North Dakota businesses took out 305 SBA 7(a) loans worth $187M in fiscal years 2024 to 2026, counting only loans that were not cancelled. That ranks 50th of 52 by number of loans and 49th by dollars. The median loan was $175K at a median starting rate of 9.00%. In FY2026 alone, lenders approved 89 North Dakota loans for $65.4M before cancellations.
What stands out in North Dakota
Heavy use of SBA 504
North Dakota had 146 SBA 504 loans, 0.48 for every 7(a) loan, against 0.10 nationally. The 504 program finances owner-occupied real estate and long-life equipment through a certified development company; in North Dakota the most active was Dakota Business Lending (73 loans).
Lower rates than average
The median starting rate on North Dakota 7(a) loans was 9.00%, against 10.25% nationally, and 35.4% of loans carried a fixed rate (13.6% nationally). SBA caps the spread a lender can charge over the base rate, and smaller loans are allowed higher spreads, so a state's loan-size mix moves its median rate.
Lots of business purchases
16.7% of North Dakota 7(a) loans financed a change of ownership, that is, buying an existing business, against 10.9% nationally. If you are planning an acquisition, North Dakota lenders see this kind of deal often.
Lending clusters in one county
Cass County alone accounted for 43.9% of North Dakota's 7(a) loans (134 loans), and Fargo was the most frequent borrower city with 106. The next county, Ward, had 11.5%.
SBA Express is the main channel
45.6% of North Dakota's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median North Dakota loan was $175K (national median $175K).
SBA 504 loans in North Dakota
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| North Dakota | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 146 | 18,076 |
| 504 dollars | $113M | $20.82B |
| Median 504 loan | $535K | $742K |
| Jobs supported (reported at approval) | 1,212 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Dakota Business Lending | 73 |
| Lake Agassiz Certified Development Company | 29 |
| Lewis & Clark Certified Development Company | 26 |
| Midwest Business Finance Corporation | 17 |
What a typical North Dakota SBA loan looks like
| FY2024-FY2026, not cancelled | North Dakota | United States |
|---|---|---|
| Median loan | $175K | $175K |
| Average loan | $614K | $508K |
| Median starting rate | 9.00% | 10.25% |
| Variable-rate loans | 64.6% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 48.9% | 49.0% |
| Loans of $500K or less | 74.8% | 76.9% |
| Loans of $1M or more | 16.7% | 13.6% |
| Startups (loan opens the business) | 15.4% | 16.1% |
| Startups and businesses 2 years old or less | 38.0% | 32.0% |
| Change of ownership (buying a business) | 16.7% | 10.9% |
| Franchise businesses | 9.8% | 11.0% |
| SBA Express loans | 45.6% | 35.8% |
| Jobs supported (reported at approval) | 3,796 | 1,733,816 |
North Dakota SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 123 | 132 | 89 |
| Dollars approved | $41.3M | $101M | $65.4M |
| Loans not cancelled | 114 | 108 | 83 |
| Median loan | $150K | $207K | $200K |
| Median rate | 9.97% | 8.74% | 8.00% |
| Loans of $150K or less | 57.9% | 42.6% | 44.6% |
| SBA Express share | 50.9% | 41.7% | 43.4% |
FY2026 approvals in North Dakota changed by −32.6% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in North Dakota
| Lender | Loans | Share of state |
|---|---|---|
| 1. U.S. Bank, National Association | 31 | 10.2% |
| 2. Town and Country CU | 26 | 8.5% |
| 3. Bravera Bank | 19 | 6.2% |
| 4. Choice Financial Group | 14 | 4.6% |
| 5. Old National Bank | 14 | 4.6% |
| 6. Bell Bank | 12 | 3.9% |
| 7. First Western Bank & Trust | 11 | 3.6% |
| 8. Alerus Financial, National Association | 11 | 3.6% |
| 9. Northeast Bank | 10 | 3.3% |
Industries that borrow most in North Dakota
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Restaurants and hotels | 47 | 15.4% | $539K | 8.25% |
| Construction | 40 | 13.1% | $76K | 9.00% |
| Retail | 35 | 11.5% | $243K | 9.75% |
| Other services (repair, personal care) | 33 | 10.8% | $214K | 8.75% |
| Health care | 32 | 10.5% | $129K | 8.12% |
| Professional services | 24 | 7.9% | – | – |
| Manufacturing | 15 | 4.9% | – | – |
| Transportation and trucking | 13 | 4.3% | – | – |
Where in North Dakota the loans go
| County | Loans |
|---|---|
| Cass | 134 |
| Ward | 35 |
| Burleigh | 30 |
| Grand Forks | 21 |
| Williams | 20 |
| Stark | 10 |
| City | Loans |
|---|---|
| Fargo | 106 |
| Bismarck | 30 |
| Minot | 29 |
| Williston | 19 |
| West Fargo | 17 |
| Grand Forks | 16 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA district office for North Dakota
North Dakota loans are overseen by the SBA North Dakota District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in North Dakota
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide.
Frequently asked questions
How many SBA loans were made in North Dakota?
Lenders approved 123 SBA 7(a) loans for North Dakota businesses in FY2024, 132 in FY2025 and 89 in FY2026, before cancellations. Net of cancelled loans, the three years total 305 loans worth $187M, plus 146 SBA 504 loans worth $113M.
Which banks make the most SBA loans in North Dakota?
In FY2024 to FY2026 the most active 7(a) lenders in North Dakota were U.S. Bank, National Association (31 loans, 10.2%), Town and Country CU (26 loans, 8.5%), Bravera Bank (19 loans, 6.2%).
What is the typical SBA loan size and rate in North Dakota?
The median 7(a) loan in North Dakota was $175K and the average was $614K. The median starting interest rate was 9.00%, 64.6% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to North Dakota by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: District of Columbia, South Dakota, Wyoming, Alaska, or see all states.