According to the U.S. Small Business Administration (SBA) Office of Advocacy, the number of small businesses in the Fargo metropolitan area grew from 23,077 in 2023 to 24,229 in 2024. Small businesses are the heartbeat of our local communities and eclipsing 25,000 here in Fargo-Moorhead will be a special milestone worthy of celebration and reflection. 2021 Census data shows that nearly half of all employees in the FM area, 49%, are employed by small businesses. While our small businesses continue to adapt and grow, it is important that as a community and as resource providers we continue to show up to support them. At the SBA, we will continue to meet our small businesses where they are, offering a variety of programs and resources aimed at supporting the establishment and vitality of small businesses across North Dakota.
SBA’s resources can be summarized by grouping them into three “C’s”: increasing access to capital, providing government contracting assistance, and supporting small business development with counseling. The SBA resource partner network can help not only with planning the start of a new business, but they can also help with expanding or refocusing existing businesses. This network consists of the following partner organizations:
- SCORE
- North Dakota Small Business Development Center
- North Dakota Women’s Business Center
- Veterans Business Outreach Center of the Dakotas
These organizations can provide guidance with business planning, market research, financial projections, succession planning and more. These services are confidential and are offered at no cost. Whether a business is starting, growing, expanding, or recovering, the SBA resource partner network is there for support, guidance, and advising.
About The SBA
The U.S. Small Business Administration (SBA) is a federal agency dedicated to empowering entrepreneurs and small business owners by providing critical resources, guidance, and support to help businesses start, grow, and succeed. Established in 1953, the SBA offers a variety of services, including business financing through guaranteed loans, counseling and mentorship programs, disaster relief assistance, and advocacy for small businesses in policy-making. By supporting the backbone of the American economy, the SBA aims to foster economic growth, innovation, and job creation nationwide.
Access to capital is critical for starting or growing a sustainable and resilient business. An SBA-guaranteed loan can help connect entrepreneurs with capital they may not have been able to access elsewhere on reasonable terms. The 7(a) loan program is SBA’s primary loan program and with a maximum loan amount of $5 million it can be used to finance a broad list of uses, some of which include working capital, changing business ownership, and refinancing eligible business debt. Hundreds of lenders in North Dakota participate in the SBA 7(a) loan program and small business owners can choose which lender they would like to work with to apply for a 7(a) loan.
SBA’s Lender Match tool assists small businesses looking to connect with participating SBA lenders and can be accessed at SBA.gov/lendermatch. The 504 loan program offers long-term, fixed rate financing for major fixed assets that promote business growth. The maximum loan amount is $5.5 million and eligible uses of proceeds include commercial real estate, construction, machinery, and equipment among other things. The 504 loan program is provided in collaboration with Certified Development Companies, SBA’s community-based nonprofit lending partners who promote economic development within their communities
There are currently four Certified Development Companies that are authorized to issue SBA 504 loans in North Dakota and can be contacted to apply:
- Dakota Business Lending
- Lake Agassiz Certified Development Company
- Lewis & Clark Certified Development Company
- Minnesota Business Finance Corporation
For more than 60 years the SBA has celebrated National Small Business Week, which acknowledges the critical contributions America’s entrepreneurs and business owners. Small businesses maintain and strengthen our economy while providing our communities with local flavor and crucial services. National Small Business Week in 2025 will take place May 4-10. As the Fargo-Moorhead area is poised to soon surpass 25,000 small businesses, we want to recognize the hard work, ingenuity, and strong connectivity within our entrepreneur ecosystem that has contributed to making this achievement feasible.
North Dakota SBA
sba.gov/district/north-dakota
Instagram | @sbagov
Facebook | /SBAgov
701-239-5131