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 Get A Small Business Loan

Running A Business 2 min read

Ready to talk to an expert?

Find A Location Get In Touch

If you are an entrepreneur ready to start your own business, or a seasoned small business owner looking to expand, you may need to know how to get a small business loan. Acquiring the funds to start or grow your small business can be challenging, especially if you are unsure of which steps to take first. Below you’ll find the six key steps to successfully obtaining the loan you need.

6 Important Steps to Get a Small Business Loan

According to Forbes, these are six important steps you should take in order to get a business loan:

  1. Start early. Think about your needs and the relationships you should build prior to actually requiring the loan.
  2. Decide what the money will be used for. Know how the money will be used and determine if that is a good or poor use of money. Adjust if necessary.
  3. >Decide how much money is needed. Make sure you don’t ask for too little or too much. Have a budget in mind, and show your research and projections.
  4. Know your score, income, industry risk, cash flow. Lenders will look at a lot of different information to determine if the principal borrowing the money is reliable
  5. Find a lender. You should research what type of lender can best fulfill your business needs. Consider your local First Bank.*
  6. Prepare your loan application. Generally this includes a business plan, financial results and projections and other relevant financial information.

Business Loans from First Bank**

If you are looking for a small business loan in North Carolina or South Carolina, your first step is to contact or visit your local First Bank branch. We’ve been providing entrepreneurs and small business owners with the tools they need to succeed since 1935, and we are committed to that same standard of service today.

Our loan experts will talk to you about our requirements and guide you through the application process. We even offer an online Financial Education Center that features tips and tricks for starting, managing, and growing your business.

* Member FDIC
**Loans subject to credit approval.
———
Sources:
Forbes: http://www.forbes.com/sites/aileron/2014/10/02/7-steps-to-getting-a-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...

Best Small Business Bank – Albemarle, NC If you’re looking for the best small business bank in Albemarle, NC—the search stops with First Bank. As a local bank, First Bank has a reputation for being an instrumental part of small businesses. Our proven history of small business lending combined with our variety of options for helping manage business funds makes First Bank the best small business bank in Albemarle and one of the best you’ll find anywhere. Better Business Banking First Bank offers top notch business features, such as: Business loans Commercial mortgages Credit cards Free financial wellness programs for your employees Business savings accounts Check fraud prevention and payment processing SBA loans Success Stories Happy Kids Development Center, a childcare facility in Wilmington, NC, made the switch to First Bank for their banking needs. Happy Kids raves about First Bank’s top notch customer service, stating, “the word ‘no’ has not been built into their vocabulary.” Contact or Visit Us Today First Bank opened its doors for the first time just 20 miles from Albemarle in 1935 and began helping local farmers and small businesses manage their money in a time when every penny mattered. It is this foundation that has allowed First Bank to grow into the best small business bank that it is today. Contact or visit one of our two Albemarle, NC locations to see how we can help your business thrive.  Albemarle Eastgate Branch 1910 East Main Street Albemarle, NC 28001 704-982-4949 HOURS | GET DIRECTIONS → Albemarle Highway 52 Branch 2317 Highway 52 North Albemarle, NC 28002 704-982-6060 HOURS | GET DIRECTIONS → Loans subject to credit approval. 2 min read
NC Industries banner North Carolina Industries and Their Economic Impact [INFOGRAPHIC] We're excited to bring you the first in a series of three exploratory infographics on the key industries in North Carolina, South Carolina and Virginia, and their respective impact on their state's economies. 1 min read
Best Bank to Open a Checking Account Are you looking to open a checking account but are having trouble finding the right bank? You shouldn’t have to settle for a bank that doesn’t meet all of your needs. First Bank focuses on the needs of all of our customers, and we strive to be the best bank for you. Open a checking account with us, and our team of experts will help you choose the option that works best for your financial needs. Checking Account Options at First Bank Whether you need a personal checking account or an account for your business, First Bank is the best bank to open a checking account. With multiple options and plenty of benefits, we make your banking experience easier and your financial goals more attainable. Personal Banking We offer three types of personal checking accounts that range from basic to premium. The Everywhere Checking account is our most basic account and features benefits such as access to free online and mobile banking and credit cards with rewards. With the Everywhere Plus account you receive all of the benefits of Everywhere Checking, plus the chance to earn interest at a minimal balance requirement. Our Everywhere Premium account gives you all the basics of Everywhere Plus, but includes perks like no First Bank transaction fees on out-of-network ATM withdrawals. We also have two account options designed with college students and seniors in mind. Our Campus Checking account provides students under the age of 25 with no monthly maintenance fees as long as certain requirements are met. Seniors who use direct deposit may qualify for no monthly maintenance fees and other benefits with our Senior Checking account. Banking for Businesses Whether you are a seasoned business owner or just starting out, we have checking account options designed with your needs in mind. Find a Local Branch Near You Our easy and convenient banking options make First Bank the best bank to open a checking account. Click here to find a local branch near you.  Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in 3 min read
Pencil laying on 1040 tax form It’s Tax Time, Business Owners: Are You Ready to File? For business owners, tax season can be stressful and confusing. To help you weather the financial recordkeeping storm, we’ve talked with certified business tax prep pros and put together the following list of tips and to-dos. 4 min read