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...

Mobile Friendly Business 5 Ways to Make Your Small Business Mobile Friendly If you review the Google Analytics data for your website, you've probably noticed that more people are visiting your site with a mobile device. How can you take advantage of this shift in technology? 3 min read
Business Spotlight: Read's Uniforms Video Business Spotlight: Read’s Uniforms High-quality uniforms help students and professionals feel better about themselves. Find out how Asheville-based retail and business-to-business company Read’s Uniforms is providing attentive customer service and a superb shopping experience. 3 min read
Community Bank for Small Business Since 1935, First Bank has been the go-to community bank for small business owners. Our first branch opened in Troy, NC, where we helped farmers and local business owners manage their funds. We have continued to evolve to meet the needs of our customers, and today we are the top choice for businesses across North Carolina and South Carolina. A Community Bank That Cares About Small Businesses Not all businesses are the same, and we are a community bank with community values that strives to anticipate and meet your needs. Small business owners will find that we offer multiple banking options to fit their needs. Banking: Our checking and savings accounts are designed to accommodate businesses at any level. They range from the most basic Business Essentials plan, to our most advanced Business Advantage Plus plan. Online & Mobile Banking: A business account with First Bank gives you access to our free online and mobile banking services. Quickly and easily manage your funds from your computer or mobile device. Loans & Credit: Whether you are just getting started or constructing your second office, we have options to fit your needs. We offer loans, mortgages, and lines of credit with flexible terms and competitive rates. Merchant Services: With state-of-the-art transaction processing services, we make processing credit cards, debit cards, gift cards, and electronic checks easy for your business. Treasury Services: From deposit services to payroll direct deposit, we offer a wide range of cash management services to enhance your business. SBA Loans: This government-sponsored small business loan features flexible terms and competitive rates when traditional bank financing isn’t an option. We are a community bank for small business owners, so we understand that growing a business takes work. FitSmallBusiness recently rated us as one of the best SBA lenders in the nation. Let us handle the money so you can get down to business. Click here to find a branch near you. Account service fees may apply as described in the Account Services Fee Schedule or at your local branch. Sources: FitSmallBusiness.com:https://fitsmallbusiness.com/best-sba-lender/ 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