Business Loans in North Dakota

North Dakota's economy has been transformed by the Bakken oil boom and continues to evolve through agriculture, technology, and energy diversification. The state experienced unprecedented growth when hydraulic fracturing unlocked the Bakken Formation, making North Dakota the second-largest oil-producing state in the nation. While the energy sector has experienced cycles, it remains a major economic driver in western North Dakota. Agriculture continues to be foundational — North Dakota leads the nation in production of spring wheat, durum wheat, sunflowers, dry edible beans, and honey. Fargo has emerged as a surprising technology hub, with Microsoft, Amazon, and a vibrant startup community creating a "Silicon Prairie" along the Red River. The University of North Dakota in Grand Forks drives research and an aerospace sector centered on drone (UAS) technology. North Dakota's approximately 76,000 small businesses benefit from one of the lowest unemployment rates in the nation and a unique institution: the Bank of North Dakota (BND) — the only state-owned bank in the country. BND partners with local banks to provide small business loans, student loans, and agricultural financing, creating a uniquely supportive lending ecosystem. The state also offers the PACE program (Partnership in Assisting Community Expansion) for gap financing and the North Dakota Development Fund.