Small Business Loan Requirements in Asheville, NC

When it comes to small business loan requirements, a recent study has shown that smaller banks, such as First Bank in Asheville, North Carolina, are more encouraging of entrepreneurs than larger national banks.

The data, as reported by Small Business Trends, shows that despite a 20% increase in overall lending by large banks, the percentage of small business loans that were approved actually fell from 19.1% to 18.8% in the last year. Meanwhile, small business loan requirements at smaller banks were more favorable, showing an increase from 51.4% to 51.6% during the same time period.

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 here, where you can sign up for a free small business financial consultation with one of our experts.

Visit our Asheville, NC, branches on New Leicester Highway, Woodfin Place, or Hendersonville Road 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.