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North Carolina (NC) Small Business Loans

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By Erin Ryan Social Community Manager, Senior Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

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

In a state that’s 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, you might start your search for NC small business loans and resources to help your business succeed. 

Here’s what you need to know.

North Carolina’s Small Business Landscape

According to the Small Business Administration, North Carolina is home to more than 934,000 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.


5 Banks for Small Business Funding in North Carolina

The following banks offer funding to business owners. Some also function as SBA lenders in North Carolina. Here are the details of each one.

1. Skyline National Bank

Are you looking for Small Business Administration loans in North Carolina? If so, you’re in luck at Skyline National Bank. This bank has earned an A+ rating with the Better Business Bureau (BBB) and a 4.5-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, commercial letters of term loans, which can be used for working capital, debt restructuring, leasehold improvements, equipment financing, expansion and more.

3. First Community Bank

This lender has been in operation since 1874. It’s been named a 2021 Best Bank in North Carolina by WalletHub, where it’s also earned a 4.5-star rating. NC small business loans available here include business credit cards, commercial real estate loans, commercial lines of credit and equipment financing.

4. Uwharrie Bank

Uwharrie Bank has 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

SBA loans available include the 504, 7(a) and Express loan or line of credit.


How to Get a Business Loan in NC

When you’re wondering how to get a business loan in NC, you’ll first need to organize what you’ll need to apply for a loan. Though requirements vary by lender, these can include bank account statements, profit-and-loss statements, tax returns and corporate documents, among others. You’ll also need to meet minimum qualification requirements, including credit score, time in business and annual revenue. 

While larger financial institutions are often the first places entrepreneurs turn to for funding, due to attractive interest rates and loan terms, 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 turning to alternative lending platforms for their funding needs.

Compared to conventional lenders, alternative lenders can offer streamlined applications, fast financing and quick repayment structures. While financing terms are typically shorter and interest rates higher, 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 6.95%.

    Expert Guidance

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

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Additional Resources for NC Entrepreneurs

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.

Carolina Small Business Development Fund

This organization offers financing, counseling and technical aid to startup and veteran business owners. Online resources are also available, including financial templates, business plan templates and interactive courses. Additionally, entrepreneurs in the NC counties of Durham and Mecklenburg may be eligible for low-cost business loans up to $35,000.

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.

Branches are located at the following locations in the state:

  • 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.

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