Small Business Loans in North Dakota
Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.
10 Small Business Loans in North Dakota
This compilation results from a distinctive analysis of small business financing providers in North Dakota, anchored in reliable data. The rankings reflect the number of small business loans these institutions have provided over the current year.
Simply put, this roster includes the financial organizations and lenders that are truly leading the way in distributing loans to small businesses within the state.
(This stands in contrast to many other sites, which tend to focus on nonprofit entities that infrequently offer loans and governmental initiatives that are often beyond the reach of numerous businesses!)
Takeaway: North Dakotans like starting banks - all of the banks on this list are local, except for one! Most small business lending in North Dakota is done by local, community banks.
Methodology: Drawing from SBA 7a loan figures, each lender mentioned here provides SBA loans. Furthermore, we've cataloged every other type of small business loan they advertise on their digital platforms.
Given the high credit scores and a business tenure of over two years often demanded by conventional banks, we've opted to initiate our list with two alternative funding solutions aimed at assisting small business proprietors working with less-than-ideal credit and shorter duration in business.
1. Credit Suite
Credit Suite operates as a consultancy and software provider focused on business credit, additionally providing a pair of unconventional financing options.
Cash Flow Financing presents a valuable opportunity for entrepreneurs who have been in operation for several years but only meet basic credit criteria. This option allows businesses to use their existing cash flow as collateral for obtaining adaptable funding.
Instead of fixed monthly repayments, the amount returned is a portion of the business's continual cash flow, offering a more flexible approach to financing.
The Credit Hybrid Line centers around financing that is entirely dependent on the individual's credit standing, bypassing the need for comprehensive financial records, bank statements, or detailed business proposals. It's specifically crafted for a wide range of businesses, with available funding ranging from $5,000 to $150,000.
Business financing options offered:
- Credit Suite Cash Flow Financing
- Credit Suite Credit Line Hybrid
2. VISIONBank
VISIONBank in Fargo, North Dakota issues more SBA 7a loans than any other lender in the state. (Not to be confused with the other Vision Banks in Oklahoma and Iowa!)
Business financing options offered:
Business Line of Credit
General Business Loans
Commercial Real Estate
SBA Financing
BIA Loans
Bank of ND Loans
3. Choice Financial Group
Choice Financial is a small local bank with just a few business financing options and a nice website.
Business financing options offered:
Ag Solutions
SBA Loans
Commercial Loans
4 business credit cards
4. First Western Bank & Trust
First Western is another local bank with a solid lineup of small business financing options.
Business financing options offered:
Business Credit Card
Commercial Real Estate Loans
Term Loans
Working Capital Loans / Lines of Credit
Special Loan Programs
5. US Bank
US Bank is a significant, nationwide banking institution that offers a wide range of business financing options. With its extensive network of branch locations, it's a familiar sight in many communities.
Business financing options offered:
US Bank Quick Loan
Business Term Loan
Commercial Real Estate Loan
Equipment Financing
SBA Loans
Dental, Medical, and Vet Practice Loans
Business Line of Credit
Manage Cash Flow
Business Equity Line of Credit
Business Reserve Line
4 Business Credit Cards
6. Starion Bank
Starion Bank is a small bank with many agricultural loans and various types of equipment leasing programs.
Business financing options offered:
Permanent working capital
Revolving lines of credit
Term loans for vehicles and equipment
Commercial construction and real estate loans
Small Business Administration (SBA) loans
Owner-occupied real estate
Financing for medical providers and other professional practices
Agribusiness Loans & Leasing
7. Aspire Bank
Aspire is another local bank with a solid array of small business loan options.
Business financing options offered:
Commercial Line of Credit
Term Loans
Small Business Line of Credit
Term Loans
Small Business Administration Financing
Commercial Real Estate Financing
8. Town and Country Credit Union
Town and Country is a regional credit union with an emphasis in lending for the agricultural industry. Farmers, look here!
Business financing options offered:
Real Estate Loans
Operating Lines of Credit
Construction Loans
Equipment/Vehicle Loans
Business Start-Up Loans
Business Purchases and Expansions
Farm/Ranch Operating Loans
Farm/Ranch Equipment Loans
Agriculture Long Term Real Estate Loans
LIvestock Loans
Specialty Agriculture Loan Programs
9. Capital Credit Union
Capital Credit Union is the second credit union on this list. Unusually, it has five separate business credit cards.
Business financing options offered:
Fixed term business loans
Commercial lines of credit
Commercial real estate loans
Construction loans
5 business credit cards
10. Alerus Financial
Alerus is a bank with an advisory feel. The website feels like that of a financial advisor, not a traditional bank. If you’re looking for tailored financial options and an individual approach, Alerus is worth investigating.
Business financing options offered:
Lines of Credit
Real Estate Loans
Equipment Financing
Small Business Administration Loans (SBA)
Outdoor Media Lending
4 Business Credit Cards
How to apply for a small business loan in North Dakota
Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!
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