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

How To Get A Small Business Loan

Running A Business 2 min read

Ready to talk to an expert?

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?

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...

Credit Cards for Small Business – South Carolina First Bank is rooted in our dedication to small businesses and offering credit cards for your business is one way we can help. With fifteen locations in South Carolina, First Bank is there to back all of your small business needs. The First Bank Business World credit card provides a foundation for your small business in the form of financial boosting, security protection and more. Perks of a Credit Card for Your Small Business Small business owners work hard and it is First Bank’s commitment to work hard for them. Our credit card for small business has no annual fee and comes complete with a full slate of additional perks. Card Benefits. Earn points for every dollar spent on qualified purchases and watch your rewards grow with the free One Rewards program. Use our rewards calculator to watch your travel, entertainment and retail benefits rack up. Security Benefits. Your small business can enjoy peace of mind with zero liability for unauthorized purchases, protection from employee misuse of the card and from fraudulent online use. First Bank keeps an eye on your small business with 24-hour help for lost or stolen credit cards and emergency card replacement or cash advances. Convenience Benefits. As long as you pay your balance in full and on time you’ll be rewarded with a 26-day no-interest grace period for purchases you’ve made. At the end of every year we’ll prepare a detailed summary of your account to help you identify areas of potential savings and make tax preparations a snap. Shopping Benefits. Using your First Bank credit card for small business purchases can double the manufacturer’s existing warranty or initiate a 90-day warranty if one is not already in place. Travel Benefits. First Bank hits the road with you to provide reimbursement for; damage to or theft of a rental car, trusted medical and legal referrals in foreign countries and recovery of Value Added Taxes (VAT) incurred on foreign business. Contact a First Bank Specialist Today Watch your business grow with First Bank’s credit card for small business. Contact a First Bank specialist today to discuss credit card options for your small business. ———- Sources: Investopedia: http://www.investopedia.com/terms/z/zero-liability-policy.asp Investopedia: http://www.investopedia.com/terms/v/valueaddedtax.asp 2 min read
Find Small Business Loans in South Carolina It can be hard finding the right small business loans in South Carolina, especially when you’re looking for a new bank. At First Bank, we’re have six convenient locations across South Carolina to provide the best in small business banking. Loan Options for Small Businesses When you work with First Bank, you’re working with the bank that was named the Community Bank of the Year by NC Rural Center. Check out our small business loan options, featuring flexible terms and competitive rates you can expect from working with First Bank. Business Loans — When you need an immediate lump sum of cash to help finance projects, inventory, or equipment, consider one of our business loans. Our loans are convenient for small business owners looking for long-term financing options.* Lines of Credit — First Bank’s lines of credit give small business owners the flexibility they’re looking for when they need to quickly and conveniently access cash. No matter how you use it, our credit lines are designed to meet your business’s unique financial needs. Commercial Mortgages — Our wide selection of commercial mortgages are available at a competitive price. We have a dedicated staff of commercial real estate specialists who can offer industry knowledge and market area expertise to help you find the right product for the needs of your business.* Construction Loans — For small businesses looking for begin a project for new construction, remodeling, expansion, or other construction projects, First Bank’s financing team can provide loans for investors and builders looking to for loans uniquely designed for their construction needs. Business Credit Cards — We offer our First Bank Mastercard Business Card with Rewards credit card, which can benefit small businesses as their own expense management tool that offers lower rates, no annual fee, and rewards benefits.* All Your Business Loan Needs at First Bank in South Carolina Since opening our first branch in 1935, First Bank has been dedicated to helping local communities succeed in their financial endeavors. Whether you’re looking for a personal or small business loan in South Carolina, we can work with you to find the best products for your needs. Come visit your nearest First Bank in South Carolina today to get started. *Loans subject to credit approval. See our Terms and Conditions for complete 3 min read