|At a glance — North Carolina is considered to be one of the best states to get a business loan or grant. Some business owners need loans to help them save a struggling company from bankruptcy, while others may use the proceeds to grow their businesses. Before taking out a loan—or accepting a grant, you'll need to know how much your enterprise will need and how you will use your finances.|
Top 4 North Carolina Small Business Loan Options
1. Truist Bank
Truist bank, which is headquartered in Charlotte, North Carolina, is one of the largest banks in North Carolina, with branches in numerous cities. In addition to business checking and savings accounts, they offer multiple borrowing options, including small business and startup loans, lines of credit, SBA loans, and business credit cards.
You can learn more about opening an account and the services provided by calling Truist's toll-free number or visiting a local branch.
Carolina Small Business, situated in Raleigh, is a statewide nonprofit and Community Development Financial Institution (CDFI). They lend to startups and existing businesses across the state, with priority given to companies with difficulty accessing financing through conventional lending sources.
They offer term loans and lines of credit up to $250,000 for all types of businesses in a wide range of industries. Their rates are typically between 8% and 12%, and they also do microloans of up to $50,000. Their loan terms are between five and seven years, and a requirement is that there must be at least 10% equity.
Self-Help is a body made up of two credit unions; an advocacy group and a nonprofit loan fund. Self-Help is a community development financial institution that provides opportunities to disadvantaged communities.
Self-Help Credit Union offers financial services, which include savings and checking accounts to North Carolina residents. The union also provides funding options for small businesses, child care centers, nonprofits, and faith-based organizations.
Through Self-Help, loan options include small business loans up to $250,000, commercial loans for $250,000 and up, SBA 504 loans, commercial real estate loans, and small business recovery loans. You need to be a member of Self-Help to apply for any of these loan programs.
Founded in 1952, Truliant Federal Credit Union has expanded to serve over 200,000 members throughout North Carolina, South Carolina, and Virginia. Truliant branches are located throughout North Carolina in cities, including Charlotte, Greensboro, Asheboro, and Winston-Salem.
In addition to offering business checking and savings accounts for its members, Truliant is a preferred SBA lender. You can apply for term loans or lines of credit up to $350,000 (SBA Express), term loans up to $5,000,000 (SBA 7(a)), or term loans up to $5,500,000 (SBA 504).
You can begin the application process online by downloading and completing a business loan application. Once complete, take the application, a personal financial statement, and your business debt schedule to your local Truliant office.
A Quick Overview of the North Carolina Small Business Loan Options
Bank with many branches
Carolina Small Business Development Fund (CSBDF)
Take on more risk
Self-Help Credit Union
Assist disadvantaged communities
Truliant Federal Credit Union
SBA backed loans