Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Breathe Easy with Affordable Small Business Loan Rates in Albemarle, NC

Running A Business 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

First Bank has remained committed to helping small businesses and communities flourish since we opened our doors in 1935. Our dedication to providing a robust package of banking solutions with a personalized touch is why we are the best choice for your growing business.

Small business loan rates in Albemarle, NC tend to be on par with national averages. If you’re in Albemarle and thinking about applying for a small business loan, there are a few things to consider first.

  • Size of the loan — Smaller loans tend to have higher interest rates because they will be repaid at a faster rate than a larger loan.
  • Type of business — A riskier business venture will often garner a higher interest rate while safer businesses will usually attract lower rates.
  • Credit history — A poor credit history on behalf of the borrower might lead to higher interest rates while a strong credit score can open the door for lower rates.
  • Economic state — The government will at times seek to stimulate small business growth by instituting lower interest rates on loans.
  • Length of time in business — A business that has been open for a few years and is seeking a loan might generate lower rates than a brand new startup business.
  • Business structure — Whether you are a sole proprietor or an incorporation can affect your interest rate.
  • Business plan — Your business plan is your chance to sell your idea to the lender and instill confidence in your business. More convincing business plans can warrant better rates.

Get a Small Business Loan Rate with First Bank

There are two First Bank locations in Albemarle, NC that can offer competitive small business loan rates in the form of lump-sum loans, credit lines, commercial mortgages, construction loans or a business credit card. You may find that one or the other can offer you better interest rates so explore all of our options and sign up for a free small business financial consultation with one of our experts.

First Bank is located on East Main Street and Highway 52 North in Albemarle, NC and can offer you the small business loan rates you’re looking for.

Loans subject to credit approval

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Changes to SBA 7(a) Program for Business Acquisitions Changes to SBA Loans for Business Acquisitions Coming August 1, 2023 If your client is considering an SBA Loan to acquire or change ownership percentage of a business, they could be impacted by the recent changes announced by the Small Business Administration (SBA). A number of updates to their Standard Operating Procedures (SOP), will be made effective August 1, 2023. The following is an overview of the updates. Our Business Development Officers are well-versed in these changes and ready to discuss how they may impact your client’s SBA lending opportunities. Read more about these upcoming changes based on the type of acquisition or ownership change you would be making: Complete change of ownership Complete partner buyout Partial change of ownership or any other change in ownership SBA Loans financing a complete change of business ownership At a minimum, SBA requires an equity injection of at least 10% of the total project costs. This means that in order to qualify, you’ll need to provide 10% of all costs required to complete the change of ownership, including working capital needs regardless of the source of funds. Seller debt may not be considered part of the equity injection unless it is on full standby for the first 24 months of the SBA 7a loan or it is a debt that is on partial standby (only interest payments are being made). Partial standby debt will be considered equity if there is historical business cash flow available to make the payments and at least a quarter of the SBA-required equity injection is from a source other than the seller. If the buyer owns a business that is in the same 6 digit NAICS code, will have identical ownership and located in the same geographic area as the entity being acquired, SBA considers this to be a business expansion and SBA will not require a minimum equity injection. However, depending on the strength of the buyer, the bank may require an equity injection. SBA Loans financing a change of ownership between existing owners If the 7(a) loan will finance more than 90% of the purchase price of a partner buyout, both of the following must be met: The remaining owner(s) must certify that they have been 4 min read
Business Spotlight: Chris Gilder of Meridian Business Spotlight: Meridian From concept to completion, Meridian specializes in the design, engineering, fabrication, assembly, integration, staging, deployments and support of self-service kiosks. 2 min read
Medical Practice Financial Pitfalls to Avoid When Running a Medical Practice First Bank’s Travis Bailey assists a variety of small businesses, including medical and dental offices, with their financial needs. We spoke to him to learn about the biggest financial challenges a medical or dental practice might face. 2 min read
Where to Get Commercial Mortgage Rates Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while commercial mortgage rates like the ones from First Bank can have your business on the fast track to profitability. First Bank: Where to Get Commercial Mortgage Rates The Houston Chronicle examined the value of having just the right physical location for a business; various factors like foot traffic and visibility come into play when choosing a location. First Bank takes a closer look at this issue and provides some key insights into choosing the perfect location for your next business. When choosing a business location, consider the following factors: Location. Location, location, location–this old adage isn’t just lip service. Choosing a location that’s safe, convenient to target customers and (yes) convenient to you and your staff’s commute is essential to a smooth operation. Building. When choosing the face of your business, customers often will and do judge a book by its cover. Think about your branding, size, needed repairs, parking and growth projection when deciding upon the best place to set up shop. Terms. Always read the small print before signing that dotted line! Consider factors like leasing or buying terms and cost, always compare with like-buildings in the area. With over 100 locations spanning North Carolina and South Carolina, First Bank is proud to help businesses find a home with competitive commercial mortgage rates.* Have more questions? We’re here to help! Contact a small business specialist with First Bank and let us know how we can help you realize your goals and secure a great commercial mortgage rate. Loans subject to credit approval. ——— Sources: Houston Chronicle: http://smallbusiness.chron.com/location-add-value-small-business-77422.html Investopedia: http://www.investopedia.com/terms/c/commercial-real-estate-loan.asp 2 min read