The best small business loans for Durham, NC

Take your business to new heights with the right financing

  • Apply in less than 60 seconds
  • Wide range of financing option for every need
  • Competitive rates and terms
  • Personalized service
  • Dedicated support team

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Industries we work with in Durham, NC

We're proud to work with small businesses across various industries in Durham, NC. Whether you're in healthcare, construction, or technology, we're here to help you grow and succeed. Our financing solutions are customized to meet your needs, so you can focus on what you do best - running your business!

Here are some of the many industries we serve:

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    Construction

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    Medical Practices

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    Beauty Salons

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    Retail Stores

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    Restaurants

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    Hotels

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    Manufacturing

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    Staffing

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    Automotive Businesses

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    Landscaping

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    Toy Businesses

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    Transportation

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    IT

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    Professional Services

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    Veterinary Practices

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    Franchise Businesses

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See why thousands of businesses have made SMB Compass

the top-rated small business loan provider in Durham, NC

Garrett Cushing
Garrett Cushing
November 30, 2021.
Diligent and honest people to work with. SMB has been a great resource for my business, helped me through a variety of different financing over the years.
John Limato
John Limato
November 16, 2021.
I rarely write reviews but felt the need to thank the SMB team. Found them to be honest people that took the time to understand my business and walked me through the entire process.
Connor Johnson
Connor Johnson
November 4, 2021.
SMB helped me navigate through the growth period in my business. They were diligent and genuinely cared to make sure we got the percent line in place to meet our current needs. Very happy I was introduced to them and would highly recommend.
Michelle Cota
Michelle Cota
October 27, 2021.
I am so happy that SMB was able to help our company when we were in a jam. They were so attentive and so easy to work with. Helped step by step to get financed. Thank you Clay!
Veronica Akins
Veronica Akins
October 14, 2021.
SMB Compass was helpful and fast. They kept in contact and answered all my questions. The best part of our interactions was that the lender could have given me an extremely high interest rate loan when I thought that was my only option, but he instead told me of another option that fit our needs much better and saved us money! Thank you Clay
John Folco
John Folco
October 13, 2021.
True experts in the Commerical finance space. Great company to work with, look forward to a continued relationship.
Pat Mcandrews
Pat Mcandrews
October 8, 2021.
Great team of professionals to work with. Incredibly responsive and great problem solvers. Would recommend them to anybody.
Haroon S
Haroon S
September 22, 2021.
Clay was great to work with. Very responsive and great communication.
John Lutz
John Lutz
September 15, 2021.
Great people to work with. They were transparent and helpful from the first call to closing. I would recommend them to anyone in my network.
Matthew Seymour
Matthew Seymour
July 16, 2021.
Clay & Matt are experts in the industry and they are able to advise on a number of topics.

Learn more about our loan packages

The best small business loan in Durham, NC

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    SBA Loans

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    Term Loan

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    Invoice Financing

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    Business Line of Credit

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    Inventory Financing

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    Bridge Loans

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    Equipment Financing

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    Asset Based Loans

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    Purchase Order Financing

FAQs about small business loans in Durham, NC

How to get a small business loan in Durham, NC?

If you’re looking to get a small business loan in Durham, NC, here’s what you should do:

  1. Know what you need. Before applying for a loan, get a clear idea of how much money your business needs and how you will use the funds. Doing so can help identify the best type of loan for your needs.
  2. Check your credit score. Many lenders in Durham, NC, will look at your credit score when reviewing your application, so knowing where you stand is important. If your score is less than ideal, consider improving it by making timely payments, keeping old accounts open, and limiting new credit applications.
  3. Research lenders. Many different types of lenders offer small business loans in Durham, NC, including banks, credit unions, and online lenders. Research to find out which ones best fit your needs and qualifications.
  4. Prepare your application. Once you’ve identified potential lenders, prepare your loan application carefully. This may include providing financial statements, tax returns, and other documentation demonstrating your ability to repay the loan.
  5. Apply for the loan. If you’ve found a lender you’re comfortable with, it’s time to start your application. The process varies from lender to lender, but essentially, you need to submit your loan application along with the required documents. You also need to prepare to answer any additional questions the lender may have.
  6. Wait for a decision. The lender will then review your application and decide whether to approve your loan or not. Funding speed depends on the lender and loan type. Banks usually take weeks or months, while online lenders can fund your business in a day.

Durham NC

Durham NC

 
How do I approach someone for a business loan in Durham, NC?

Approaching someone for a business loan in Durham, NC, can be daunting, but with the right approach and preparation, you can increase your chances of success. Here are some steps to follow:

  • Determine the type of loan you need: Research the types of business loans available in Durham, NC, and determine which is best suited for your business needs. This will help you narrow down your search and find the right lender.
  • Create a detailed business plan: A well-prepared business plan is essential when seeking a business loan. It should outline your business goals, financial projections, marketing strategies, and other key information lenders want.
  • Gather all necessary documents: Before approaching a lender, ensure you have all the required documents, such as tax returns, financial statements, bank statements, and other relevant paperwork. This will help streamline the loan application process and increase your chances of approval.
  • Research potential lenders: Identify potential lenders in Durham, NC, that offer the type of loan you need. Consider their loan terms, interest rates, and repayment schedules, as well as their reputation and customer reviews.
  • Schedule a meeting: Once you have identified potential lenders, schedule an appointment to discuss your business loan needs. Bring your business plan and all necessary documents to the meeting, and be prepared to answer any questions the lender may have.
  • Present your case: Explain why you need the loan during the meeting and how you plan to use the funds. Be prepared to negotiate loan terms, interest rates, and other details.

Remember to approach potential lenders professionally and confidently, and be prepared to demonstrate your ability to repay the loan. With these steps, you can increase your chances of securing a business loan in Durham, NC.

Who provides loans to individuals and businesses in Durham, NC?

Various financial institutions and lenders provide loans to individuals and businesses in Durham, NC. These include:

  • Banks: Traditional banks are the most common source of loans for individuals and businesses. They offer a variety of loan products, including personal loans, business loans, and commercial loans.
  • Credit unions: Credit unions are nonprofit organizations offering their members loans at lower interest rates than traditional banks. They offer a variety of loan products, including personal loans, business loans, and home loans.
  • Online lenders: Online lenders provide loans to individuals and businesses through their websites. They offer a variety of loan products, including personal loans, business loans, and student loans.
How do lenders decide to give loans to businesses in Durham, NC?

Lenders use various factors to evaluate loan applications from businesses in Durham, NC. These factors can vary between lenders, but here are some common criteria:

  • Creditworthiness: Lenders will review the credit history of the business and its owners to assess their creditworthiness. A good credit score indicates the business has a history of paying bills on time and managing finances responsibly.
  • Business financials: Lenders will review the business's financial statements, including income statements, balance sheets, and cash flow statements, to assess the financial health of the business. This information helps lenders determine if the company can repay the loan.
  • Collateral: Lenders may require collateral to secure the loan. Collateral can be in the form of assets such as equipment, property, or accounts receivable. This provides security to the lender in case the business cannot repay the loan.
  • Business plan: Lenders will review the business plan to determine if the business has a clear strategy for growth and profitability. A solid business plan can increase the chances of loan approval.
  • Industry and market trends: Lenders will consider the industry and market trends to determine if the business has the potential for growth and profitability. This information helps lenders assess the risk of the loan.
  • Legal compliance: Lenders will also check if the business complies with legal requirements and regulations.

Overall, lenders consider these factors and decide based on the level of risk associated with the loan. Businesses need to prepare a strong loan application and provide all the necessary information to increase their chances of loan approval.

What are the business loan requirements in Durham, NC?

The business loan requirements in Durham, NC, can vary depending on the lender, type of loan, and the business's specific needs. However, here are some common requirements that companies may need to meet to qualify for a loan:

  • Good credit score: A good credit score is typically required to qualify for a business loan. Lenders use credit scores to evaluate the business's and its owners' creditworthiness.
  • Business financials: Lenders may require the business to provide financial statements, tax returns, and bank statements to assess the business's financial health.
  • Business plan: A solid business plan is typically required to qualify for a business loan. The plan should provide a detailed strategy for growth and profitability, including financial projections and market analysis.
  • Collateral: Lenders may require collateral to secure the loan. Collateral can be in the form of assets such as property, equipment, or accounts receivable.
  • Legal compliance: Businesses must comply with legal requirements and regulations to qualify for a loan.
  • Industry and market trends: Lenders may consider industry and market trends to determine if the business has the potential for growth and profitability.

These are general requirements, and lenders may have additional requirements based on the specific loan program or the needs of the business. It's recommended that companies research different lenders and loan programs to find the best fit for their needs and qualifications.