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How To Get A Small Business Loan

Running A Business 2 min read

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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.
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Sources:
Forbes: http://www.forbes.com/sites/aileron/2014/10/02/7-steps-to-getting-a-business-loan/

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