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

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

Running A Business 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

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?

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...

Commercial Loan Payment Calculator Are you interested in obtaining a commercial mortgage? A commercial loan calculator* can help determine your monthly payments. This is important because purchasing a location for your business is significant and requires a lot of preparation. Calculating your monthly mortgage payments before applying is one way you can ready yourself to take out a commercial loan. Calculate Your Monthly Commercial Mortgage Payments Repayment structures are different for commercial mortgages than residential mortgages. Commercial mortgages typically have two components: the amortization and the balloon payment. The amortization or the term of the loan calculates your monthly payment. The balloon payment becomes due after a specified period of time, requiring the borrower to pay that amount in full, refinance, or sell the property. The commercial mortgage loan experts at First Bank are a great resource and can help you determine a monthly commercial mortgage payment (come by your local branch to speak with one today). You can also use our commercial loan calculator. This tool computes monthly principal and interest payments, and balloon repayments. All you have to do is enter information about your loan and click Calculate Your Results. What you will need to know: Loan amount – The total loan amount desired. Interest rate – The percentage you pay for the use of an amount of money for a specified period of time. Individual loan interest rates depend on a number of factors such as current typical rates, location, and financial records. Interest rates will be either fixed or adjustable. Fixed rates will not change over the term of the loan, allowing for predictable payments. Adjustable interest rates can adjust either up or down at defined intervals according to a market index, which may increase or decrease your payments accordingly. Term in number of years – The time limit within which the mortgage loan must be repaid. Commercial mortgage loans are offered in a variety of term lengths. Generally the longer the term, the smaller your minimum monthly payments will be. Amortization term in number of years – The number of payments over which your loan payment is calculated. If this is longer than the term, this will result in a balloon payment for the final payment. Click here to 3 min read
lock and credit card No-Cost Information Security Tips for Businesses There's never a bad time to set goals and get a fresh start, especially when it comes to taking steps to prevent fraud losses for your business. 3 min read
Small Business Marketing 5 Things You Need Before You Start Marketing Your Small Business Think you’re ready to tell the world about your business? Here are 5 important elements that will help you maximize your marketing effectiveness. 3 min read
Customers walking in a shopping center How Your Business Attracts Customers As a business owner, it’s critical to understand why customers buy your products or services. Below is a framework—based on the classic AIDA concept: awareness, interest, desire, and action. As you’ll see, we’ve given it a modern update for the digital age. 3 min read
First Bank logo
Powered by  GDPR Cookie Compliance
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.