A Willowpeak Capital Group guide to the kinds of business lenders and funding sources a Williston, North Dakota business can use, from community banks to the state-owned Bank of North Dakota.
Bank of North Dakota Small Business Loans: What It Means for Oilfield Service Companies
The Bank of North Dakota does not take business loan applications straight from owners. According to its business loans page, all of its business lending programs work with the local lender as the borrower's first contact, and the local lender initiates the application with the Bank of North Dakota on the borrower's behalf.
For an oilfield service company that means the path to a Bank of North Dakota program runs through a bank or credit union it already works with. The bank's Bank Participation Loan Program, for example, helps a local lender whose borrower's needs have outgrown that lender's own limits, and its page lists equipment, working capital, acquisitions and construction among the uses that will be considered.
The Bank of North Dakota business loans page lists each program with its eligibility and how to apply. Its Business Development Loan Program, for businesses whose risk is higher than a lender would normally accept, requires a personal guarantee, according to the program page, and its PACE program is for primary sector businesses certified by the North Dakota Department of Commerce.
Commercial Loan Operations in North Dakota and a Second Location at a Chiropractic Clinic
Commercial loan operations at a North Dakota bank cover the full cycle: the application, the credit review, the documents, the closing and the servicing afterward. A chiropractic clinic opening a second location meets each of those steps, and the bank may bring in a participation partner if the loan is larger than it holds alone.
For the clinic, the practical point is to ask early whether the bank sells participations or uses state programs, because that can change the timeline and the documents asked for.
Community Banks, Credit Unions and the State-Owned Bank of North Dakota
Community banks lend to local businesses from their own deposits and know the area's trades. Credit unions are member-owned cooperatives; a business usually needs to qualify for membership before it can borrow. The Bank of North Dakota, which describes itself as the only state-owned bank in the nation, was established by the North Dakota Legislature in 1919 and opened on July 28, 1919, according to its own history page.
Finance and insurance employers, the Census sector that includes banks, credit unions and insurance agencies, had 56 employer establishments in Williams County, ND in 2023 (County Business Patterns).
Equipment Lenders That Finance Pulling Units, Vac Trucks and Shop Lifts
Equipment lenders and the finance arms of equipment dealers specialize in machines: they know the resale value of a used pulling unit, a vacuum truck or a shop lift, and price the loan or lease on the unit. A bank may finance the same unit as part of a wider relationship.
The equipment financing page and the article on who finances pulling units compare them.
Online Lenders and Card-Sales Advance Providers in North Dakota
Online lenders review applications through a web portal, often with bank-statement data, and offer working capital loans and credit lines. Merchant cash advance providers buy a share of future card sales; an advance is not a loan. Willowpeak plays a different role from all of these: it gathers a request and passes it to funding partners, who review it and decide.
Online lenders and advance providers set their own eligibility rules, such as minimum time in business or monthly deposits, and their payments may be weekly or daily rather than monthly. Read the payment frequency before comparing one offer with a bank's.
Compare any offer from any of these sources on the total cost in dollars, the payment schedule and the collateral.
City of Williston, ND STAR Fund and Other Local Business Money
The City of Williston, ND STAR Fund is paid for by a 1% city sales tax approved by voters through June 30, 2030; 25% of the proceeds go to jobs creation and community development, according to the city. Its programs include low interest loan programs for new and existing businesses, matching grants for business remodels and sign replacements, and incentive funding for child care facilities.
Applications are available from the Williston Economic Development office. Ask the office about eligibility and terms; Willowpeak has no role in the STAR Fund.
Advising Before the Application: The ND SBDC Center in Williston, ND and the SBA North Dakota District Office
The North Dakota Small Business Development Centers list a Williston location at 113 4th Street East (ndsbdc.org). SBDC advisers help owners with business plans and financial projections before an application; ask the center about any fees.
The SBA North Dakota District Office in Fargo covers all 53 counties in the state, according to the SBA. SBA-backed loans are made through SBA-approved lenders; Willowpeak does not arrange SBA loans.
By Willowpeak Capital Group · Updated
