Best Banks for Small Businesses in North Dakota: Top 10 Picks for 2025

Introduction to Business Banking in North Dakota

North Dakota’s economy thrives on agriculture, energy, and small businesses, with over 70,000 small enterprises contributing to its GDP. However, entrepreneurs face challenges like seasonal cash flow fluctuations, limited access to affordable loans, and navigating complex regulations. Choosing the right bank is critical for overcoming these hurdles, whether your business operates in Fargo’s tech hubs or rural farming communities.

Compare with Neighboring States

If you do business across state lines or want to see how your options measure up, check out our guides for nearby states:

• Montana

• Wyoming

• Idaho

The 10 Best Banks for Small Businesses in North Dakota

Holdings (Best for Digital-First Banking)

Holdings redefines business banking with its fully digital platform, offering $0 fees, tiered APY rates up to 3%, and seamless integration with accounting software like QuickBooks.

Pros:

• No monthly fees, minimum balances, or transaction limits

• Free ACH transfers, domestic wires, and mobile check deposits

• Allpoint ATM network access with fee reimbursements

• Native integration with Plaid, Yodlee, and QuickBooks

Cons:

• No physical branches for in-person support

• Limited cash deposit options

Verdict: Ideal for tech-driven businesses prioritizing cost efficiency and digital tools.

Bank of North Dakota (Best for SBA Loans)

As the only state-owned bank in the U.S., BND partners with local lenders to offer SBA-backed loans with rates as low as 4.6%.

Pros:

• Low-interest SBA loans and revolving funds (e.g., Bulk Propane Storage Tank Fund)

• Statewide support for agricultural and energy businesses

• Collaborative programs with local credit unions

Cons:

• Requires strong credit scores (680+) and collateral

• Limited digital banking features

Verdict: Top choice for businesses seeking government-backed loans and local partnerships.

Wells Fargo (Best for Branch Access)

With 15+ branches statewide, Wells Fargo provides robust lending options, including SBA loans up to $100,000 and commercial real estate financing.

Pros:

• Extensive branch network across urban and rural areas

• SBA Express loans with 36-hour approval

• Merchant services and payroll solutions

Cons:

• Monthly fees up to $75 unless waived by high balances

• Mixed customer service reviews

Verdict: Reliable for businesses needing in-person support and diverse loan products.

VISIONBank (Best Local SBA Lender)

A Fargo-based leader in SBA lending, VISIONBank has won the District Director’s Award annually since 2010.

Pros:

• Low-fee Business Connect Checking ($0/month with $500 balance)

• SBA 7(a) loans averaging $285,250 at 9% interest

• Free ACH payments and remote deposit tools

Cons:

• Limited branch presence outside Fargo

• Basic mobile app (4.0/5 rating)

Verdict: Excellent for startups seeking personalized SBA loan guidance.

Choice Financial Group (Best Agricultural Lender)

Ranked North Dakota’s #1 ag lender by the ABA, Choice offers tailored loans for farming and equipment financing.

Pros:

• Competitive equipment loans with flexible terms

• Free financial webinars on tax planning and cybersecurity

• “People First” local decision-making

Cons:

• $10-$25 monthly fees on business accounts

• Requires 680+ credit scores for loans

Verdict: Top pick for agricultural businesses and rural enterprises.

Town and Country Credit Union (Best High-Yield Checking)

This Minot-based credit union offers 3% APY on balances up to $20,000—one of ND’s highest yields.

Pros:

• No minimum balance or monthly fees

• Free debit card and online banking

• Farm-friendly transaction policies

Cons:

• Limited to 8 branches in central ND

• No business savings accounts

Verdict: Perfect for cash-heavy businesses wanting interest-bearing checking.

Live Oak Bank (Best for High-Yield Savings)

Though based in NC, Live Oak provides ND businesses with 3.6% APY savings accounts and nationwide ATM access.

Pros:

• Industry-leading 3.6% APY on savings

• $0 fees on accounts over $100,000

• Top SBA lender for healthcare and tech sectors

Cons:

• $10/month fee on balances below $100K

• No checking accounts

Verdict: Ideal for businesses prioritizing savings growth over transactional needs.

U.S. Bank (Best for Low-Credit Borrowers)

U.S. Bank approves SBA loans for credit scores as low as 620, with average rates of 10.9%.

Pros:

• Accessible loans for newer businesses

• 50+ branches across ND

• Highly rated mobile app (4.5/5)

Cons:

• $5-$20 monthly fees

• Requires personal guarantees

Verdict: Suitable for businesses rebuilding credit or lacking collateral.

Capital Credit Union (Best Fee-Free Banking)

Capital CU’s Business Connect Checking charges no monthly fees and pays dividends on balances over $500.

Pros:

• No-fee ATM usage nationwide

• Free payroll and tax preparation tools

• Dividends compounded monthly

Cons:

• 5-branch limit in Bismarck/Mandan

• $9 fee if balance drops below $500

Verdict: Great for small businesses minimizing banking costs.

Bremer Bank (Best for Large Loans)

This MN-based lender provides ND’s largest average SBA loans at $1.05 million with 9.3% rates.

Pros:

• Jumbo loans for expansions/acquisitions

• 7 ND locations

• Industry-specific lending experts

Cons:

• 12-24 month approval process

• Requires $1M+ annual revenue

Verdict: Optimal for established businesses financing major projects.

Comparison Table: Best Banks in North Dakota

Conclusion: Elevate Your Banking with Holdings

North Dakota businesses deserve a partner that combines innovation with practicality. Holdings delivers unmatched value through fee-free digital banking, tiered APY up to 3%, and tools that simplify financial management. While traditional banks like BND excel in SBA loans, Holdings empowers businesses to grow through smart cash flow solutions and real-time financial insights.

Ready to experience banking built for modern businesses? Open your Holdings account today at GetHoldings.com and unlock your company’s full potential.