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

Small Business Loan Requirements in North Carolina

Running A Business 3 min read

Ready to talk to an expert?

Find A Location Get In Touch

Small business loan requirements in North Carolina can vary from one year to the next, from one lending institution to the next and simply from one case to the next. There are however, a lot of common myths about small business loan requirements that are worth debunking. Here are 10 common myths about small business loan requirements and the real truth behind them.

Top Ten Business Loan Myths

  1. Small business loans are only for new businesses. Fact: At places like First Bank, business loans can be used for expansion or remodeling, purchasing new equipment or vehicles or refinancing.*
  2. It costs money to even just meet with a loan consultant. Fact: This might be true at some places but First Bank offers free small business financial consultations. Sign up for one in just minutes.
  3. You need a near-perfect credit history to obtain a small business loan. Fact: While your credit history will always be considered when applying for any type of loan, a less-than-ideal credit score does not mean you can’t get a loan with a solid business plan in place.
  4. A small bank will charge higher interest rates. Fact: Not at First Bank. Our business loan rates are competitive against any size bank.
  5. Local banks have fewer loan options than national banks. Fact: Actually, First Bank offers credit lines, business credit cards*, and commercial mortgages in addition to traditional business loans.
  6. You need to have a building to house your business in order to get a small business loan. Fact: Not so. In fact, not having a physical location reduces your overhead costs and therefore can actually improve your chances of getting a loan.
  7. The terms associated with small business loans are strict and cemented in stone. Fact: First Bank’s terms are flexible and customized for each individual case.
  8. The economy doesn’t rely on small businesses. Fact: Small businesses are a huge component of both local and national economies thanks to a number of factors.
  9. It’s hard to find a bank that offers small business loans. Fact: There are more than 100 First Bank locations throughout North Carolina so wherever you are located, we’re not far from you.
  10. Local banks can’t help you manage your business. Fact: In addition to providing loans, First Bank has a wide selection of business services such as payment processing, check collection, payroll distribution and more.

To find out about small business loan requirements at First Bank, simply contact your nearest North Carolina branch location today.

*Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated.Loans subject to credit approval.

———

Sources:

Chron: http://smallbusiness.chron.com/reasons-small-businesses-important-54131.html

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...

Small Business Loans Made Easy – First Bank of North Carolina North Carolina is a smart choice for any entrepreneur looking to start a business. The state encourages its residents and visitors to shop local. Organizations like Shop Local Raleigh and Got To Be NC have popped up all over North Carolina. Their goal is to promote local businesses and to encourage people to support the local economy. 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. Get a Small Business Loan from First Bank Starting a small business should be a rewarding experience, and First Bank provides you with the tools to be successful. We offer small business loans with flexible terms and competitive rates. Small business loans enable you to infuse your business with a lump-sum of cash, so you can get what you need for your business quickly and easily. First Bank also offers other business loan and credit options to fit your small businesses’ needs, including: A business credit card with no annual maintenance fee.* Lines of credit to meet your unique needs. Commercial mortgages to help you move into the space of your dreams. Construction loans for new construction, remodeling, expansion, and other construction projects. Our business banking services do not end there. We can also provide you with checking and savings accounts, merchant services, treasury services, and more. Visit Your Local First Bank Today It isn’t hard to see why First Bank was rated one of the best small business lending banks in the nation. Visit us to learn more about our small business loans and other business banking options. We have over 90 locations in North Carolina, making it easy to find a location near you. *See our Terms and Conditions for complete details on our One Rewards Program. ——— Sources: Shop Local Raleigh: https://shoplocalraleigh.org/ 2 min read
Image for tile. Fraud Protection Best Practices: When to use a Credit Card vs. a Debit Card Key Fraud-Related Differences Between Credit Cards and Debit Cards A credit card allows you to borrow money from a lender up to a set limit, with the expectation of paying it back later, often with interest if not paid in full. A debit card, on the other hand, directly withdraws funds from your bank account when you make a purchase, limiting spending to the amount in your account. Balancing credit and debit card use can enhance both security and financial stability. If someone steals your credit card information, they are effectively stealing the credit card issuer’s money, not directly accessing your bank account. This separation provides a crucial security buffer, giving you time to dispute charges without risking essential funds like rent or grocery money. In contrast, debit card fraud affects your checking account immediately, which can cause financial disruptions until the issue is resolved. First Bank Cardholders: Did you know that First Bank credit and debit cards offer Mastercard’s zero-liability protection? Whether you are using your First Bank credit or debit card, you’ll only pay for purchases that you have authorized on your Mastercard® card. Unauthorized purchases are not your responsibility. Instances Where a Credit Card can Offer Increased Fraud Protection Online Purchases Credit cards are generally safer for online transactions. They offer robust fraud protection, and most credit card companies monitor for suspicious activity, often reimbursing fraudulent charges quickly. Travel and International Transactions When traveling, especially abroad, use a credit card. Credit cards typically offer better fraud monitoring and reduced liability if your card information is compromised. Big-Ticket Purchases Use a credit card for expensive items like electronics or home appliances. Many credit cards come with purchase protection, extended warranties, and easier dispute resolution if something goes wrong. Recurring Payments or Subscriptions Credit cards provide better protection if you need to dispute unauthorized subscription charges, helping avoid interruptions to your service while the issue is resolved. Best Practices for Card Security Monitor Transactions: Regularly check both credit and debit accounts for unauthorized activity. Use Secure Websites: Look for “https://” in website URLs when shopping online. Enable Alerts: Sign up for transaction alerts for immediate fraud detection. Report Issues Promptly: The sooner you report suspicious activity, the better your chances of minimizing loss. Responsible Credit Card Use To maximize fraud protection while maintaining financial health, use credit cards responsibly by: Paying the Balance in Full: Avoid interest charges by clearing the balance each month. Staying Within Limits: Use only a portion of your credit limit to maintain a healthy credit score. Making Timely Payments: Pay on time to avoid late fees and credit score damage. 3 min read
Find New Business Loans Near Me First Bank offers a generous and versatile array of options to find new business loans near you. We were recently named one of the best banks in North Carolina by Forbes.com, so you can expect professional and personal care from any of our North Carolina or South Carolina branches to help your business succeed together. Types of New Business Loans Nearby First Bank has more than 100 locations serving the Carolinas, so there’s always a way to get a new business loan nearby. We offer the following options to help businesses grow: Business loans: Inject your business with some long-term financing capital to get started. Put funds to work immediately so you can take the first step. Credit lines: Open an avenue for accessing cash for your business in a fast and easy way. A business credit card: Jumpstart your business with low rates, no annual fees and a free rewards program. Commercial mortgages: Take advantage of First Bank’s staff of commercial real-estate experts to customize a mortgage to fit your business. Get a Business Loan Nearby with First Bank First Bank’s dedication to helping businesses grow doesn’t stop there. We also offer business checking and savings accounts, financial education for your employees (free!), and a business debit card. First Bank business customers can also get comprehensive business services, such as payment processing for point-of-sale, check fraud protection, and payroll direct deposit. Visit our business page to find a new business loan* near you with First Bank. For more information about First Bank, check out some of our related articles: Where to Get Small Business Loan Rates, How to Get a Small Business Loan, or Small Business Loan Rates Near Me. *Loans subject to credit approval. **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a 2 min read
Image for tile. Protecting Your Business from Counterfeit Currency Know Your Money The first step to fighting back against counterfeit currency is to know the ins and outs of what a legitimate bill looks like. Familiarize yourself with the security features of true U.S. currency so you know what to look out for. You can view examples of all denominations through the U.S. Currency Education Program website. Each note issued by the Federal Reserve includes unique security and design features that are periodically redesigned by the U.S. government to make them more difficult to counterfeit, so make sure you stay up-to-date on what’s new. Feel the Difference Embrace your tactile senses and take time to feel the quality of the cash you are being presented with. U.S. currency paper consists of 25% linen and 75% cotton with red and blue security fibers embedded throughout the paper that is not sold commercially, giving them a unique texture and feel. If you are presented with a bill that feels slick, there’s a good chance it was printed on lower-quality paper and has been counterfeited. In addition to the feel of the paper, genuine bills will have raised ink which adds to their unique feel. 4 min read