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Small Business Loan Requirements – High Point, NC
If you are planning to start a business in High Point, NC, there are a few small business loan requirements that must be met.
What are Small Business Loan Requirements?
The U.S Small Business Administration suggests preparing these 10 things to make sure you meet your lender’s small business loan requirements.
- Personal Background Information — including previous addresses, names used, criminal record, educational background, and more.
- Resumes — some lenders want to see evidence of management experience.
- Business Plan — all loan programs require a business plan to be submitted with the application.
- Personal Credit Report — Even though your lender will obtain your personal credit report, make sure to get a credit report from all three major consumer credit rating agencies before submitting your loan applications.
- Business Credit Report — If you already have an established business, be prepared to submit a business credit report.
- Income Tax Return — You will likely need to submit personal and business income tax returns from the past 3 years.
- Financial Statements — It is always a good idea to have financial statements on hand in case your lender ask for them.
- Bank Statements — A lot of lenders require one year of personal and business statements to be submitted with your application.
- Collateral — Some loan programs require collateral and some do not. Check to see if the loan you are applying for requires collateral in order to be secured.
- Legal Documents — You may need to submit one or more legal documents, such as business licenses, articles of incorporation, and commercial leases.
Questions to Consider for a Small Business Loan
Every lender is different, and you could be required to provide more or less documentation. However, lenders typically ask the same questions, such as:
- Why are you applying for this loan?
- How will the loan be used?
- What assets need to be purchased, and who are your suppliers?
- Do you have any other business debt, and who are your creditors?
- Who are the members of your management team?
Contact First Bank Today
“First Bank understands the importance of supporting the local economy. We first opened our doors to meet the needs of a small town that lost its only bank in 1935 and we were known for helping local farmers and businesses manage their finances. If you are thinking about starting a business in NC, consider a small business loan with First Bank because we’ve cared about the needs of small businesses since day one.“
Once you have prepared all of your documentation, and believe you have met all of the small business loan requirements, you are ready to apply for a loan. First Bank offers small business loans for entrepreneurs in High Point, NC. We also offer other lending options to make sure you are covered for any of your business needs. Our business loan options include:
- Business credit card with rewards
- Business loans
- Construction loans
- Commercial mortgages
High Point is known as the furnishings capital of the world. It is also home to a diverse business community with industries ranging from manufacturing to biotech enterprises. The entrepreneurial spirit of the city is unmistakable, and small businesses continue to grow and thrive there.
If you want to learn more about First Bank’s small business loan requirements, call or visit us at one of our High Point, NC locations.
Loans subject to credit approval.