Best North Dakota SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in North Dakota
SBA Loans in North Dakota
North Dakota businesses received $100.5M in SBA 7(a) loan approvals across 132 businesses in 2025, supporting 1,354 jobs. With 45 active SBA lenders competing for business in North Dakota, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in North Dakota is $762K at 9.18%, which is 1.14% below the national average of 10.32%. The top lender in North Dakota is Readycap Lending, LLC, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in North Dakota by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in North Dakota, here’s how SBA lending breaks down:
Startups represent 3% of North Dakota SBA loans (16 loans totaling $3.4M). Business acquisitions (change of ownership) account for 36% (24 loans, $36.3M). Existing businesses make up the largest share at 39% (64 loans). If you’re buying a business in North Dakota, acquisitions are a well-established use case for SBA 7(a) loans.
North Dakota vs. National Average
How does North Dakota’s SBA lending market compare to the national average in 2025?
North Dakota9.18%
National Avg10.32%
✅ North Dakota’s avg rate is 1.14% lower than the national average
North Dakota$762K
National Avg$478K
North Dakota’s avg loan is 1.6x the national average
A rate lower than the national average of 10.32% is significant context for North Dakota borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in North Dakota (2025 Data)
The table below ranks every SBA 7(a) lender active in North Dakota in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | Readycap Lending, LLC | $11.1M | 5 | 10.3% |
| 2 | Old National Bank | $10.3M | 10 | 8.19% |
| 3 | First Bank of the Lake | $6.3M | 2 | 9.88% |
| 4 | Alerus Financial, National Association | $6.0M | 2 | 8% |
| 5 | Wallis Bank | $5.7M | 8 | 9.75% |
| 6 | First Internet Bank of Indiana | $5.1M | 3 | 10.25% |
| 7 | Open Bank | $5.0M | 1 | 8.5% |
| 8 | First International Bank & Trust | $4.6M | 1 | 7.5% |
| 9 | First Community CU | $4.5M | 1 | 6.25% |
| 10 | U.S. Bank, National Association | $3.8M | 13 | 10.57% |
| 11 | First State Bank | $3.8M | 2 | 8% |
| 12 | Port 51 Lending LLC | $3.6M | 1 | 9% |
| 13 | Choice Financial Group | $2.9M | 8 | 8.56% |
| 14 | Bank of Hope | $2.9M | 1 | 8.5% |
| 15 | Dacotah Bank | $2.6M | 3 | 7.67% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in North Dakota have funded the most deals locally, meaning their loan officers understand North Dakota’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both North Dakota-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in North Dakota
One 5-minute application. 45 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in North Dakota
SBA lending in North Dakota reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in North Dakota in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 7 | $23.9M |
| Commercial Gravure Printing | 4 | $8.8M |
| Supermarkets and Other Grocery (except Convenience) Stores | 3 | $6.5M |
| Funeral Homes and Funeral Services | 2 | $5.6M |
| All Other Specialty Trade Contractors | 4 | $5.2M |
| Highway, Street, and Bridge Construction | 2 | $5.1M |
| Engineering Services | 2 | $4.8M |
| Farm and Garden Machinery and Equipment Merchant Wholesalers | 2 | $3.6M |
| Tobacco and Tobacco Product Merchant Wholesalers | 1 | $2.9M |
| Support Activities for Oil and Gas Operations | 4 | $2.2M |
| Limited-Service Restaurants | 6 | $2.1M |
| Radio and Television Broadcasting and Wireless Communications Equipmen | 1 | $1.8M |
| Offices of Mental Health Practitioners (except Physicians) | 5 | $1.4M |
| Other Personal Care Services | 3 | $1.3M |
| Electrical Contractors | 2 | $1.1M |
If your business operates in one of North Dakota’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in North Dakota
SBA lending activity within North Dakota is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in North Dakota the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Fargo | 51 | $30.0M |
| Bismarck | 12 | $17.3M |
| Grand Forks | 11 | $12.2M |
| Williston | 10 | $6.6M |
| Casselton | 2 | $5.3M |
| New Town | 1 | $5.0M |
| Dickinson | 7 | $4.9M |
| Stanley | 1 | $3.6M |
| Killdeer | 2 | $3.4M |
| Jamestown | 1 | $3.2M |
How to Get an SBA Loan in North Dakota
Option 1: Apply directly to one of the top North Dakota lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple North Dakota-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in North Dakota in 2025?
What is the average SBA loan interest rate in North Dakota?
Can I get an SBA loan to start a business in North Dakota?
Who is the top SBA lender in North Dakota?
What industries get the most SBA loans in North Dakota?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
