How to Apply for a Small Business Loan in Florence, SC
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.
- Business Plan. What kind of business are you planning to open, how will it operate and how will it be successful?
- Credit Reports. Your personal credit history and business credit history, if applicable, will be analyzed.
- 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.
- 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.
- 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.
Fox Business: http://smallbusiness.foxbusiness.com/finance-accounting/2014/06/05/what-need-for-small-business-loan/