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Realize Your Dream with a Competitive New Business Loan – Asheville, NC

Running A Business 2 min read

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First Bank is the lender of choice for many borrowers in Asheville, North Carolina. A new business loan can allow you to pay for startup costs such as equipment, supplies, vehicles or inventory.

Businesses Loans and Credit from First Bank

At First Bank, we make borrowing for your business simple. We offer competitive rates and flexible terms on these new business loans:

  • Lines of credit
  • SBA loans
  • Commercial mortgages
  • Standard loans
  • Business credit cards

Learn more about our new business loan options and sign up for a free small business financial consultation.

First Bank offers free business consultations in addition to new business loans and other ways of helping Asheville businesses like merchant services, business checking and savings accounts, group banking and business insurance options.

A First Bank Success Story in Asheville, NC

First Bank helped one Asheville, NC company expand to seven locations from North Carolina to South Carolina, Florida and Tennessee in addition to a mobile division. Watch a video to learn about the growth of Read’s Uniforms, backed by First Bank every step of the way. First Bank can help you get started with your Asheville business, as well.

There are six First Bank locations in Asheville, North Carolina, each with banking services for new businesses. Whether it’s a new business loan, commercial mortgage, business line of credit or business credit card, First Bank is dedicated to supporting entrepreneurs in Asheville, NC.

To learn even more about First Bank, see our articles on which bank is best for me, how to get a loan for small business, home loan basics, and best bank for merchant account.


Loans subject to credit approval.

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Sources:

Investopedia: http://www.investopedia.com/terms/h/homeequitylineofcredit.asp

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Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program.  4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. 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What Are Commercial Loan Interest Rates? Starting and running your own business takes hard work, time, and money. If you are an entrepreneur or a business leader in need of financial help, you are probably wondering about current commercial loan interest rates. Unfortunately, the answer isn’t cut and dry. Commercial loan interest rates vary depending on a variety of factors, such as: The amount of the loan The type of lending institution The type of business Market-based-factors Credit score Getting Some of the Best Commercial Loan Interest Rates Choosing a lender dedicated to helping businesses grow and succeed is an effective method to receive some of the best commercial loan interest rates. First Bank* has a history helping business owners manage their funds and grow their businesses. That is why we offer a variety of commercial loan** products with highly competitive interest rates. Our commercial loan offerings include: Mastercard Business Card with Rewards with low rates, no annual fee, and rewards. Loans that provide business owners with lump sums for long-term financing. Commercial mortgage products that can be customized to meet your needs. Lines of credit that provide business owners with the flexibility to access cash quickly. Construction loans for new construction, remodeling, expansion, and other building projects. Interest rates on each of our commercial loan products vary, but we will work with you to find a loan that meets the needs of your business and provide you with great interest rates. Getting the help you need is simple. Visit a First Bank branch near you to discuss your options for business loans. If you need a commercial loan but aren’t sure where to begin, our online Financial Education Center offers tips, tricks, and resources for business owners on staring, managing, and growing a business. *Member FDIC.Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Sources: http://smallbusiness.chron.com/average-interest-rate-small-business-loans-15342.html http://www.investopedia.com/articles/investing/080713/how-banks-set-interest-rates-your-loans.asp https://localfirstbank.com/business/business-loans/ https://localfirstbank.com/locations 2 min read
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