Capital for North Dakota operators
from the Red River to the Bakken.

North Dakota runs one of the most consequential energy economies in the country and pairs it with an agricultural base that quietly feeds the world. The Bakken shale play, anchored in Williams, McKenzie, and Mountrail counties, has made the state the second- or third-largest oil producer in the United States in most months of the past decade. The Red River Valley is one of the most productive farming regions on the continent — wheat, soybeans, sugar beets, canola, and a deep ag-services economy. Bobcat (now part of Doosan Bobcat) anchors a global advanced-manufacturing footprint based in West Fargo and Bismarck, and Microsoft runs one of its largest non-Seattle campuses in Fargo. Banks, by structure, cannot move at the pace these supply chains and energy cycles demand. Goliath was built to.

Our North Dakota pipeline reaches every region of the state. The Fargo–West Fargo metro brings us deal flow from downtown restaurants, the Microsoft-orbit professional-services layer, the Bobcat tier-two supplier base, and the broader Red River Valley ag-services economy. Bismarck-Mandan anchors the capital and state-government economy along with a meaningful energy services and ag-services base. Grand Forks brings us University of North Dakota-adjacent restaurants and services, aerospace and UAV work tied to the Grand Sky tech park and Grand Forks AFB, and Red River Valley sugar-beet processing. Minot anchors a Bakken-edge energy economy plus the Air Force base footprint. Western North Dakota — Williston, Watford City, Dickinson — drives our oilfield deal flow.

The bank-lending coverage gap in North Dakota

North Dakota has the Bank of North Dakota (the only state-owned bank in the country) and a strong community-bank tradition, yet the small-business credit gap is wider than people expect. Community-bank consolidation has thinned the field outside Fargo and Bismarck, and surviving regional and national institutions structurally favor commercial real estate, ag reserve lending, and high-net-worth lending over the $50K to $500K working-capital tickets that small businesses actually need. The result: a Williston oilfield trucking outfit, a Grand Forks restaurant group, a Dickinson contractor, a Wahpeton ag-equipment dealer — strong, deposit-rich businesses — frequently cannot get a timely yes from a bank. We fill that gap.

We are deposit-based underwriters. We read your four most recent months of business bank statements, your ledger, and how you actually operate the company. We do not require two years of tax returns, audited financials, or a 720 FICO. That approach is well-matched to the North Dakota mix because it accommodates the cyclical Bakken oilfield service company, the seasonal sugar-beet hauler, the steady-cash Fargo professional services firm, and the project-based Bismarck contractor on the same underwriting bench. We routinely fund operators in their first year as long as deposit patterns support the offer.

The North Dakota industry mix, the way we see it

Oil and gas services anchor the western portion of our book — oilfield trucking, water haulers, frac sand and proppant logistics, downhole services, completions, and the long tail of supply businesses concentrated in the Bakken counties. Agriculture and ag-services anchor the Red River Valley and central portions — wheat, soybeans, sugar beets (American Crystal Sugar), canola, dry beans, and farm-equipment dealers. Advanced manufacturing tied to Bobcat and Doosan, ag-equipment makers, and Grand Forks aerospace and UAV work drives a meaningful slice. Technology tied to Microsoft's Fargo campus, wind energy (North Dakota is a top-ten wind state by installed capacity), healthcare, construction, and logistics tied to BNSF round out the top.

North Dakota is best understood as two economies — the Red River Valley along the eastern border and the Bakken shale play in the west — connected by I-94 and the BNSF mainline through Bismarck. Below is how the major metros break down in our book.

Fargo and West Fargo

Fargo is the largest single North Dakota market in our book and the most economically diversified. Industry mix is anchored by Microsoft's large Fargo campus, the Bobcat/Doosan global headquarters in West Fargo, Sanford Health's regional operations, and a deep tier-two manufacturing and ag-equipment supplier base. We fund restaurants across the downtown and Broadway corridor, contractors riding the West Fargo and Horace residential build cycle, healthcare practices around the Sanford and Essentia campuses, and the long tail of professional services orbiting the metro's major employers.

Bismarck and Mandan

Bismarck anchors the capital and state-government economy and sits at the eastern edge of the Bakken supply chain. The economy mixes state government, healthcare (Sanford and CHI St. Alexius), energy services orbiting the Bakken, and a deep contractor base riding both the residential build cycle and oilfield-services demand. We fund restaurants, healthcare practices, contractors, and energy services across Bismarck and Mandan and out toward Dickinson.

Grand Forks

Grand Forks anchors the northern Red River Valley and is built around the University of North Dakota, Grand Forks Air Force Base, and the Grand Sky UAV and aerospace tech park. The economy mixes academic and military employment, aerospace and UAV-services firms, a meaningful sugar-beet processing footprint (American Crystal Sugar), and the long tail of restaurants, healthcare, and retail. We fund restaurants and services across the downtown and University Avenue corridor, contractors, UAV and aerospace subcontractors, and healthcare practices.

Minot

Minot anchors north-central North Dakota and is built around Minot Air Force Base, BNSF rail operations, an ag-services economy, and a meaningful Bakken-edge energy services base. The economy is more cyclical than Fargo or Bismarck but is also one of the most undercapitalized small-business markets in the state. We fund restaurants, contractors, oilfield service operators, trucking, and the broader small-metro service economy.

West Fargo

West Fargo is the fastest-growing community in North Dakota and home to Doosan Bobcat's global headquarters. The economy is a manufacturing and contractor-heavy extension of the broader Fargo metro, with deep tier-two supplier deal flow tied to Bobcat plus a residential build cycle that has run hot for a decade. We fund manufacturing suppliers, contractors, restaurants, and the long tail of professional and retail services tied to the metro's growth.

Williston, Watford City, and the Bakken

Williston anchors the Bakken shale play in McKenzie and Williams counties along with Watford City. The economy is dominated by oilfield services — drilling, completions, water haulers, frac sand logistics, downhole services, oilfield trucking — plus the restaurant, hospitality, and retail base that supports the workforce. Deal sizes are typically larger here than elsewhere in North Dakota because oilfield service revenue scales fast when rig counts climb. We fund operators across the full oilfield supply chain.