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...

Business Spotlight: Happy Cakes Video Business Spotlight: HappyCakes Cupcakery After winning Food Network’s Cupcake Wars, Angela Diaz and her daughter-in-law, Kaylee opened HappyCakes Cupcakery in Morehead City and continue to serve lines of hungry customers while giving back to the community. Learn more about their story. 3 min read
Locked Self-Storage Self Storage Is HUGE, But Often, Still Local Self storage is big. But do you know just how big? Dive into the facts from the Self Storage Association, and you’ll find an industry that is massive but surprisingly local at the same time. 2 min read
Where to Get Mobile Payroll Solutions In today’s on-the-go world, you can do just about anything from a mobile phone, tablet or laptop. If you run a business in this tech-driven environment and have employees to pay, you might be wondering where to get mobile payroll solutions. First Bank has more than 100 locations in the Carolinas, but you don’t need to physically visit one to satisfy your payroll or banking needs. With free online and mobile banking for all of our business checking and savings accounts, First Bank is with you and your employees wherever you go. Mobile Banking Options First Bank provides customers with two easy ways to bank on the go. With a wireless web connection, just log into your account through our website to access your money 24 hours a day, making it easy to process your payroll during off-business hours. If you have an iPhone, iPod touch or Android device, just download our LocalFirstBank mobile app* and access your account with one touch of the screen. Mobile Payroll Benefits First Bank is the go-to place to get mobile payroll solutions. We offer a number of advantages associated with digital banking. By being able to make direct deposits from any location at any time, our business customers can: Cut Costs. Stop spending money on printed checks and postage and avoid fees associated with stop payments and reissues for lost or stolen checks. Improve timeliness. Nobody likes waiting for their paycheck and with our direct deposit service you can easily distribute checks to absent or off-site employees. Eliminate the time required to print, sign and mail checks. Reduce risk. Eliminate check fraud by eliminating checks altogether. Provide added convenience. Allow your employees to split their deposits between checking and savings accounts and reduce trips to the bank. Get Mobile Payroll Solutions with First Bank Learn more about why First Bank is where to get mobile payroll solutions and how you can even use payroll cards to make direct deposits to employees without bank accounts. *While First Bank does not charge for mobile banking, check with your mobile service provider for web access fees. iPhone®, and iPod Touch® are registered trademarks of Apple, Inc. Android™ is a trademark of Google Inc. ——— Sources: Investopedia: http://www.investopedia.com/terms/d/directdeposit.asp Investopedia: 2 min read
Unique Lightbulb How to Find Your USP (Unique Selling Point) Very few businesses are entirely unique. Unless your business is totally original, you will need to find a way to distinguish yourself from the competition. This is known as your unique selling point (USP), value add, or simply your "secret sauce." 3 min read