Business financing in Mercer County.

Small business financing is money you borrow or receive to start, grow, or stabilize a business or investment property. It comes in several forms:

**Term loans** — You borrow a fixed amount and repay it with interest over a set period. Good for equipment, vehicles, or a one-time expansion.

**Lines of credit** — A revolving pool of money you draw from as needed, then repay. Useful for covering slow seasons or unexpected costs common to contractors in rural North Dakota.

**SBA-backed loans** — Loans made by a private lender but partially guaranteed by the U.S. Small Business Administration. Because the federal guarantee reduces the lender's risk, you may qualify even without perfect credit or a large down payment.

**Microloans** — Small loans, usually under $50,000, often offered by nonprofit lenders called CDFIs (Community Development Financial Institutions). These are especially useful for newer businesses or those without established credit.

**Real estate investor loans** — Loans for purchasing, rehabilitating, or refinancing income-producing properties. These can be conventional, SBA 504, or CDFI-backed depending on the project.

None of these are one-size-fits-all. The right product depends on your business stage, your credit picture, and what you actually need the money for.

Mercer County sits in west-central North Dakota, anchored by Beulah and Hazen.

The local economy is shaped by energy (coal and lignite mining, power generation), agriculture, and the trades.

Contractors who work in construction, electrical, plumbing, welding, or farm services are very common here — and most lenders who know this market understand that income can be seasonal or project-based.

**You may qualify if you:**

- Have operated your business or trade for at least one or two years (some microloan programs accept startups)

- Can show income through tax returns, bank statements, or contracts — even if it is irregular

- Have a business bank account or are willing to open one

- Have a Social Security Number (SSN) **or** an Individual Taxpayer Identification Number (ITIN) — ITIN-friendly lenders do exist in North Dakota

- Are a sole proprietor, LLC, partnership, or corporation

**Local economy factors lenders consider:**

- Energy sector employment or contracting ties (many banks in this region understand royalty income and energy-related cash flow)

- Agricultural ties — equipment loans and seasonal operating lines are very familiar to lenders here

- Remote location — some lenders apply rural pricing or rural development criteria that can actually work in your favor

You do not need perfect credit. Many CDFIs and credit unions will work with credit scores in the 580–650 range, especially if you can explain your situation and show consistent deposits.

Gathering your paperwork early makes the process much less stressful. Here is what most lenders in North Dakota will ask for:

**For all applicants:**

- Government-issued photo ID (driver's license, passport, or consular ID)

- SSN or ITIN

- Two years of personal tax returns (Form 1040)

- Two to three months of personal bank statements

- Proof of address (utility bill, lease, or mortgage statement)

**For your business:**

- Two years of business tax returns (if you have been operating that long)

- Year-to-date profit and loss statement

- Three to six months of business bank statements

- Business license or registration with the North Dakota Secretary of State

- Any major contracts, leases, or purchase agreements related to your request

**For SBA loans specifically:**

- SBA borrower information form (Form 1919)

- Personal financial statement (SBA Form 413)

- A brief business plan or use-of-funds narrative (your local SBDC can help you write this for free)

**For real estate investors:**

- Property address and purchase price or appraisal

- Rent rolls if the property is already occupied

- Rehab estimates if you plan to renovate

Tip: CDFIs and credit unions are often more flexible about document formats than large national banks. If you are self-employed and your income does not show up cleanly on a W-2, talk to a CDFI first.