In tighter times, small business owners struggle to get financing

Inflation, interest rate hikes and post-Covid belt tightening to blame

  • The Bank of North Dakota, the only state-owned general service bank in the U.S., has administered Small Business Administration loans since the mid-1960s and houses the Bismarck Small Business Development Center. The nine centers in the state are funded by the SBA, the North Dakota Department of Commerce, and institutions where they are based.
    The Bank of North Dakota, the only state-owned general service bank in the U.S., has administered Small Business Administration loans since the mid-1960s and houses the Bismarck Small Business Development Center. The nine centers in the state are funded by the SBA, the North Dakota Department of Commerce, and institutions where they are based.
    If you’re thinking of starting a business, you’re now likely to need more money down, as lenders tighten their requirements and shift from an environment awash in pandemic relief funds, to one where grants and low interest programs are less available. Even essential services, like daycares – a crucial need in North Dakota and across the region – are seeing new challenges due t...

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