Small Business Loan Requirements in Asheville, NC

Running A Business 2 min read

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Did you know that loan approval rates at small banks have increased in recent months? As you’re looking into small business loan requirements in Asheville, NC, consider a community bank like First Bank.

Common Requirements for a Small Business Loan

Each lender will have its own criteria for granting a loan, but you’ll quickly realize there are some common requirements for small business loans, including:

Personal background, such as previous addresses, criminal record and education
Business plan
Resume/business experience
Personal and business credit reports
Tax returns, bank statements, and other financial statements

You may also be asked questions that demonstrate your vision that the loan will help materialize: why you are applying for the loan, how you are utilizing the money, and who else will be managing the money from the loan. In some cases, it may be requested that you provide some form of collateral to secure the loan.

Get a Small Business Loan at First Bank

In Asheville, NC, First Bank has three locations that offer various forms of business loans, including loans for startup costs, credit lines, commercial mortgages, construction loans, professional loans, and a business credit card.

You can learn more about First Bank’s business loans with one of our experts. Visit our Asheville, NC, branches to learn more about our small business loan requirements. Don’t rely on a big business bank for your small business needs. Come to First Bank today.

Loans subject to credit approval.

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Am I Eligible for FEMA Relief? Here’s What You Need to Know Who Qualifies for Assistance? Federal disaster aid is available for residents and business owners in the following counties: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes, and Yancey. Not sure if you’re eligible? You can verify your eligibility and apply directly on FEMA’s website: DisasterAssistance.gov. What Assistance Does FEMA Offer? FEMA provides a range of relief programs aimed at helping individuals and businesses recover from disasters. Here’s a closer look at what you may be eligible to receive: 1. Housing Assistance This aid helps you secure safe shelter while your home is being repaired or rebuilt. FEMA can provide funds for: Rental Assistance: Financial support to rent a temporary residence if your home is uninhabitable due to disaster-related damage. Lodging Expense Reimbursement: If you had to stay in a hotel or motel, FEMA can reimburse you for these expenses. This is especially helpful if you were unable to find immediate rental options. Home Repair or Replacement: Grants are available to help repair or replace your home and address disaster-specific damages, such as water damage or mold. FEMA may also cover hazard mitigation measures that reduce the risk of future damage. Accessibility Needs: If you or someone in your household has a disability, FEMA can provide funds to make your home accessible. This might include ramps, grab bars, and other necessary modifications, even if these were not originally present before the disaster. Privately-Owned Roads, Bridges, and Docks: If the only access to your home has been damaged, FEMA can help cover repair costs for private infrastructure like roads and bridges. 2. Other Needs Assistance This program helps with essential expenses and serious needs beyond housing. Covered expenses include: Serious Needs: Grants to cover immediate necessities like food, water, first aid, prescriptions, and personal hygiene items, ensuring you have access to essentials during recovery. Displacement: If your home is uninhabitable, FEMA can help cover the cost of staying with family, friends, or in a hotel while you search for a more permanent solution. Personal Property: Financial assistance to repair or replace items essential to daily life, such as appliances, furniture, and work or school-related items like computers and tools. This can also include uniforms, books, and equipment needed for self-employment. Medical and Dental Expenses: If the disaster caused injury or damaged medical or dental equipment, FEMA can help cover the costs for treatment, equipment replacement, and prescribed medications. Funeral Costs: In the unfortunate event that the disaster resulted in a loss of life, FEMA offers support to cover funeral or reburial expenses. Child Care: For families facing increased child care costs due to the disaster, FEMA can provide funds to help cover these additional expenses. Assistance for Miscellaneous Items: Reimbursement for items like generators, dehumidifiers, and chainsaws that were purchased or rented to aid in the recovery process. Transportation: If your vehicle was damaged and you don’t have an alternative mode of transportation, FEMA may help cover the repair or replacement costs to ensure you have a way to get to work, school, or other essential places. Moving and Storage Expenses: FEMA can help with costs associated with moving and storing personal property, especially if it needs to be relocated temporarily during home repairs or if you need to move to a new residence. Each of these programs is designed to provide immediate and practical support, so you can focus on the well-being of your family and community as you rebuild after the disaster. How Do I Apply for FEMA Assistance? Applying for FEMA relief is straightforward. Here are the steps to get started: Apply Online: Visit DisasterAssistance.gov to apply for assistance. You can also download the FEMA App or call FEMA’s toll-free number at 1-800-621-3362. Register for an Account: If you’re applying online, you’ll need to create an account on Login.gov. This will allow you to save your application, upload documents, and check your status. Prepare Your Information: You’ll need details like your home and mailing address, Social Security number, insurance info, and bank details for direct deposit. Submit Your Application: Once you’ve completed the application, review it, make any necessary changes, and submit it. Be sure to save your application ID as you’ll need it for future communication with FEMA. What Happens After You Apply? After applying, FEMA will review your application and may contact you for additional information or to schedule an inspection. You can always log into your account on DisasterAssistance.gov to check your application status and receive updates. If approved, FEMA will disburse funds via direct deposit or a mailed check, based on your preference. For more information or to begin the application process, visit DisasterAssistance.gov, call FEMA at 1-800-621-3362, or use the FEMA App. Recovering from Disaster with FEMA’s Support If you’re affected by Hurricane Helene, you don’t have to face it alone. 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Find New Business Loans Near Me First Bank offers a generous and versatile array of options to find new business loans near you. We were recently named one of the best banks in North Carolina by Forbes.com, so you can expect professional and personal care from any of our North Carolina or South Carolina branches to help your business succeed together. Types of New Business Loans Nearby First Bank has more than 100 locations serving the Carolinas, so there’s always a way to get a new business loan nearby. We offer the following options to help businesses grow: Business loans: Inject your business with some long-term financing capital to get started. Put funds to work immediately so you can take the first step. Credit lines: Open an avenue for accessing cash for your business in a fast and easy way. A business credit card: Jumpstart your business with low rates, no annual fees and a free rewards program. Commercial mortgages: Take advantage of First Bank’s staff of commercial real-estate experts to customize a mortgage to fit your business. Get a Business Loan Nearby with First Bank First Bank’s dedication to helping businesses grow doesn’t stop there. We also offer business checking and savings accounts, financial education for your employees (free!), and a business debit card. First Bank business customers can also get comprehensive business services, such as payment processing for point-of-sale, check fraud protection, and payroll direct deposit. Visit our business page to find a new business loan* near you with First Bank. For more information about First Bank, check out some of our related articles: Where to Get Small Business Loan Rates, How to Get a Small Business Loan, or Small Business Loan Rates Near Me. *Loans subject to credit approval. **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a 2 min read

How to Build Business Credit as a New Business: A Step-by-Step Guide 1. Establish Your Business Plan Creating a business plan is the first step when starting a business. It serves as a roadmap, outlining your goals, target market, financial projections, and strategies for success. A well-crafted, documented plan also conveys your vision to important stakeholders like CPAs and attorneys so they can provide tailored financial and legal guidance. A CPA will use your plan to assess budgeting, tax planning, and funding strategies while attorneys will use it to advise on business structure contracts and compliance. Ultimately, a business plan will transform your vision to actionable steps, ensuring professional advisors can help you build a solid foundation for long-term success. 2. Register Your Business With your business plan in hand, and the direction of your advisors, it’s time to set up your business legally. Incorporate your business as an LLC, corporation, or form a partnership. This not only legitimizes your operations but also separates your personal and business finances. Additionally, you’ll also want to apply for an Employer Identification Number (EIN) from the IRS, which acts as a social security number for your business. Make sure your business has a registered physical address and phone number, as lenders and credit bureaus will use this information to verify your business. 3. Open a Business Bank Account A dedicated business bank account is the foundation of good business financial management. By separating personal and business finances, you create clear financial records that help build your business’s financial reputation. At First Bank, we offer tailored business banking solutions to help you manage transactions, track expenses, and monitor cash flow—essential components for establishing your business credit. Pro Tip: Don’t settle for just any bank with business checking options. Spend some time researching banks and meet with a few different bankers to make sure you find a financial institution you believe in and a banker that you resonate with. The right banker will consider your full banking picture – offering holistic financial advice specific to your personal and business needs. At First Bank, we provide customized solutions based on a deep understanding of our customer’s financial history, goals, and needs. We even have a checking account that includes telehealth benefits for your employees. Click here to explore First Bank business checking account options or use this link to reach out to a First Bank Business Development Officer. 4. Obtain a D-U-N-S Number A D-U-N-S number from Dun & Bradstreet is essential for tracking your business’s credit. It serves as a unique identifier for your company, used by credit bureaus to assess your business’s creditworthiness. This step helps ensure that your business credit is separate from personal credit, which can lead to better loan terms and credit card offers in the future. Visit the Dun & Bradstreet website for more information on how to obtain a D-U-N-S number. 5. Establish Trade Lines with Vendors One of the best ways to build business credit is by working with vendors and suppliers that report to major business credit bureaus, such as Dun & Bradstreet, Experian, and Equifax Business. Establish trade lines by purchasing supplies or services on credit and consistently paying your invoices on time. A strong payment history is one of the most important factors in building a solid credit score. 6. Determine Your Credit Needs Business credit cards are an excellent short-term tool for building credit, especially when used responsibly. Additionally, you may want to consider other forms of credit that compliment your long-term business goals like a term loan for working capital or a commercial loan to purchase a building. Consulting with a trusted banking partner will help you determine the best financing package that makes the most sense for your business. First Bank offers a competitive business credit card featuring a wealth of benefits like 0% introductory APR, no annual fee, and powerful rewards program. To learn more about the First Bank Mastercard Business Card with Rewards, read our article “4 Reasons Why the First Bank Mastercard Business Credit Card is Good for Business”. 7. Monitor and Maintain Personal and Business Credit Personal credit is crucial for business financing, especially for small businesses and startups. Until business credit is established, an owner’s personal credit will be used by lenders to evaluate trustworthiness of the business itself. Everything from loan and credit approvals, interest rates and loan terms, personal guarantees, business credit card approvals, and business expansion opportunities will look at an owner’s personal credit score. Once your credit is established, it’s important to regularly monitor your credit reports for accuracy. Mistakes can happen, and any errors could negatively impact your score. By reviewing your credit reports from major bureaus, you can correct any inaccuracies and keep track of your credit performance. 8. Build Credit Gradually and Diversify Your Portfolio Building business credit is not an overnight process. Start by using small, manageable credit lines and paying them off in full each month. Over time, this demonstrates reliability to lenders and creditors, which can lead to increased credit limits and more favorable terms. Patience and consistency are key to long-term success. As your business grows, diversifying your credit sources can strengthen your overall credit profile. Consider applying for larger lines of credit, term loans, or equipment financing as your company expands. However, be mindful of your credit utilization ratio. Keeping your credit use below 30% of your available credit helps maintain a healthy score and shows that your business isn’t overly reliant on borrowing. 9. Manage Cash Flow Effectively Good cash flow management is the backbone of maintaining strong business credit. Make sure you always have enough cash on hand to cover expenses, ensuring you can make timely payments on any credit accounts. By maintaining a good relationship with your bank, you can improve your chances of securing future loans or credit increases. Why Choose First Bank for Your Business Banking Needs? First Bank is committed to being the best bank for business in North and South Carolina. We offer personalized service, local expertise, and a wide range of business banking solutions tailored to your needs. Our bankers will give you honest and sound advice that considers your unique situation and your long-term goals. Whether you’re looking to open a business account or apply for a line of credit, our team is here to support your financial growth every step of the way. Want to meet with a banker to discuss how you can improve your business credit? Request a meeting with a Business Development Officer or visit your local First Bank branch today to get started! 6 min read

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Small Business Loan Requirements in Asheville, NC

Ready to talk to an expert?

Common Requirements for a Small Business Loan

Get a Small Business Loan at First Bank

Ready to talk to an expert?

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