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

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

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.

  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/

Trending Topics

FHA Loans 101: 3 Major Requirements

If you have a strong understanding of the FHA loan requirements, you’ll experience a quicker and smoother loan application process. FHA loans provide homebuyers of all income levels the opportunity to purchase a home...

Best Savings Account Rates In Florence, SC

If you want to save money, there are plenty of ways to do it. You can put your money into an IRA, CD, the stock market, or other financial tool. However, you can also put your money into a simple savings account. With...

Best Bank for Checking Account – South Carolina

With options like First Bank, you shouldn’t have to feel uncertain about whether or not you’re making the right choices with your hard earned cash. Make the switch to First Bank and you’ll see why we are...

Current Mortgage Rates 30-Year Fixed

Is now the right time to buy the house you have your heart set on? One important thing to consider is the current mortgage rate trends and whether a 30-year fixed-rate mortgage is a good fit for you. At First Bank, our...

Checking Account Comparison – Asheville, NC

Learn what to look for when comparing checking accounts and see how First Bank in Asheville, NC stacks up. Before committing to a checking account, it’s important to know what you’re getting yourself into by...

Get Maximum Flexibility With a Small Business Credit Card

Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to streamline your...

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...

First Bank Card

With a First Bank card, you can feel confident that you are obtaining a bank card that is secure, convenient, and incentivizing. Are you one of the 194 million people who already have a debit card? Get the most out of your...

Small Business Loans – Albemarle, NC

If you are thinking about opening a small business in Albemarle, North Carolina, First Bank can provide you with a small business loan to get you started. Albemarle offers lower utility rates, real estate, construction...

What is an Unsecured Personal Loan?

If you need help covering unexpected expenses, you may be asking the question, “What is an unsecured personal loan?” An unsecured personal loan is a loan given out without the involvement of any collateral. It...