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