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Raleigh Small Business Loans

Running A Business 10 min read

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Owning a new business or starting a new one in Raleigh is a bright venture, as it’s one of the fastest growing large metro economies in the country. Whether your business is a staple in the community or a budding start-up, First Bank is available to provide the Raleigh small business loans you need to succeed.

From Small Business Administration (SBA) loans to credit cards to lines of credit, we have a number of loans for small businesses, complemented by our additional business banking services.

To learn more about your options, visit our First Bank Raleigh location on Edwards Mill Road.

Why Apply for a Loan from First Bank?

As you’re looking for a lender to provide your Raleigh small business loan, consider these facts on why First Bank is a smart choice.

  • Many of our small business loan options work quickly, so you don’t have to wait to jump on opportunities.
  • We’re headquartered in North Carolina and our representatives are local to Raleigh, so we understand the challenges and benefits the market area presents.
  • We have a full team of SBA loan experts.
  • First Bank is the largest community bank in the state, so we offer the services and products you could find at a larger bank without sacrificing personalized customer service and neighborly feel.
  • Our small business loan rates are competitive with other offerings in the area.
  • First Bank was named one of the 100 Fastest-Growing Companies in the world by Fortune and a Best In-State Bank in North Carolina by Forbes.

Types of Small Business Loans at First Bank

The type of small business loan that’s right for you depends on what you’re looking to fund, your business goals, and other factors. That’s why First Bank offers several options, including:

  • SBA loans
  • Business credit cards with rewards
  • Lines of credit
  • Business loans
  • Commercial mortgages

Learn more about each option below.

SBA Loans

Many people think that the SBA makes direct loans to entrepreneurs, but in fact, the SBA guarantees authorized banks and lenders the loan. The banks and lenders are protected because the SBA pays some of the loan back if the entrepreneur defaults.

For businesses in Raleigh, First Bank offers SBA 7(a) loans and customized industry loans that feature:

  • Repayment terms 25+ years
  • Competitive fixed or variable rate options
  • Complete financing options

SBA 7(a) loans are fairly flexible in terms of how they can be used. First Bank has a team of specialized experts that create SBA loan strategies for these business circumstances:

  • Acquisition—Our experts can explain what has worked for other business owners and provide guidance as you plan to expand into new locations or acquire another business.
  • Commercial real estate and construction—An 7(a) loan can be the right solution for real estate, whether you’re remodeling your current location or constructing a new one. The specialists at First Bank can create a plan that minimizes risk and increases capital.
  • Partnership buyout—If you’re buying out your partner, you need guidance on the right loan, financial planning, and retirement and legal considerations. First Bank can provide a loan that’s in the best interest of both parties.
  • Refinance—If you’re looking to refinance your loan, our specialists can evaluate your current loan and make a plan to get better terms and reduce your debt burden.
  • Succession planning— A succession is a big change in your business, and First Bank is here to make the process as smooth as possible. We’ll assist with financial planning and develop a high-performing loan, so you can focus on running your business.

First Bank’s SBA loan specialists give advice that comes from experience on working with hundreds of businesses like yours across the United States. They are available whenever you need them to answer your questions.

Business Credit Cards with Rewards

Credit cards are one of the most popular types of loans for small businesses. It’s easy to understand why when you consider the flexibility and financial freedom they provide. With the First Bank Mastercard Business Card with Rewards, you can make everyday and monthly purchases with ease and convenience, in addition to earning rewards.*

If would like a small business loan in Raleigh through a credit card, First Bank’s option offers the following features:

  • Rewards—Every $1 you spend on qualified purchases (travel, entertainment, professional development, etc.) translates into 1.25 points. Use our online Rewards Calculator to see your monthly and yearly points.
  • Security benefits—With zero liability on unauthorized payments, MasterCoverage™, MasterCard SecureCode, and identity theft alerts, you can feel secure when you make a purchase.*
  • Travel benefits—Travel assistance, rental vehicle insurance, and MasterCard VAT recovery are all included with the Business World Credit Card.
  • Convenience benefits—The 26-day grace period, year-end account summary, 24-hour assistance for lost or stolen cards, and automatic billing updater make managing your card and payments simple. You can also add your business credit card to most smartphone mobile wallets.
  • Shopping benefits—Extend your manufacturer warranty or cover items that are stolen or damaged within 90 days of purchase.

The First Bank Business Credit Card with Rewards has no annual fee and a 0% introductory APR for the first six months. After six months, a variable rate applies.

Talk to one of our representatives about applying today.

Business Loans

A business loan from First Bank could be an immediate lump-sum of cash for long-term financing. Use your business loan to:

  • Expand your business
  • Purchase new equipment or vehicles
  • Refinance debt

One of the best things you can do before you apply for a business loan is to prepare or update your business plan.

Schedule a free business consultation with First Bank to learn more about our small business loan rates and your options.

Lines of Credit

First Bank’s lines of credit (LOC) are flexible, convenient options for Raleigh small business loans. Designed to meet your business’ unique needs, you can quickly have access to cash flow. That way, you can jump on any business opportunity and repay and reuse your line of credit.

Other reasons our customers enjoy our business lines of credit include:

  • Payment schedules are flexible.
  • They can be used to pay suppliers who don’t accept credit cards.
  • You can pay unexpected expenses with your LOC.
  • Access to cash is fast and easy, so you can take advantage of business opportunities at the right time.

To apply for a First Bank line of credit for your business, visit your nearest location for a free small business financial consultation.

Commercial Real Estate Loans

Commercial real estate loans can be used for shopping centers, office buildings, and other properties.

First Bank offers commercial mortgages with competitive pricing on a number of products. As a commercial lender, our team includes commercial real-estate specialists who can assist you with knowledge of the industry and the Raleigh area. We can structure a loan that meets the unique needs and stage of your business.

To learn more about our commercial mortgages, visit our First Bank location in Raleigh for a business consultation.

Raleigh, NC skyline

Why Consider Raleigh for Your Business?

Raleigh is the home of many research-driven universities, colleges, and businesses. Research Triangle Park includes almost 300 companies, including Cisco Systems, IBM Corporation, and Fidelity Investments. These organizations are also some of the major employers. For example:

  • Duke University and Health System has 38,591 employees.
  • IBM Corporation has 10,000 employees.
  • North Carolina State University has 9,069 employees.

Other top employers include the State of North Carolina, Wake County Public School Systems, Walmart, WakeMed Health & Hospitals, Target, and SAS Institute, Inc.

With Wake County reaching one million residents in 2014, the U.S. Census Bureau estimated the Raleigh population to be 464,758 in July 2017. Since then, data has shown that Wake County gains about 63 people a day. Many of these people move to Raleigh for jobs.

Recently, Forbes named Raleigh the #2 Best Place for Business and Careers, as well as #31 in Cost of Doing Business, #23 in Job Growth, and #13 in Education.

All the facts point to Raleigh and its surrounding areas being a prime location for businesses. Small businesses in particular are highly common in the state, with 44.3% of the 1.6 million workers being employed by a small business. According to the U.S. SBA Office of Advocacy, North Carolina has the ninth highest total number of small businesses in the country as of September 2018.

Why You Might Need a Small Business Loan

Are you wondering if now is the right time for your business to take out a loan, or if you should take out one at all? There are many reasons why you might consider a small business loan, such as:

  • You are ready to open more brick and mortar locations.
  • You need to purchase equipment or inventory.
  • A new business opportunity comes up and the benefits outweigh potential debt.

While some small business loans have limitations on what you can use them for—for example, a commercial mortgage loan is limited to real estate—many can be used for all kinds of purposes and purchases.

Where to Apply for a Small Business Loan in Raleigh

To apply for a small business loan, you can visit First Bank’s location in Raleigh, NC.

First Bank – Raleigh

3110 Edwards Mill Road
Suite 150
Raleigh, NC 27612

Phone Number:
919-803-4560

Hours: 
Monday-Thursday: 9am-5pm
Friday: 9am-6pm
Closed 1-2pm daily

Directions: This location is in the Hutchison, PLLC building on Edwards Mill Road, south of Crabtree Valley Mall. Once you turn into the parking lot, you will see a fountain in the middle of the roundabout.

If you live in Durham, this location is only about 25 minutes away on I-40. Take the Edwards Mill Road exit from I-40, drive north for a few miles, then turn right into the parking lot of the Hutchison, PLLC building.

How To Apply for a Small Business Loan in Raleigh

If you’re ready to take the next step toward taking out a small business loan, our staff at First Bank can guide you through which type of loan is best, what to expect from rates and payments, and what to do next. Serving North Carolina and South Carolina, we are dedicated to helping local businesses and individuals thrive with the support of our small business loans.

Visit our Raleigh-area branch today for a consultation.

Read more from First Bank: Requirements for Small Business Loans in Asheville, NC, Small Business Loans in Wilmington, NC, Small Business Credit Card Comparison

*Member FDIC. Loans subject to credit approval. Rewards are based upon qualifying purchases as defined in the terms of each program. Click for additional information. See our Terms and Conditions for complete details on our rewards programs.© 2019 MasterCard. MasterCard, Debit MasterCard, and the MasterCard brand marks are trademarks of MasterCard International Incorporated. See our Disclosure Summary for complete details on rates and fees.

Sources:

Raleigh.gov: https://www.raleighnc.gov/home/content/Finance/Articles/BusinessLicensesFreque.html

Raleigh Chamber: https://www.raleighchamber.org/blog/january-11th-2017

U.S. Small Business Administration: https://www.sba.gov/sites/default/files/2014_Finance_FAQ.pdf

U.S. Small Business Administration: https://www.sba.gov/content/preparing-business-loan

Debt.org: https://www.debt.org/credit/lines/

Investopedia: https://www.investopedia.com/articles/personal-finance/100314/commercial-real-estate-loans.asp

RTP: https://www.rtp.org/directory-map/?fwp_industry=biotechnology-life-sciences%2Cinstruments-advanced-materials

Raleigh Chamber of Commerce: https://www.raleighchamber.org/major-employers.html

WakeGOV: http://www.wakegov.com/planning/peopleandplaces/Pages/default.aspx

United State Census Bureau: https://www.census.gov/quickfacts/fact/table/raleighcitynorthcarolina/PST045218#PST045218

WakeGOV: http://www.wakegov.com/data/bythenumbers/Pages/default.aspx

Raleigh Realty: https://www.raleighrealtyhomes.com/blog/moving-to-raleigh.html

Forbes: https://www.raleighrealtyhomes.com/blog/moving-to-raleigh.html

U.S. Small Business Administration: https://www.sba.gov/advocacy/2018-small-business-profiles-states-and-territories

Entrepreneur: https://www.entrepreneur.com/article/250973

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