Best SBA Lenders in Fargo, ND (2026)
2025 FOIA data: top lenders, rates & industries for Fargo SBA loans
SBA Loans in Fargo, North Dakota
Looking for an SBA loan in Fargo, North Dakota? Based on 2025 FOIA data, 51 SBA 7(a) loans were funded in Fargo totaling $30.0M, supporting an estimated 495 jobs. With 21 active lenders competing for business in the Fargo market, comparing offers is essential to getting the best rate and terms.
The average SBA loan in Fargo is $588K at an average rate of 9.12%. The top lender in Fargo is Old National Bank, with the most-funded industry being Engineering Services. See all North Dakota SBA lenders for statewide rankings.
SBA Loans in Fargo by Business Type
Whether you’re starting a new business in Fargo, buying an existing one, or expanding your current operation, here’s how SBA lending breaks down in your market:
Startups represent 6% of SBA loans in Fargo (7 loans funded in 2025), which tells you how comfortable local lenders are funding new ventures without established operating history. Business acquisitions account for 52% (12 loans) — if you’re looking to buy a business in Fargo, this is a proven use case for SBA financing. Existing businesses make up 31% and typically receive the most favorable terms.
Top SBA Lenders in Fargo, ND (2025 Data)
The table below ranks every SBA 7(a) lender that funded loans to Fargo businesses in 2025, ordered by total dollar volume. This data comes directly from SBA FOIA records:
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Old National Bank | $6.2M | 6 | 8.65% |
| 2 | First Internet Bank of Indiana | $5.1M | 3 | 10.25% |
| 3 | Wallis Bank | $2.9M | 4 | 9.75% |
| 4 | Choice Financial Group | $2.4M | 6 | 8.83% |
| 5 | Glenwood State Bank Incorporated | $2.0M | 1 | 10.5% |
| 6 | Cornerstone Bank | $1.9M | 3 | 7.75% |
| 7 | Readycap Lending, LLC | $1.8M | 1 | 9.75% |
| 8 | Town and Country CU | $1.5M | 5 | 7.94% |
| 9 | Dacotah Bank | $1.0M | 1 | 7.25% |
| 10 | OptimumBank | $980K | 1 | 10.25% |
The top lenders in Fargo have direct experience with local businesses and understand the Fargo market — commercial real estate values, local industry dynamics, and regional economic conditions. Pay attention to the “Avg Rate” column, as rates vary significantly between lenders. A 0.5-1.0% rate difference on a $500K loan translates to $15,000-$30,000 in savings over the life of the loan.
Don’t limit your search to banks listed above — many national SBA lenders also fund loans in Fargo and may offer better rates. An SBA loan broker like GoSBA gives you access to both local and national lenders with one application.
Get Matched with the Best SBA Lender in Fargo
One 5-minute application. 21+ lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Fargo
These are the industries that received the most SBA 7(a) funding in Fargo in 2025. If your business is in one of these sectors, lenders are already familiar with your business model and may offer faster approvals:
| Industry | Loans | Volume |
|---|---|---|
| Engineering Services | 2 | $4.8M |
| Commercial Gravure Printing | 3 | $4.2M |
| Tobacco and Tobacco Product Merchant Wholesalers | 1 | $2.9M |
| Radio and Television Broadcasting and Wireless Communications Equipmen | 1 | $1.8M |
| Offices of Mental Health Practitioners (except Physicians) | 4 | $1.3M |
| Other Personal Care Services | 2 | $1.2M |
| Limited-Service Restaurants | 3 | $1.2M |
| Funeral Homes and Funeral Services | 1 | $1.1M |
| Site Preparation Contractors | 1 | $1.0M |
| All Other Miscellaneous Fabricated Metal Product Manufacturing | 2 | $850K |
Lenders with experience funding your specific industry in Fargo understand the local competitive landscape, typical revenue ranges, and seasonal patterns. This familiarity often translates to faster underwriting and more competitive terms. If your industry doesn’t appear above, SBA loans are available for nearly every legal business type — an SBA broker can match you with lenders who specialize in your sector.
How to Get an SBA Loan in Fargo
Option 1: Apply directly to one of the top Fargo lenders listed above. You’ll receive a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Fargo-active lenders and national SBA lenders simultaneously. More offers means better rates, faster approvals, and zero cost to you — lenders pay the broker fee.
Frequently Asked Questions
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Data from SBA 7(a) FOIA records, Calendar Year 2025. Visit sba.gov for official info.
