Feasibility Study Data for the Grand Forks, ND-MN Metro Area

What the record shows for Grand Forks

286 SBA loans across Grand Forks, ND-MN over FY2017 to FY2026 carry $123.6 million gross. Grand Forks stands at 250 of 928 among all metropolitan and micropolitan areas by loan count. Separately, $219,300 gives the median; the bulk of loans lies between $80,000 and $582,550. For context, locally the median is 1.05x against the national median, so tickets run higher than the national middle. In addition, Grand Forks keeps to projects inside its borders, not a whole state's average: 286 loans on file.

Who finances projects in Grand Forks

242 7(a) approvals compare with 44 loans in 504. 7.0% of all approvals involve franchised units in this area. Here, under 7(a) cases, the leading names by count are Ultima Bank Minnesota holding 61 loans totalling $13.2 million, Old National Bank holding 52 loans for $22.2 million, and Bank Forward holding 26 loans worth $6.2 million. Worth noting: for 504 approvals, the largest CDCs by number are Lake Agassiz Certified Development Company at 18 loans totalling $13.8 million and Dakota Business Lending with 14 loans for $8.6 million. Here, these names follow SBA records covering 286 loans; they describe loans approved alone, and not what lenders want near Grand Forks.

Asset classes and counties in Grand Forks

Full-service restaurant with 13, 6 in automotive mechanical repair, hotel and motel with 5, plus dental office at 5 lead the named classes in the file. In addition, 224 approvals sit outside every named class, so its $123.6 million total reaches beyond the class list. In turn, 5 approvals in child care center inside Grand Forks are too few to read as any claim. Next, across the counties, Grand Forks County (157) followed by Polk County (129) head the county list. Also, MN and ND both sit in Grand Forks, ND-MN, so licensing and lenders may differ across the line. Here, taking each approval year, FY2017 leads off at 44 loans and $12.9 million; FY2021 is the busiest year at 67 loans and $26.8 million, and FY2026 rounds out the series at 12 loans and $6.6 million.

What the floors allow in Grand Forks

5.4% of FY2017 through FY2024 approvals in Grand Forks were cancelled after approval before disbursement, a floor. Then, the matching ceiling on this page is withheld, so only the floor is printed. Also, no default floor is given for Grand Forks, ND-MN; the FY2017 to FY2021 cohort has too few loans, and the gap is not zero. Worth noting: treat every rate printed here like a minimum, because loans approved recently received scant opportunity to cancel or go bad, across 286 loans. Separately, membership on the page means the statistical area holding the loan's home county, following the July 2023 delineation as adopted; the counties are tied by name alone, and so a record whose home county falls in no CBSA is absent from each area by design. Worth noting: whatever its class, every SBA 7(a) or 504 loan in Grand Forks is counted within its $123.6 million total.

Testing a project in Grand Forks

Throughout Grand Forks, a feasibility study for a property begins with the actual proposal, rather than the 286-loan file. In practice, local demand in Grand Forks leads the work: does Grand Forks's surrounding market support the receipts projected, against competitors around Grand Forks County? Separately, the local median is 1.05x measured against the median nationwide, so construction quotes may sit above norms, perhaps; the cost work prices the scope against figures from local trades. In addition, debt service coverage binds income to payments in Grand Forks: forecast income set against the annual debt service, and a downside case. Separately, the appraisal finishes the job here: the as-built value has to cover the amount asked for. In practice, a sponsor carrying an independent feasibility study of Grand Forks, when first approaching a lender, has met the floors in advance; the call is made by the underwriters and SBA for Grand Forks, and a study cannot change that.