Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

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

Running A Business 2 min read

Ready to talk to an expert?

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.

———-

Sources:

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

Ready to talk to an expert?

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...

Small Business Bank – North Carolina First Bank has become the small business bank in North Carolina for owners across the state. We were named one of the best banks in North Carolina by Forbes. We provide the diverse selection of services you expect from a national bank, with the personalized care of a community bank. North Carolina’s Small Business Bank As a local bank with several locations in North Carolina, we go out of our way to lend a helping hand to small businesses. Here’s how we can serve your small business needs: Loans Business Loans: Receive a lump sum of cash to finance everything you need to get your business off and running. Use the money to buy vehicles, inventory, equipment, or supplies. Credit Line: Use a business line of credit to make purchases as needed. The flexibility of this loan allows you to borrow and repay regularly. Business Credit Card: Take advantage of low rates, no annual fees, and a rewards program for eligible cards to back your small business needs. Use the card as often as you wish. Commercial Mortgages: Finance your place of business with First Bank’s competitive lending. Consult with our commercial mortgage experts for market area expertise and industry knowledge. Construction Loans: Use this option to pay for new construction, remodeling, or expansion of your building. Business Checking and Savings Accounts We offer 5 business checking accounts, 3 business savings accounts, and a group banking account. Our checking accounts are: Business Essentials — Great for small businesses with basic banking needs. Business Interest — An interest-earning business checking account. Business Advantage — Good for established businesses with higher transaction volumes. Community Checking — Best for nonprofits and community organizations. Commercial Analysis — For business that need comprehensive management services. Our savings accounts are: Business Savings — A basic account with a low minimum balance. Money Market — Offers higher rates and a high level of liquidity. CDs — Offers a guaranteed return with a fixed rate and choice of terms. Our group banking account offers banking benefits for you and your coworkers, including: Free online and mobile banking* Credit and Debit Cards With a First Bank business debit or credit card you can enjoy many benefits, such as: Zero liability Worldwide acceptance Purchase assurance MasterCard Global 3 min read
Small Business Loan Requirements in North Carolina Small business loan requirements in North Carolina can vary from one year to the next, from one lending institution to the next and simply from one case to the next. There are however, a lot of common myths about small business loan requirements that are worth debunking. Here are 10 common myths about small business loan requirements and the real truth behind them. Top Ten Business Loan Myths Small business loans are only for new businesses. Fact: At places like First Bank, business loans can be used for expansion or remodeling, purchasing new equipment or vehicles or refinancing.* It costs money to even just meet with a loan consultant. Fact: This might be true at some places but First Bank offers free small business financial consultations. Sign up for one in just minutes. You need a near-perfect credit history to obtain a small business loan. Fact: While your credit history will always be considered when applying for any type of loan, a less-than-ideal credit score does not mean you can’t get a loan with a solid business plan in place. A small bank will charge higher interest rates. Fact: Not at First Bank. Our business loan rates are competitive against any size bank. Local banks have fewer loan options than national banks. Fact: Actually, First Bank offers credit lines, business credit cards*, and commercial mortgages in addition to traditional business loans. You need to have a building to house your business in order to get a small business loan. Fact: Not so. In fact, not having a physical location reduces your overhead costs and therefore can actually improve your chances of getting a loan. The terms associated with small business loans are strict and cemented in stone. Fact: First Bank’s terms are flexible and customized for each individual case. The economy doesn’t rely on small businesses. Fact: Small businesses are a huge component of both local and national economies thanks to a number of factors. It’s hard to find a bank that offers small business loans. Fact: There are more than 100 First Bank locations throughout North Carolina so wherever you are located, we’re not far from you. Local banks can’t help you manage your business. Fact: In addition to providing 3 min read
First Bank logo
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.