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

Small Business Loan Requirements – High Point, NC

If you are planning to start a business in High Point, NC, there are a few small business loan requirements that must be met.

What are Small Business Loan Requirements?

The U.S Small Business Administration suggests preparing these 10 things to make sure you meet your lender’s small business loan requirements.

  1. Personal Background Information — including previous addresses, names used, criminal record, educational background, and more.
  2. Resumes — some lenders want to see evidence of management experience.
  3. Business Plan — all loan programs require a business plan to be submitted with the application.
  4. Personal Credit Report — Even though your lender will obtain your personal credit report, make sure to get a credit report from all three major consumer credit rating agencies before submitting your loan applications.
  5. Business Credit Report — If you already have an established business, be prepared to submit a business credit report.
  6. Income Tax Return — You will likely need to submit personal and business income tax returns from the past 3 years.
  7. Financial Statements — It is always a good idea to have financial statements on hand in case your lender ask for them.
  8. Bank Statements — A lot of lenders require one year of personal and business statements to be submitted with your application.
  9. Collateral — Some loan programs require collateral and some do not. Check to see if the loan you are applying for requires collateral in order to be secured.
  10. Legal Documents — You may need to submit one or more legal documents, such as business licenses, articles of incorporation, and commercial leases.

Questions to Consider for a Small Business Loan

Every lender is different, and you could be required to provide more or less documentation. However, lenders typically ask the same questions, such as:

  • Why are you applying for this loan?
  • How will the loan be used?
  • What assets need to be purchased, and who are your suppliers?
  • Do you have any other business debt, and who are your creditors?
  • Who are the members of your management team?

Small Business Loan Requirements - High Point, NC

Contact First Bank Today

First Bank understands the importance of supporting the local economy. We first opened our doors to meet the needs of a small town that lost its only bank in 1935 and we were known for helping local farmers and businesses manage their finances. If you are thinking about starting a business in NC, consider a small business loan with First Bank because we’ve cared about the needs of small businesses since day one.

Once you have prepared all of your documentation, and believe you have met all of the small business loan requirements, you are ready to apply for a loan. First Bank offers small business loans for entrepreneurs in High Point, NC. We also offer other lending options to make sure you are covered for any of your business needs. Our business loan options include:

  • Business credit card with rewards
  • Business loans
  • Construction loans
  • Commercial mortgages

High Point is known as the furnishings capital of the world. It is also home to a diverse business community with industries ranging from manufacturing to biotech enterprises. The entrepreneurial spirit of the city is unmistakable, and small businesses continue to grow and thrive there.

If you want to learn more about First Bank’s small business loan requirements, call or visit us at one of our High Point, NC locations.


Loans subject to credit approval.

Trending Topics

Commercial Mortgage – Asheville, NC

If you are thinking about opening a business in Asheville, NC, consider a commercial mortgage with First Bank. Commercial mortgages can be used to develop or purchase land or buildings that are intended for commercial use....

Raleigh Small Business Loans

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...

Credit Card Processing for Businesses

If you are a business owner, you probably know that accepting multiple forms of payment (cash, debit, credit, and checks) is important. But you may not know just how essential credit card processing is to the success of...

Get the Best Checking Accounts from First Bank in Wilmington, NC

If you are looking for some of the best checking accounts in Wilmington, NC, you are in the right place. With several convenient locations in Wilmington, each offering six types of checking accounts,...

Personal Loan Application – Apply for a Personal Loan

When you need to apply for a personal loan, the application process shouldn’t be complicated. Avoid confusing and complicated personal loan applications at First Bank. Our application process is easy and simple. We...

Bank Accounts for North Carolina Businesses

If you’re running a business, you want to make sure your finances are in good order. First Bank* offers North Carolina businesses the bank accounts and merchant services tools needed for success. Financial Services...

High Yield Savings Accounts in South Carolina

It’s no secret that travel can make you happier, but did you know that it can also improve your social skills, help you accomplish goals, make you more patient, and improve the quality of your relationships? If...

How to Get a Mortgage for a Rental Property

Looking for rental property mortgage rates near you? If so, First Bank can provide you with tips and tricks on how to get a rental property mortgage, as well as how to find the best mortgage rates near you. Rental Property...

How Much Savings Should I Have At Age 30?

Do you know how much savings you should have at age 30? Unfortunately, there is no exact answer. Expert advice conflicts between encouraging 30-year-olds to save more and investing their already saved money into...

Checking Account Comparison – South Carolina

With over 75 banks located in the state of South Carolina, checking account comparison can be overwhelming. If you live in South Carolina and are looking at opening a checking account, consider stopping in...