Loans by state
North Dakota Business Loans
Small businesses employ 57.6% of North Dakota’s workforce, and many of them ride commodity cycles, with grain prices setting the pace in the Red River Valley and oil activity driving the Bakken around Williston and Dickinson. North Dakota is also the only state with its own state-owned bank, and Bank of North Dakota programs usually work through a local lender rather than directly with a business. Our team helps owners see where a conventional, equipment or SBA structure fits next to those state programs.
Business financing in North Dakota
SMB Compass provides financing for established businesses from $25,000 to $5 million, with funding in as little as 24 hours. Applying takes a few minutes and won’t affect your credit score.
On this page
North Dakota’s small business economy
The industries employing the most people at North Dakota small businesses: Health Care and Social Assistance; Accommodation and Food Services; Retail Trade; Construction. Source
GDP: U.S. Bureau of Economic Analysis · Small business data: SBA Office of Advocacy
Business loans we offer in North Dakota
The financing programs available to established North Dakota businesses. Our team helps you choose the one that fits how your business earns and spends.
Financing for North Dakota industries
Where we see the most demand for business financing in North Dakota.
Agriculture
North Dakota growers and ranchers pay for seed, fertilizer and equipment in spring but may not sell the crop until well after harvest. Equipment financing spreads out the cost of machinery, and a line of credit can carry operating costs until grain or livestock is marketed.
Common fits: Equipment Financing · Business Line of Credit · SBA Loans
Oilfield services
Service companies in the Bakken fund crews, fuel and equipment upfront, then wait on operator payments that can stretch for months, and activity swings with oil prices. Invoice financing turns receivables into cash, and asset-based or equipment financing uses trucks and rigs to support working capital.
Mining, quarrying, and oil and gas extraction accounted for 7,211 small business employees in North Dakota. (source)
Common fits: Invoice Financing · Equipment Financing · Asset-Based Loans
Construction
North Dakota’s short building season packs most of a contractor’s revenue into a few months, while equipment payments and insurance continue all year. A line of credit handles the winter slowdown, and equipment financing can be structured around the seasonal cash cycle.
Construction accounted for 20,264 small business employees in North Dakota. (source)
Common fits: Business Line of Credit · Equipment Financing · Business Term Loans
Free help for North Dakota business owners
Public and nonprofit resources worth knowing about, alongside private financing.
SBDC
North Dakota Small Business Development Centers
Statewide SBDC network (formerly at und.edu/ndsbdc, which now redirects here) offering business advising to North Dakota owners, including financing preparation.
SBA district office
SBA North Dakota District Office
Fargo office (657 2nd Ave. N) serving all 53 counties with SBA funding programs, counseling, contracting certifications and disaster recovery.
State loan program
Bank of North Dakota: Business Loans
State-owned bank programs including PACE and Flex PACE interest buydowns, the Bank Participation Loan Program, the Beginning Entrepreneur Loan Guarantee and the SBA Guaranteed Loan Purchase Program, which lowers borrower rates.
State economic development agency
North Dakota Development Fund (Department of Commerce)
Gap financing for new and expanding primary sector businesses through direct loans, participations, subordinated debt and equity, up to $3 million per project.
Good to know in North Dakota: North Dakota’s Money Brokers Act requires a license to arrange or provide loans or leases for a fee, and the Department of Financial Institutions states that the definition of money brokering covers both consumer and commercial lending. According to a 2025 Mayer Brown analysis, House Bill 1127 (effective August 1, 2025) also lets the department designate alternative financing products that fall under the Act. Read the rule
How to get a business loan in North Dakota
Most North Dakota businesses we work with have at least a year in business and steady monthly revenue. Your advisor walks you through each option, including what it costs and how repayment works.
- Decide how much you need and what it’s for
- Check your personal and business credit
- Gather three to six months of bank statements and recent tax returns
- Apply online with SMB Compass (it won’t affect your credit score)
- Review your options with your advisor
- Accept the offer that fits and receive funding
Where we work in North Dakota
We provide financing for businesses statewide, including in Fargo, Bismarck, Grand Forks, Minot, West Fargo, Williston, Dickinson and Mandan.
Neighboring states
FAQ
North Dakota business loan questions
Do business loan brokers need a license in North Dakota?
North Dakota’s Money Brokers Act requires a license to arrange or provide loans or leases for a fee, and the Department of Financial Institutions says the definition covers commercial lending as well as consumer lending. Owners can ask any broker for its North Dakota license information or check with the DFI.
What does the Bank of North Dakota offer small businesses?
The state-owned Bank of North Dakota works through local lenders. Its programs include PACE and Flex PACE interest buydowns, bank participation loans, a Beginning Entrepreneur Loan Guarantee for start-up and early-stage financing, and an SBA Guaranteed Loan Purchase Program that lowers the borrower’s rate.
How do Bakken oilfield service companies finance slow-paying receivables?
Many use invoice financing, which advances cash against invoices from established operators rather than waiting months for payment. Equipment-backed or asset-based financing is also common because trucks and rigs hold value; the fit depends on customer concentration and receivables history.
What is the North Dakota Development Fund?
It is a Department of Commerce fund that provides gap financing to new and expanding primary sector businesses. It can use direct loans, participations, subordinated debt or equity, with investments of up to $3 million per project.
Sources
- SBA Office of Advocacy, 2026 Small Business Profile: North Dakota
- BEA, Gross Domestic Product by State and Personal Income by State, 4th Quarter 2024 and Preliminary 2024 (Table 1)
- U.S. Census Bureau, City and Town Population Totals: 2020-2025
- Census QuickFacts: Williston city, North Dakota (V2025)
- Census QuickFacts: Dickinson city, North Dakota (V2025)
- Census QuickFacts: Mandan city, North Dakota (V2025)
- ND DFI: Frequently Asked Questions, Non-Depository
- Mayer Brown: North Dakota Broadens Licensing Law to Include Alternative Financing
- Bank of North Dakota: Business Loans
- ND Commerce: Development Fund
- SBA North Dakota District Office
Figures checked 2026-09-23. SMB Compass is a business financing company, not a lender; we may be paid by the lenders we place loans with. This page is general information, not financial or legal advice.