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How to Apply for a Small Business Loan in Florence, SC

Running A Business 2 min read

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Every successful business began with an idea. In most cases, that idea was followed by asking the common question of how to apply for a small business loan.

In Florence, SC, it’s easy to apply for a small business loan. You can start by signing up for a loan and follow that up with a trip to one of our locations on West Evans Street or Second Loop Road.

While every financial institution has its own requirements for how to apply for a small business loan, there are some standard basics every aspiring entrepreneur should have in preparation. The following guidelines are explained in further detail in this article by Fox Business.

  1. Business Plan. What kind of business are you planning to open, how will it operate and how will it be successful?
  2. Credit Reports. Your personal credit history and business credit history, if applicable, will be analyzed.
  3. Income Tax Returns and Financial Statements. Personal (and business if applicable) tax returns for the last few years as well as any personal or business banking statements.
  4. Collateral. If the loan you are seeking is a secured loan, you’ll need to offer up an item of value to be held against the loan.
  5. Personal Information. Previous aliases or addresses, education background, business experience, etc.

The Many Faces of a Small Business Loan

When determining how to apply for a small business loan, you’ll have to decide what kind of loan you are seeking. First Bank offers a number of small business loan options including lump sum loans, credit line loans, a business credit card, commercial mortgages and construction loans. Each option serves a different purpose and your Florence, SC First Bank loan associate can help you determine which one is right for you.

So stop wondering how to apply for a small business loan and visit your Florence, SC First Bank today.

Loans subject to credit approval.

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Sources:

Fox Business: http://smallbusiness.foxbusiness.com/finance-accounting/2014/06/05/what-need-for-small-business-loan/

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