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.
