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

Small Business Loan Requirements in North Carolina


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

Trending Topics

Lowest Mortgage Rates High Point NC

Getting the lowest mortgage rate in High Point, North Carolina involves more than just shopping around. First, you need to know how to shop for the best rate. Shopping for…

HSA Rules and Regulations You Should Know

If you have a high-deductible health insurance plan, a Health Savings Account (HSA) can help you save for future medical expenses. Health Savings Accounts were established by the federal government…

6 Steps to Starting a Small Business in North Carolina

First, you had an idea for a small business. Now, you want to set that idea in motion. If you are looking to start a small business in North Carolina,…

Mobile Check Deposits from Anywhere

Before mobile phones and tablets, checks had to be cashed in person or by mail. Now, mobile check deposits allows you to deposit your checks from anywhere, so long as…

Find Remodeling Loans in Asheville, NC

First Bank offers remodeling loans in Asheville, NC, for homes or businesses to get you started on turning your vision into a reality. Our Asheville loan officers will work with…

The Best Personal Banking Services for You

Finding the best personal banking services for your financial needs doesn’t need to be difficult. The factors that go into evaluating available options can include convenience, fees, and interest rates.…

The Benefits of Checking Accounts with Online Access

Out of all the factors that tend to influence our decisions regarding financial management, levels of convenience tend to play a heavier role than others. For that reason, online tools,…

Get Maximum Flexibility With a Small Business Credit Card

Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to…

Student Checking Account Asheville NC

First Bank in Asheville, NC, makes it easy for students to manage their funds with Campus Checking, our student checking account. Campus Checking is open to all qualified and currently…

What You Need to Open a Business Banking Account

Once you’ve started a business, the money is going to be coming in. You will need a business banking account to keep finances in order and manage cash flow. But,…