SBA 504 Interest Rates | January 2023 | 10 Yr: 6.166%, 20 Yr: 6.286%, 25 Yr: 6.313% *rates may vary Learn More »

2022 Year in Review

Jan 24, 2023

The new year is here! To celebrate, we’re taking some time to look back at 2022 and all of the exciting news and milestones that have happened. Here’s a quick look into what our last year looked like.

Loan Volume

The number of loan approvals and fundings in 2022 was strong, remaining one of our highest years since inception. That means more businesses are getting access to the capital they need to start, expand, and grow.

Jobs Created

Not only that, but these loans allowed businesses to grow and offer even more opportunities for individuals and families in our communities. 

Top Industries Served

Our loan programs provide financing for a large variety of industries. Here the top five we served in 2022. 

Demographics Served

From the woman or veteran wanting to serve their community in a new way, to the start-ups or entrepreneurs in rural communities, our mission is to make their dreams possible (and affordable!)…and we continued to do just that!

Geographic Reach

Our footprint continues to grow…working to fill financing gaps and providing solutions all across North Dakota, Montana, and western Minnesota.  

First Pass Approval Rate

At the end of 2022, our First Pass Approval Rating reached an all-time high of 90%, meaning 9 in every 10 loans we submitted to SBA were approved on the first submission. This is significantly higher than the industry average.

New Products and Resources

2022 was a huge year of growth, development, and fun! We released a variety of new resources, expanded our loan programs, and continued to find unique ways to better help small businesses owners.

New Markets Tax Credit Program

After receiving our first NMTC allocation in late October 2021, we were able to allocate the full $30M in just under 11 months. We spent a majority of 2022 using this allocation, applying for (and receiving!) a second $30M allocation, and building our pipeline. 

Dakota Business Lending News

Our team celebrated many other victories, both big and small, throughout 2022. Here are just a few…

A huge thank you to all of YOU – our borrowers, lenders, and partners – for your support as we work to help small businesses grow and succeed. We look forward to continuing to serve you in the coming year!