SBA lending by metro area
SBA lenders in Grand Forks, ND
Which lenders fund Grand Forks-area businesses, how much, and how the market compares with North Dakota: SBA 7(a) and 504 loans, FY2010–2026.
By Mario Bailey · SBA FOIA data as of 2026-03-31
Top SBA lenders in the Grand Forks area
Ranked by SBA volume funded to businesses located in the Grand Forks metropolitan area, wherever the lender is headquartered. National SBA lenders that fund here are included.
| # | Lender | Loans | Total funded | Average loan | 7(a) charge-off |
|---|---|---|---|---|---|
| 1 | Old National Bank | 113 | $38.1M | $337K | 1.77% |
| 2 | Ultima Bank Minnesota | 127 | $26.6M | $210K | 3.15% |
| 3 | Dakota Business Lending | 36 | $25.0M | $694K | not reported |
| 4 | Lake Agassiz Certified Development Company | 23 | $19.9M | $864K | not reported |
| 5 | Bank Forward | 48 | $18.6M | $387K | 0.00% |
| 6 | Alerus Financial, National Association | 10 | $14.5M | $1.4M | not reported |
| 7 | Choice Financial Group | 20 | $10.9M | $543K | 0.00% |
| 8 | Frandsen Bank and Trust | 27 | $9.3M | $346K | 3.70% |
| 9 | Midwest Business Finance Corporation | 18 | $7.8M | $436K | not reported |
| 10 | U.S. Bank, National Association | 19 | $6.1M | $320K | not reported |
SBA 7(a) and 504 loans, FY2010–2026, as of 2026-03-31, from the SBA's public record.
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How Grand Forks compares
Median funded SBA loan and 504 share of loans, FY2010–2026.
| Median loan | 504 share | |
|---|---|---|
| Grand Forks area | $152K ▼ 10.0% | 13.6% ▼ 11.7 pts |
| North Dakota | $169K | 25.3% |
| United States | $179K | 11.2% |
What gets funded in Grand Forks
| Industry | Loans | Total funded |
|---|---|---|
| Accommodation and Food Services | 68 | $35.3M |
| Construction | 103 | $32.6M |
| Retail Trade | 65 | $29.4M |
| Manufacturing | 54 | $29.1M |
| Health Care and Social Assistance | 40 | $21.3M |
| Other Services | 45 | $14.7M |
| Wholesale Trade | 20 | $13.3M |
| Transportation and Warehousing | 30 | $12.9M |
SBA lending in Grand Forks by year
Geography, precisely
"Grand Forks area" here means the Grand Forks, ND-MN metropolitan statistical area as delineated by OMB (July 2023), which is exactly these counties: Grand Forks County, ND; Polk County, MN. Loans are placed by the SBA's recorded project county, which can differ from a borrower's mailing address. Counts are SBA 7(a) and 504 funded loans, FY2010–2026, as of 2026-03-31. See the methodology.