Small Business Loans North Carolina

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Best known to be one of the largest suppliers of tobacco and textiles, North Carolina is home to at least a dozen Fortune 500 companies and 900,000 thriving small businesses. Considering those numbers, it’s no wonder why Forbes recently ranked the state No. 1 in their list of Best States for Business for 2020. 

Whether you’re thinking of establishing a startup or expanding your current business, the Tar Heel State offers one of the best opportunities to cultivate and grow your business. If you’re worried about the costs, SMB Compass provides an easy way to obtain the necessary capital. 

Why Choose SMB Compass?

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At SMB Compass, we specialize in providing tailored small business loan solutions and educational resources to established businesses and emerging entrepreneurs across the United States. While traditional banks and some online lenders make it challenging for small businesses to secure funding, we offer competitive rates and flexible small business loan options.

Small businesses are the lifeblood of the US economy, and we believe in ensuring that they have access to the funding they need. With our expertise in SBA lending, asset-based and equipment financing, and various alternative loan programs, SMB Compass understands the unique needs of businesses across industries and sizes.

We're proud to have already provided over $250,000,000 to more than 1,250 businesses throughout the US – and our impact continues to grow. Our personalized approach to partnership has turned clients into friends, and we're immensely grateful for the opportunity to serve the small business community.

north carolina business loans

How to Use Your Small Business Loan

Businesses may need a constant capital boost to cover day-to-day expenses or invest in long-term business plans and goals. Specifically, companies can use their small business loan for the following business purposes:

  • Cover operating and overhead costs

  • Employee payroll

  • Refinance existing debts

  • Renovations

  • Commercial real estate acquisition

  • Business acquisition

  • Equipment purchase

  • Cover seasonal cash flow gaps

  • Marketing and advertising

  • Address emergency or unforeseen business expenses

The Small Business Loans We Offer

Fuel your North Carolina business with our small business loans :

Term Loans

Secure fixed-term loans with a predetermined repayment schedule, ideal for long-term investments like equipment purchases or business expansion.

Business Line of Credit

Access a revolving line of credit that allows you to borrow funds as needed, offering flexibility to manage short-term cash flow needs, purchase inventory, or cover unexpected expenses.

Asset-Based Loans

Obtain small business loans secured by your business assets, such as inventory, accounts receivable, or equipment. Leverage the value of your company and assets to unlock capital for growth and expansion.

Equipment Financing

Acquire essential equipment without depleting your bank or personal cash reserves. Our equipment financing options provide the capital to invest in machinery, technology, or vehicles.

Invoice Financing

Smooth out cash flow by borrowing money against your outstanding invoices. Convert your unpaid customers' invoices into immediate working capital to meet ongoing business needs.

Inventory Financing

Optimize your inventory management by securing funds based on the value of your inventory—access capital to purchase additional inventory or manage seasonal fluctuations.

Purchase Order Financing

Fulfill large purchase orders with ease. Our loan solution bridges the gap between order placement and customer payment, ensuring you have the funds to deliver.

Bridge Loans

Seamlessly navigate transitional periods with our short-term bridge loans. Cover expenses during periods of change or while awaiting additional funding.

SBA Loans

Leverage the benefits of Small Business Administration (SBA) loans and government-backed loan options that offer favorable loan terms and conditions for small businesses—access capital for various purposes, including expansion, working capital, equipment purchase, and real estate. Some of the most common SBA loans are SBA express loan and 7(a) loan.

At SMB Compass, we offer a diverse range of business loans to suit your specific needs. Our team is ready to guide you through the process and help you choose the right loan to fuel your success. Contact us today to explore your options and advance your business.

Top Industries in North Carolina

Textile and Furniture Manufacturing Business

As mentioned, North Carolina is famous for its textiles and furniture. The state has more than 27,000 people employed across 600 textile mills. As innovation drives the textile and furniture industry, businesses may experience increased product demand. As such, companies must prepare themselves for the changes that are bound to happen. 

Business loan options such as equipment financing allow these businesses to upgrade to new machines to make their operations more efficient. Textile and furniture businesses might also benefit from SBA 7(a) loans for government-backed funding to help cover renovations or constructions of new offices or brick-and-mortar stores. 


In 2020 alone, North Carolina produced 181.13 million pounds of tobacco. The 78 billion industry accounts for about 640,000 jobs statewide, making it one of the most prominent key players in the state’s economy. Aside from that, the state also gets a portion of its income from soybean, corn, and cotton farming. 

Farming and other agricultural businesses can use agricultural loans to grow and sustain their crops to increase yield and profit. As the industry is prone to destruction due to calamities, they can use the extra cash flow boost to recover from the damages and recoup their losses. 


Approximately 250,000 professionals work in tourism and outdoor recreation in North Carolina. In 2019, direct visitor spending reached an estimated $26.7 billion. If anything, these numbers suggest the thriving tourism and hospitality economy in North Carolina. 

Businesses in the industry, in turn, have to keep up with the increasing demands by expanding their services. They can access the capital to cover expansion initiatives through hospitality loans for North Carolina businesses. This could include renovations, service expansions, supply reordering, and more. 


North Carolina also boasts their superpowers when it comes to innovation and technology. The state is home to the biggest IT companies in the world, namely, Google, IBM, and Cisco. The state also houses North Carolina’s Research Triangle Park, one of the biggest hubs for innovation in the United States. 

It’s safe to say that there are plenty of opportunities for IT and other technology businesses in North Carolina. By leveraging small business loan options, they can fund almost any business initiative for growth. SMB Compass can offer as much as $5 million in funding for technology businesses in North Carolina. Once approved, they can choose where to put the funds – construction, equipment, business acquisition, and others.  

Automotive Business

North Carolina is also one of the biggest suppliers of automotive parts like engines, transmissions, brake systems, and vehicle interiors. Businesses in the automotive industry can improve their operations and stay ahead of their competitors by applying for a loan to cover day-to-day operating costs, store improvements, payroll, inventory reordering, advertising and marketing, and more. 

Small business financing can help fund these business initiatives, so entrepreneurs won’t worry about getting the resources. Among the best small business loan options for automotive businesses include SBA 7(a) loans, invoice financing, business lines of credit, and equipment financing.

Resources for Small Business Owners in North Carolina

If you are a small business owner in North Carolina, many resources are available to help you succeed. You can increase your chances of success by taking advantage of these resources.

North Carolina Department of Commerce

The North Carolina Department of Commerce offers a variety of programs and services to help small businesses, including:

  • Loan programs
  • Grants
  • Technical assistance
  • Training
  • Networking opportunities

North Carolina Small Business Development Center Network

The North Carolina Small Business Development Center Network is a statewide network of SBDCs. Each SBDC is located in a different community and offers free services to small businesses.

North Carolina Chamber of Commerce

The North Carolina Chamber of Commerce is a non-profit organization representing the interests of the state's small businesses. The Chamber offers a variety of resources to small businesses, including:

  • Advocacy
  • Networking opportunities
  • Education and training
  • Government relations


SCORE is a non-profit organization that offers free mentoring support and counseling to entrepreneurs.

The National Federation of Independent Business

The National Federation of Independent Business (NFIB) is a non-profit organization representing small businesses' interests. The NFIB offers a variety of tools to small businesses, including advocacy, education, and training.

Community Development Financial Institution (CDFI)

A Community Development Financial Institution (CDFI) is a specialized financial institution that supports underserved communities by providing access to financial services and products. CDFIs help businesses by increasing access to capital through flexible terms, allowing businesses to start or expand their ventures.

They also provide valuable business support services such as technical assistance, financial guidance, and training programs to help businesses succeed. CDFIs actively contribute to community development by investing in projects that stimulate economic growth and create jobs, benefiting local businesses and residents.

Through partnerships with government agencies, nonprofits, and local banks, CDFIs maximize their impact and connect businesses to additional resources. With a focus on underserved communities, CDFIs prioritize serving minority-owned businesses, women-owned businesses, rural businesses, and other marginalized groups, promoting economic inclusion and fostering opportunities for growth in North Carolina.

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