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Are you looking for North Dakota’s best business loans & startup financing companies? If you own one of the 75,000 small businesses in the Peace Garden State, many banks, credit unions, & unconventional lenders will offer you different loan types.

Understand the unique features and benefits of different loan types to empower your business. That’s how you can choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 9 business loans & startup financing options in N. Dakota to get started:

1.  Swoop Funding

Swoop Funding is every North Dakota-based small company’s top startup financing option.

It offers entrepreneurs a range of funding solutions to meet their needs. You can access many loan types, including traditional term loans and innovative financing options with a simplified funding process.

2.  Aspire Bank

This lender offers you an interest rate of 4.46%, while the average payout amount is $191,000. Based in the famous town of Fargo, Aspire Bank helps North Dakota businesses get term loans easily on favorable/flexible conditions.

3.  Ready Capital

This lender serves the two Dakotas. If you need ample business funding, then you should get in touch with Ready Capital. Up to $25 million in funding is available here for small and midsize businesses. So, don’t let the lack of funding prevent your startup in the 701 from reaching its full potential. However, if you belong to Ready Capital’s target communities, such as veterans, you can ask for loan amounts ranging from $350k to $7 million without packaging fees. They also use an AI tool called LenderAI to streamline your application process and get loans quickly.

4.  Starion Bank

From truck fleets to building lots, Starion Bank offers you a variety of loans. This lender also offers generous loans to small business owners in Wisconsin and North Dakota. So, if you need working capital, term loans, and other affordable financing options, get in touch with Starion Bank right now. You can get funded for the following:

• Permanent working capital
• Lines of credit
• Term loans for vehicles and equipment
• Commercial construction and real estate loans
• Small Business Administration (SBA) loans
• Financing for medical providers and other professional practices
• Letters of credit

5.  Red River State Bank

The average interest rate at the Red River State Bank is 4.36%. The average loan amount that is often approved is $1.317 million. This lender was established in the 1880s in Minnesota. So, it serves many businesses located in Minnesota and North Dakota by providing them with lots of funding options, especially agricultural loans. What’s great about this lender is that Red River State Bank is also able to finance commercial projects that may not qualify under other bank programs or our normal Bank loan policies. So, you can easily  purchase or refinance your commercial or agricultural real estate. If you own a farming business, this lender is perfect for you!

6.  Choice Capital

Choice Capital is a Small Business Administration Preferred Lender (SBA PLP) in N. Dakota and Minnesota. If you apply for 7(a) loans through this lender, you can get up to $5 million in funding. That’s why it’s an ideal startup financing option for small-scale companies. As for SBA 504 loans, this option lets you borrow up to $12.5 million with 50% of project financed by Choice Bank non-guaranteed loan. When it comes to SBA express loans and lines of credit, you can get up to $350 thousand, using this money for working capital. They have a hashtag #PeopleFirst, showcasing their commitment to small business owners nationwide, especially the Peace Garden State.

7.  United Savings Credit Union

At USCU, you can get various types of business loans to make sure that your company in the Peace Garden State is never in want of money. You can get a loan to purchase business cars, commercial real estate, office equipment, and various other things. This lender aims to make its clients more savvy, secure, educated, and empowered in small business financing. You can now buy a new home, invest in commercial real estate, get vehicle financing, or purchase business equipment. So, get in touch with loan provider and make sure that you are providing them with your accurate information.

8. Sapphire Sky Capital

We’ve already mentioned this lender in a different blog. It’s a prime North Dakota lender that supports small businesses in North Dakota financially. You can apply for real estate funding and get business loans easily from Sapphire Sky Capital. This financier offers you regional expertise, customized lending solutions, a simple & efficient application process, and a wide range of loan options to help your business stay afloat in dire economic times. So, you can apply for term loans, Merchant Cash Advance, and equipment financing among other options.

9. First Union Lending

if you need ample funding in Fargo, ND, then get in touch with First Union Lending. It’s a prime lender in the 701 where many businesses are struggling to stay profitable in the wake of the COVID fiasco. The process is super easy. Just fill out an online application, submit a few documents and this lender’s dedicated advisor will walk you through the rest. If you’re running salons, restaurants, car dealers, or trucking companies in North Dakota, get in touch with this lender to support you financially.

North Dakota Government Resources

Check out these government resources about business grants/funding and startup financing options in N. Dakota:

• North State State Government | Incentives and Funding
• Helpful Links for Small Business in Fargo
• Rural Business Development Grants in North Dakota

Top Cities in North Dakota for Business Loans

Curious to know which cities, towns, municipalities, or census-designated places (CDPs) in N. Dakota are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Fargo
2. Bismarck
3. Grand Forks
4. Minot
5. Williston
6. Dickinson
7. Mandan
8. Jamestown
9. West Fargo
10. Devils Lake
11. Watford City
12. Grafton
13. Hazen
14. Bowman
15. Carrington
16. Lisbon
17. Beulah
18. Valley City
19. New Town
20. Rugby
21. Cavalier
22. Langdon
23. Killdeer
24. Watford City
25. Dunseith
26. Park River
27. Harvey
28. Surrey
29. Edgeley
30. Rolette

Conclusion

Given that many businesses in North Dakota are struggling to get proper financing, you need an experienced lending expert to get the finances required to keep your business vessel afloat.

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in North Dakota.

Choose a reliable lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If nothing makes sense, get in touch with us at Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. We’ll help you understand how to get better funding for your business!