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Small Business Loan Requirements in Asheville, NC

Running A Business 2 min read

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Did you know that loan approval rates at small banks have increased in recent months? As you’re looking into small business loan requirements in Asheville, NC, consider a community bank like First Bank.

Common Requirements for a Small Business Loan

Each lender will have its own criteria for granting a loan, but you’ll quickly realize there are some common requirements for small business loans, including:

  • Personal background, such as previous addresses, criminal record and education
  • Business plan
  • Resume/business experience
  • Personal and business credit reports
  • Tax returns, bank statements, and other financial statements

You may also be asked questions that demonstrate your vision that the loan will help materialize: why you are applying for the loan, how you are utilizing the money, and who else will be managing the money from the loan. In some cases, it may be requested that you provide some form of collateral to secure the loan.

Get a Small Business Loan at First Bank

In Asheville, NC, First Bank has three locations that offer various forms of business loans, including loans for startup costs, credit lines, commercial mortgages, construction loans, professional loans, and a business credit card.

You can learn more about First Bank’s business loans with one of our experts. Visit our Asheville, NC, branches to learn more about our small business loan requirements. Don’t rely on a big business bank for your small business needs. Come to First Bank today.

Loans subject to credit approval.

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