Small Business Loans in North Carolina

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    North Carolina Small Business Loans

    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 Best States for Business list 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 capital you need. 

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    Textile and Furniture Manufacturing Business Loans

    As mentioned, North Carolina is famous for its textiles and furniture. In fact, the state has more than 27,000 people employed across 600 textile mills within the state. 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 financing 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. 

    Agricultural Loans

    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 economic development. Aside from that, the state also gets a portion of its income from soybean, corn, and cotton farming. 

    Farming and other agricultural businesses can take advantage of 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. 

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    Hospitality Loans North Carolina

    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. Through hospitality loans for North Carolina businesses, they have access to the capital to cover expansion initiatives. This could include renovations, service expansions, supply reordering, and more. 

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    Technology Loans in North Carolina

    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 financing 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 will be able to choose where they want to put the funds, like construction, equipment, business acquisition, etc.

    Automotive Business Loans in North Carolina

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

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

    Where to Get Small Business Loans in North Carolina

    Securing a North Carolina business loan is relatively easy, especially if you can demonstrate business strength and strong credit background. Below are the most popular business loan lenders among small business owners in North Carolina:

    SMB Compass

    SMB Compass is a fully-automated financing platform that provides small business financing to small businesses in the United States. It can be challenging to qualify for a bank or credit union loan, but SMB Compass lets you apply for a small business loan from wherever you are in the country.

    You also don't need a lot of paperwork to apply. For a basic loan, you'll need a one-page online application, bank statements for the last three to six months, and be in business for at least two years. Filling out the form is free and won't affect your credit score. Once you've submitted the form, SMB Compass will then connect you to their network of more than 50 lenders so you can choose which one offers the best terms for your business.

    Here are some of the loans they offer:

    • Business lines of credit

    • Business term loans

    • SBA loans

    • Equipment financing

    • Invoice financing

    • Purchase order financing

    • Asset-based loans

    • Bridge loans

    • Inventory financing

    Skyline National Bank

    Skyline National Bank is among the best banks offering to finance a North Carolina small business. They have a network of local and flexible business lenders that offer different financing solutions for every business need. The bank has an A+ rating with the Better Business Bureau and a 4.5 rating with WalletHub. If you’re looking for a bank in North Carolina to work with, Skyline National Bank would be your best bet.

    The bank is also an accredited SBA lender, so you'll be able to apply for some of the government-backed loans and take advantage of high loan amounts with lower rates and longer repayment periods. Aside from SBA loans, Skyline National Bank also offers other financing products, namely:

    • Commercial real estate loans

    • Equipment loans

    • Business lines of credit/credit working capital solutions

    • Agribusiness lending

    • Farm service agency (FSA) & United States Department of Agriculture (USDA)

    Self-Help Credit Union

    Self-Help Credit Union in North Carolina could also be a viable alternative to bank loans if you can’t meet the stringent bank qualifications for the loan products. Since they’re mainly a non-profit organization, they can offer low-interest rate financing to businesses. Plus, they might be more flexible regarding the collateral requirement. 

    Working with the credit union allows you to access a wide variety of business loans. The organization offers commercial loans, SBA 7(a) and 504 loans, and commercial real estate loans. They also cater to specific borrowers such as developers, contractors, and multi-family housing investors. 

    Once approved, businesses can get a minimum loan amount of $15,000. The final loan amount will vary by lender and your credentials. For more information, you can visit Self-Help’s website

    Wells Fargo

    Although banks aren’t always the best source of financing for small businesses, it’s worth applying for if your business is well-positioned credit and financial-wise. Wells Fargo, in particular, offers the best small business loan options to the most creditworthy customers. Once approved, they can take advantage of the low rates, high loan amounts, and extended repayment periods. 

    Wells Fargo has more than 306 branches in North Carolina alone. With that, businesses wouldn’t have a hard time finding a branch closest to them if they ever decide on getting financing to boost their working capital. 

    Wells Fargo is also among the top SBA-lender in the country. They also offer other loan products such as unsecured business loans, secured lines of credit, equipment express loans, and others. 

    How to Use Your Small Business Loans North Carolina

    New and existing small businesses may need a constant capital boost to cover day-to-day expenses or invest in long-term business goals. Specifically, companies can use their North Carolina business loans 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

    • Expand to newer locations

    • Address emergency or unforeseen business expenses

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