Small Business Loans in North Carolina (NC)

There’s a reason Forbes ranked North Carolina No.1 on its list of Best States for Business. The publication’s rankings consider business costs, labor supply, growth prospects, economic climate, regulatory environment and quality of life. 

In a state home to more than 10 million, there’s a lot of business to be had, but competition can offer a bit of a challenge. When you’re looking to make a name for yourself, a small business loan for your North Carolina (NC) venture can help. See what’s available and find resources to help your business succeed. 

Here’s everything you need to know, including lenders you can turn to and details about how to get a business loan in NC.

According to the Small Business Administration (SBA), North Carolina is home to more than 994,000 small businesses, which employ 1.7 million people. Popular industries include accommodation and food services, manufacturing, construction, retail and healthcare. 

The state also boasts a diverse agriculture industry, leading in the production of many commodities, including tobacco, sweet potatoes, poultry and eggs, among others. In fact, there are nearly 50,000 farms, bringing in a total of about $76 billion each year.

The following banks offer funding to North Carolina business owners. Find SBA loans in NC, equipment financing, term loans and more. Here are the details.

1. Skyline National Bank

If you’re searching for SBA loans for your NC company, you’re in luck at Skyline National Bank. This bank has earned an A+ rating with the Better Business Bureau (BBB) and a 4.7-star rating on WalletHub.

Other business financing products available here include the following:

• USDA loans
• Farm Service Agency loans
• Agribusiness loans
• Equipment loans
• Business credit cards
• Business lines of credit
• Commercial real estate loans

2. First Citizens Bank

First Citizens Bank has earned an A rating with the BBB. It’s also made Forbes’ list of America’s Best Banks. SBA loans at this North Carolina bank include the 504 and 7(a) programs.

Business owners can also find business lines of credit and commercial letters of term loans, which can be used for working capital, debt restructuring, leasehold improvements, equipment financing and expansion. Business credit cards are also available.

3. First Community Bank

This lender has been in operation since 1874. It’s been named a 2022 Best Bank in North Carolina by WalletHub, where it’s also earned a 4.5-star rating.  Small business loans at this NC bank include business credit cards, commercial real estate loans, commercial lines of credit and equipment financing.

4. Uwharrie Bank

Uwharrie Bank is another best bank in the Tar Heel State. It’s been awarded an A+ rating by the BBB. It also has a 4.5-star rating on WalletHub. 

Not only is this bank an SBA lender in North Carolina, but it also offers the following business financing products:

• Term business loans
• Real estate loans
• Construction loans
• Commercial auto and truck loans
• Working capital loans
• Lines of credit

5. Truist Bank

Truist is the result of a merger between BB&T and SunTrust. The bank is A+ rated by the BBB. Additionally, Truist Financial Corp. made Forbes’ list of America’s Best Banks. 

Whether you’re seeking SBA loans in North Carolina or some other type of business financing, you can find it here:

• Business term loans
• Commercial mortgages
• Lines of credit
• Equipment and vehicle financing
• Export loans
• Business credit cards

Available SBA loans include the 504 and  the7(a) loan or line of credit.

Now that you know some of the best small business banks in North Carolina, you’re probably wondering how to get one. First things first, organize what you’ll need to apply for a small business loan in NC. 

Though requirements vary by lender, these can include bank account statements, profit-and-loss statements, tax returns and corporate documents. You’ll also need to meet minimum qualification requirements, including credit score, time in business and annual revenue. Lenders will also want to review your cash flow to see how much income stays in your bank account vs. goes out.

While larger financial institutions are often the first places entrepreneurs turn to for funding, qualifying for one of these loans can be challenging – even if you have great personal credit. That’s why more and more small business owners are applying with alternative lending platforms for their funding needs.

Compared to conventional lenders, alternative lenders offer streamlined applications, fast financing and quick repayment structures. While financing terms are typically shorter and interest rates less competitive, many small business owners can qualify thanks to less strict requirements.

Applying for Alternative Financing Through Fast Capital 360

Whether you’re seeking an SBA loan or alternative financing in North Carolina, Fast Capital 360 can help. Use funds to grow your business in various ways – including opening another location in the NC area, upgrading equipment or overcoming a slow season. You decide.

Here’s what sets us apart:

Speed

The best part about our small business funding? The process to apply and receive funding is so fast that you could access your capital as soon as the next business day.

Multiple Offers

We work with lending partners throughout the country, which means your single application could return several financing offers. Small business loan rates for North Carolina businesses start at 7%.

Expert Guidance

One of our Business Advisors will discuss your funding offers with you so you can choose the best option for your company.

Get Your Business Loan Faster

• What Our Customers Say

  “The process was surprisingly easy. I talked with Fast Capital about what I needed, and within 24-48 hours, the funding was in my account. That’s space-age lending to me!” – Fast Capital 360 customer Kenny Mann Jr. of Liquid Pleasure Band in Raleigh, North Carolina

  

As a small business owner, take advantage of resources that can help you grow your business. Here are a few organizations you can turn to in NC.

SCORE

This nationwide nonprofit organization is dedicated to offering helpful resources, mentorships, workshops and networking opportunities to all stages of small business owners. Many resources are free to access and available online.

In North Carolina, SCORE branches are located at the following locations:

• Asheville
• Cape Fear
• Chapel Hill Durham
• Charlotte
• Coastal Carolina
• NC Piedmont Triad
• Outer Banks
• Raleigh
• Sandhills
• Western NC

Women’s Business Center of North Carolina

Offered through the National Institute of Economic Development, this organization aims to empower women entrepreneurs. In addition to loan package preparation assistance and lender referrals, business owners can take advantage of 1-on-1 business counseling, business seminars, networking opportunities and more.

Small Business and Technology Development Center

Since 1984, this organization has been supporting the growth of North Carolina business owners. Entrepreneurs can take advantage of confidential business counseling and education services. Many resources are available at no cost. Offices are located at the University of North Carolina campuses, and the organization is offered in partnership with the SBA.