The best small business loans for Fargo, ND

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Fargo, ND

We're proud to work with small businesses across various industries in Fargo, ND. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Fargo, ND

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Fargo, ND

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Fargo, ND

How to get a small business loan in Fargo, ND?

If you’re looking to get a small business loan in Fargo, ND, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Fargo, ND, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Fargo, ND, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.
 
Fargo, ND

Fargo, ND

Where do you borrow money for business in Fargo, ND?

You can borrow money for your business in several places in Fargo, ND. Here are some options to consider:

  • Banks and credit unions: Traditional banks and credit unions offer a range of loan options for small businesses, including term loans, lines of credit, and SBA loans.
  • Online lenders: Online lenders offer a convenient and often faster way to apply for a small business loan. However, it's important to carefully review the terms and interest rates before applying.
  • Community development financial institutions (CDFIs): CDFIs are nonprofit organizations that provide financing to underserved communities, including small businesses that may have difficulty obtaining traditional bank loans.
  • Peer-to-peer lending platforms: Peer-to-peer lending platforms allow individuals to lend money to businesses in exchange for interest payments. This can be a good option for companies with difficulty obtaining traditional bank loans.
  • Angel investors and venture capitalists: Angel investors and venture capitalists provide funding to startups and early-stage businesses in exchange for equity in the company. This can be a good option for businesses with high-growth potential and a strong business plan.

When looking for a loan in Fargo, ND, it's important to consider the interest rates, repayment terms, and fees associated with each option. It's also a good idea to shop around and compare offers from multiple lenders to find the best loan for your business needs.

What is an example of a business loan in Fargo, ND?

An example of a business loan in Fargo, ND, is a small business term loan. This type of loan provides a lump sum of money repaid over a set period, typically with a fixed interest rate. Small business term loans can be used for various purposes, including purchasing equipment, expanding the business, or covering short-term cash flow needs.

For example, a small business owner in Fargo, ND, may apply for a $50,000 term loan with a repayment period of five years and an interest rate of 7%. The loan would be paid back monthly, with interest added to each payment. The business owner may use the loan to purchase new equipment or hire additional staff to support business growth.

To qualify for a small business term loan in Fargo, ND, the business owner must have a good credit score, a solid business plan, and a track record of generating revenue. The lender will also want to see a plan for repaying the loan, which may include providing financial statements, tax returns, and other documentation.

What is the highest business loan amount in Fargo, ND?

The highest business loan amount in Fargo, ND, can vary depending on the lender, the type of loan, and the business's specific needs. However, some lenders may offer business loans up to $5 million or more for established companies with solid financials.

The loan amount a business can qualify for in Fargo, ND, will typically depend on the company's creditworthiness, the amount of collateral that can be offered, and the lender's specific lending requirements.

It's important to note that while more significant loan amounts can be tempting, it's important for businesses only to take on debt that they can reasonably repay. Too much debt can strain the business's cash flow and financial health. Businesses should carefully evaluate their borrowing needs and work with a trusted lender to find the right loan amount and terms for their situation.

Small business loans available in every city in North Dakota

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