Small Business Loans in North Carolina
Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.
10 Small Business Loans in North Carolina
Our carefully curated list highlights the leading small business lenders in North Carolina, all backed by concrete data. These lenders are ranked based on the volume of small business loans they've distributed this year.
Put simply, this list focuses on those financial institutions and lenders that are actively extending the greatest number of loans to small businesses within the state.
(This is in contrast to some other sites that often discuss nonprofit organizations that seldom provide loans or government schemes that are out of reach for many businesses!)
Takeaway: Both big, national banks and small, regional banks lend to small businesses in North Carolina. They offer a wide variety of small business loans.
Methodology: We've grounded our research in data from SBA 7a loans, so every lender on our list offers these. Additionally, we've cataloged other small business loan types these lenders display on their websites.
It's important to note that mainstream banks often have stringent criteria, like high credit scores and a business operation minimum of two years. Recognizing this, we've begun our compilation with two financial solutions tailored for small business owners facing credit challenges or those newly established in business.
1. Credit Suite
Credit Suite operates as a consultancy and software firm in the business credit sector, also providing two innovative financial solutions.
Their Cash Flow Financing is tailored for business owners with bad credit. It allows you to harness your business's cash flow for securing flexible finance options. Instead of fixed monthly repayments, the payback is aligned with a proportion of your continual cash flow.
Meanwhile, the Credit Line Hybrid is centered on financing solely based on personal credit scores, bypassing the need for comprehensive financial details, bank records, or business plans. It's particularly crafted to serve a wide range of startups and established businesses, with finance amounts ranging from $5,000 to $150,000.
Business financing options offered:
- Credit Suite Cash Flow Financing
- Credit Suite Credit Line Hybrid
2. Wells Fargo Bank
Wells Fargo, a well-known national banking giant, is a familiar sight in many towns and cities. Despite its vast size, it's surprising to find that their range of small business financing options is quite limited.
However, their prominence on this list is justified by the sheer volume of loans they manage to initiate and distribute.
Business financing options offered:
SBA 7a Loans & 504 Loans
2 Business Lines of Credit
Practice Financing
3. The Huntington National Bank
Huntington National Bank stands out not only as a leading lender for small businesses in North Carolina but also as the top issuer of SBA 7a loans across the entire United States.
This achievement secures them a spot in the top 10 lenders in almost every other state – a testament to their commitment to engaging with small businesses.
Moreover, their portfolio extends beyond SBA loans, encompassing a diverse array of financing options for small businesses, such as equipment leasing, agricultural financing, and various real estate loan offerings.
Business financing options offered:
SBA 7a Loans
Equipment Leasing
Church Lending
Greek House Financing
Agricultural Loans
Warehouse Lending
Real Estate Loans, Term Loans, and Lines of Credit
4. Live Oak Banking Company
Live Oak is notably active in providing SBA loans across the nation. While their website might not detail their full range of loan options, they invest considerable effort in getting to know the specific sectors their clients operate in.
Their website highlights a remarkable number of 48 distinct industries, proudly stating that they have specialized financing solutions tailored for each of these sectors.
Business financing options offered:
SBA Loans
USDA Loans
Industry Vertical Loan
5. BayFirst National Bank
BayFirst National is specialized in SBA loans. Phrases like “Lightning Fast Business Loans!” and “In-house team, quick funding” are prominently featured on their website. Their advantage lies in their internal underwriting team, ensuring both rapid processing and a high level of expertise.
Considering the typically extended timeline for SBA loan funding, this aspect of their service offers them a significant competitive edge.
Business financing options offered:
SBA Loans
Commercial Real Estate Loans
Commercial Term Loans
Commercial Lines of Credit
Construction Loans
Heavy Equipment Financing
6. TD Bank
TD Bank, a significant banking entity, operates in every East Coast state bar Georgia. With numerous retail outlets, they provide an extensive selection of financing products for small businesses. Notably, TD Bank is recognized as an SBA Preferred Lender.
They accommodate business loan applications through both online platforms and face-to-face interactions.
Business financing options offered:
Term Loans
Business Lines of Credit
Commercial Real Estate Loans & Mortgages
SBA Loans
Revolving Lines of Credit
Equipment Financing
Asset Based Lending
Supply Chain Financing
TD Business Solutions Credit Card
7. Dogwood State Bank
Dogwood offers interesting financing products you don’t see elsewhere including business acquisition, business expansion, partnership buyout, and franchise loans. They are clearly interested in financing entrepreneurs looking to buy an established business, in whatever capacity that looks like. They’re also headquartered right here in North Carolina.
Business financing options offered:
SBA Loans - 7a & 504
Business Acquisition Loan
Business Expansion Loan
Commercial Real Estate Loan
Franchise Loan
Refinancing Loans
Partnership Buyout
8. PNC Bank
PNC, a major national banking institution, boasts a substantial network of retail branches. Its large scale naturally leads to a broad range of small business loan options and a selection of five business credit cards.
On their website, you'll find essential information about the available loan amounts and terms for each type of financing they offer. PNC enables the convenience of online applications and provides a detailed checklist of necessary business documents required for each specific business loan application.
Business financing options offered:
Term Loans
Unsecured Small Business Loans
Secured Small Business Loans
Small Business Commercial Real Estate Loans
Secured Vehicle Finance Loans
Small Business Lines of Credit
5 Business Credit Cards
9. Pinnacle Bank
Pinnacle is a small bank headquartered in South Carolina with a focus on agricultural loans.
Business financing options offered:
- Agricultural Loans
- Operating Loans and Lines
- Equipment Loans
- Livestock Loans
- Real Estate Loans
- Real Estate Financing
- Equipment Financing
- Lines of Credit
10. Bank of Oak Ridge
If you want to “shop local”, Bank of Oak Ridge is your bank. Their website reads, “Established in 2000, Bank of Oak Ridge is a community bank dedicated to delivering Spectacularly Local banking. With Triad locations in Oak Ridge, Greensboro, High Point and Summerfield, North Carolina, we focus on providing personalized, convenient banking services close to home and work.”
Business financing options offered:
SBA Loans
Term Loans
Business Lines of Credit
Visa Business Credit Cards
How to apply for a small business loan in North Carolina
Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!
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