, ND | 3 | $850,000 | 7.2% |
| 12 | Dacotah Bank | Aberdeen, SD | 3 | $225,567 | 6.8% |
Top Industries for SBA loans in North Dakota
| Rank | Industry | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | Landscaping Services | 6 | $212,383 | 6.1% |
| 2 | Plumbing, Heating, and Air-Conditioning Contractors | 6 | $61,367 | 6.5% |
| 3 | All Other Specialty Trade Contractors | 6 | $273,117 | 5.8% |
| 4 | Full-Service Restaurants | 5 | $385,220 | 6.6% |
| 5 | Beauty Salons | 3 | $155,167 | 6.2% |
| 6 | Fitness and Recreational Sports Centers | 3 | $191,900 | 5.6% |
| 7 | Hotels (except Casino Hotels) and Motels | 3 | $2,405,333 | 6.8% |
| 8 | Private Mail Centers | 3 | $189,533 | 7.1% |
Top SBA Loan Franchises in North Dakota
| Rank | FranchiseName | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|
| 1 | The UPS Store | 3 | $189,533 | 7.1% |
Top North Dakota SBA Loan Borrowers by Jobs Supported
| Rank | Business | Location | Industry | Loan Size | Interest Rate | Jobs |
|---|---|---|---|---|---|---|
| 1 | KSB SYNDICATE INC. | Fargo, ND | Full-Service Restaurants | $250K or less | 6.8% | 88 |
| 2 | MS4 PLLC | Horace, ND | Pharmacies and Drug Stores | $250K or less | 6.1% | 48 |
| 3 | WEE FOLK CHILDCARE LLC. | Bismarck, ND | Child Day Care Services | $250K or less | 4.8% | 41 |
| 4 | MANDAN CUSTARD 675 LLC | Mandan, ND | Lessors of Nonresidential Buildings (except Miniwarehouses) | $1M – $2.5M | 5.0% | 38 |
| 5 | ABILENE SERVICES LLC | Fargo, ND | Landscaping Services | $250K – $500K | 7.0% | 35 |
| 6 | RED RIVER FABRICATING INC. | West Fargo, ND | All Other Miscellaneous Fabricated Metal Product Manufacturing | $1M – $2.5M | 7.0% | 31 |
| 7 | BISMARCK CUSTARD 823 LLC | Bismarck, ND | Limited-Service Restaurants | $2.5M – $5M | 5.0% | 31 |
| 8 | NORTHERN WINDS CONTRACTING INC | Grand Forks, ND | All Other Specialty Trade Contractors | $500K – $1M | 6.5% | 30 |
| 9 | NO REST FOR THE WERRE LLC | Minot, ND | $250K or less | 6.5% | 24 | |
| 10 | GRAF HOLDING LLC | Fargo, ND | All Other Specialty Trade Contractors | $250K – $500K | 6.5% | 24 |
| 11 | SHEYWEST LLC | West Fargo, ND | $250K or less | 7.8% | 22 | |
| 12 | DONNA HARTZE FREE TO BE LLC | Bismarck, ND | Private Mail Centers | $250K or less | 8.0% | 22 |
| 13 | DAVID BOSSART LAW FIRM PC | Fargo, ND | Offices of Lawyers | $250K or less | 5.3% | 20 |
| 14 | O2 ENTERPRISES LLC | Fargo, ND | Beauty Salons | $250K or less | 6.0% | 20 |
| 15 | MY AQUATIC SERVICES | Harwood, ND | All Other Miscellaneous Store Retailers (except Tobacco Stores) | $250K – $500K | 8.3% | 18 |
| 16 | SACRED WELLNESS LLC | Fargo, ND | Fitness and Recreational Sports Centers | $250K or less | 5.3% | 17 |
| 17 | PUERTO VALLARTA LLC | Fargo, ND | Full-Service Restaurants | $500K – $1M | 6.8% | 17 |
| 18 | DAKOTA AG SERVICES LLC | Ellendale, ND | Other Farm Product Raw Material Merchant Wholesalers | $1M – $2.5M | 6.4% | 17 |
| 19 | RSP FM LLC | Fargo, ND | Full-Service Restaurants | $250K – $500K | 5.1% | 16 |
| 20 | RED RIVER LAWN COMPANY INC | Fargo, ND | Landscaping Services | $250K or less | 4.5% | 15 |
| 21 | NORTH DAKOTA ACADEMY OF DANCE | Kindred, ND | Dance Companies | $250K or less | 6.3% | 15 |
| 22 | PINNACLE HEALTH CARE PLLC | Fargo, ND | Offices of Physicians (except Mental Health Specialists) | $250K – $500K | 7.5% | 14 |
| 23 | WORM FARM LLC | Bismarck, ND | Snack and Nonalcoholic Beverage Bars | $1M – $2.5M | 7.8% | 14 |
| 24 | BUSINESS SPECIALTIES CPAS | Grand Forks, ND | Offices of Certified Public Accountants | $250K or less | 8.3% | 13 |
| 25 | DRAFT BUSTERS INC. | West Fargo, ND | New Single-Family Housing Construction (except Operative Builders) | $250K or less | 2.0% | 12 |
| 26 | HELLMAN & SONS LANDSCAPING LLC | Dickinson, ND | Landscaping Services | $250K or less | 6.6% | 12 |
| 27 | AULT CONSTRUCTION LLC | Larimore, ND | Residential Remodelers | $250K or less | 6.0% | 11 |
Note about SBA lenders near me in North Dakota
When it comes to top North Dakota SBA lenders, it’s a common inquiry whether any of the listed banks are 1) included in the North Dakota preferred lender list, 2) approved lenders in North Dakota, or 3) active participants in the North Dakota SBA Express lending program. These queries center around the ability of a given SBA bank to facilitate small business SBA loans in North Dakota swiftly. The answer is an unequivocal yes. These aren’t your run-of-the-mill banks making only a handful of SBA loans annually; these are institutions well-versed in the intricacies of the SBA 7(a) loan program. They stand out as the top performers in North Dakota, as evidenced by our thorough analysis of thousands of SBA loans each year, leading us to rank lenders based on recent activity.
It’s crucial to note that while some banks may limit their lending to specific regions, there exist a select few highly assertive nationwide SBA lenders that operate nationally. These lenders possess a profound understanding of the SBA program and execute transactions with remarkable speed. Therefore, we advise against restricting your search solely to your home state. Our lender match tool proves invaluable in this regard. By utilizing it, we can identify suitable SBA banks tailored to your specific needs, be it geography, industry, company size, all at no cost or obligation to you. This service aims to save you valuable time and ensure a seamless SBA loan process.