Best Small Business Loans in North Carolina 2023: Finest Selection

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Best Small Business Loans in North Carolina

In 2023, the landscape for small business loans in North Carolina is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your North Carolina LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in North Carolina. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

Small Business Loans

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in North Carolina. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include North Carolina banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in North Carolina

We will discuss North Carolina’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in North Carolina. We’ll also provide the pros and cons of each business loan to help you make the best decision for your North Carolina LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.
Apply to OnDeck

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Lendio

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue
Apply to QuickBridge

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee
Apply to Amex

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories
Apply to BlueVine

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue
Apply to National Funding

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue
Apply to Fund Box

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states
Apply to TD Bank

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders
Apply to Funding Circle

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees
Apply to Biz2Credit

FAQs

What are the best small business banks in North Carolina?
Some of the best small business banks in North Carolina include Truliant Federal Credit Union, PNC Bank, and SunTrust Bank.
What factors should I consider when choosing a small business bank in North Carolina?
Factors to consider when choosing a small business bank in North Carolina include fees, interest rates, services offered, and convenience.
How do I find a small business bank in North Carolina?
You can find a small business bank in North Carolina by doing an online search or asking for referrals from other business owners.
What types of loans do North Carolina small business banks offer?
North Carolina small business banks offer different types of loans, including business lines of credit, SBA loans, and equipment financing.
Can I apply for a small business loan online in North Carolina?
Yes, many North Carolina small business banks allow you to apply for loans online.
How long does it take to get approved for a small business loan in North Carolina?
The time it takes to get approved for a small business loan in North Carolina can vary depending on the bank and the type of loan.
Are there any specific challenges small business owners face when banking in North Carolina?
Small business owners in North Carolina may face challenges related to competition for financing and regulatory issues.
Are there any credit unions that cater to small businesses in North Carolina?
Yes, Truliant Federal Credit Union in North Carolina offers lending and deposit products specifically designed for small businesses.
Can I deposit checks remotely with a small business bank in North Carolina?
Many small business banks in North Carolina offer remote check deposit via mobile banking or online banking.
Are there any small business checking account options that include no fees in North Carolina?
North State Bank in North Carolina offers a totally free small business checking account with no transaction fees.
Can I manage my small business bank account with a mobile app in North Carolina?
Many North Carolina small business banks offer mobile banking apps to allow you to manage your account on the go.
What is the average interest rate on small business loans in North Carolina?
The interest rate for small business loans in North Carolina may vary depending on the bank, the loan type, and your credit score.
Are there specialized loans for women-owned businesses in North Carolina?
Yes, the SBA offers loans specifically designed for women-owned small businesses in North Carolina.
Are there any grants or loans available for startups in North Carolina?
There are several programs available to help startups secure financing, including the NC IDEA grant program and the Rural Center’s AgFirst program.
Are there any small business credit cards available in North Carolina?
Many banks in North Carolina offer small business credit cards with a variety of rewards and perks.
What is the minimum balance required for a small business checking account in North Carolina?
The minimum balance required for a small business checking account in North Carolina may vary depending on the bank.
Are there any local banks that cater to small businesses in North Carolina?
Yes, several local banks, including North State Bank and First Bank, offer services, including small business lending and account management.
Can I use my small business bank account for personal transactions in North Carolina?
It’s generally not recommended to use your small business account for personal transactions, as it can be a liability for tax purposes.
What is the typical credit score requirement for a small business loan in North Carolina?
The credit score requirement for a small business loan in North Carolina can vary depending on the bank and the loan type.
Is it possible to find online-only small business banks in North Carolina?
Yes, some banks, including Novo and Azlo, offer entirely online banking options for small businesses in North Carolina.
Can North Carolina small business owners access ATM networks for free?
Many North Carolina banks offer small business ATM access as part of their account services without charging any fees.
What resources are available to help me choose a small business bank in North Carolina?
The Small Business Administration website and advisory panels can help you determine what bank will be best for you in North Carolina.
Are there any differences in small business banking compared to traditional personal banking in North Carolina?
Yes, there are often different rates and account configurations specifically for small businesses compared to personal banking.
Can I find small business savings accounts in North Carolina?
Yes, many banks in North Carolina offer small business savings accounts with competitive interest rates.
What is the most popular small business bank in North Carolina?
PNC Bank is considered one of the most popular small business banks in North Carolina.
Are there any small business financing options available in North Carolina to help businesses negatively impacted by COVID-19?
Yes, the SBA has programs like the Paycheck Protection Program to assist small businesses negatively impacted by COVID-19 in North Carolina.
Are there any specific regulations businesses operating in North Carolina should be aware of?
Yes, businesses operating in North Carolina should be sure to explore regulations specific to environmental, tax, and licensing rules in their area.
What do I need to open a business bank account in North Carolina?
To open a business bank account in North Carolina, you will need your business’s EIN, proof of identification, and proof of business registration.
Can I open a business bank account online in North Carolina?
Yes, many banks in North Carolina offer the ability to open a business bank account online.
Do I need to have a certain credit score to open a business bank account in North Carolina?
While credit score is a factor in some banks’ approval processes, it is not a requirement for opening a business bank account in North Carolina.
What fees can I expect to pay for a business bank account in North Carolina?
Fees for business bank accounts in North Carolina vary depending on the bank and type of account, but common fees include service charges, overdraft protection fees, and transaction fees.
What benefits can I expect from having a business bank account in North Carolina?
Benefits of having a business bank account in North Carolina include the ability to separate personal funds from business funds, access to online banking and business tools, and the ability to accept credit card payments.
Can I get a business loan from a North Carolina bank?
Yes, many banks in North Carolina offer business loans to small business owners.
How long does it take to get approved for a business loan in North Carolina?
The approval process for a business loan in North Carolina varies depending on the bank and type of loan. It can take anywhere from a few days to a few weeks.
What are the interest rates for business loans in North Carolina?
The interest rates for business loans in North Carolina depend on the bank and type of loan, but they typically range from 6% to 12%.
What types of business checking accounts are available in North Carolina?
Different types of business checking accounts available in North Carolina include basic checking accounts, interest-bearing checking accounts, and accounts with free or discounted electronic transactions.
Can I get a merchant account with my business bank account in North Carolina?
Yes, many banks in North Carolina offer merchant account services to businesses.
What should I look for when comparing business bank accounts in North Carolina?
When comparing business bank accounts in North Carolina, you should consider factors such as fees, interest rates, account features, and online banking tools.
What is the best bank for small business loans in North Carolina?
The best bank for small business loans in North Carolina depends on your business’s specific needs and financial situation. Some top options include First National Bank, Wells Fargo, and PNC Bank.
How can I improve my chances of getting approved for a business loan in North Carolina?
To improve your chances of getting approved for a business loan in North Carolina, you can focus on improving your credit score, gathering the necessary documentation, and demonstrating a clear business plan and financial projections.
What is the best bank for business savings accounts in North Carolina?
The best bank for business savings accounts in North Carolina will depend on a variety of factors, including your business’s deposit needs and desired interest rates. Some top options include BB&T and SunTrust.
Can a business from outside of North Carolina open a business bank account in North Carolina?
Many banks in North Carolina allow businesses from outside of North Carolina to open business bank accounts, but you should check with individual banks for their specific policies and requirements.
What is the best bank for new businesses in North Carolina?
The best bank for new businesses in North Carolina depends on a variety of factors. Some top options include Wells Fargo, BB&T, and First National Bank.
What should I look for in a business bank account for my North Carolina-based business?
When selecting a business bank account for your North Carolina-based business, you should consider factors such as fees, interest rates, account features and services, and online banking tools.
Can I get a small business credit card with a North Carolina-based bank?
Yes, many banks in North Carolina offer small business credit cards with various rewards programs and benefits.
Can I apply for a business loan online in North Carolina?
Yes, many banks in North Carolina offer the ability to apply for a business loan online.
What is the best bank for low fees for small businesses in North Carolina?
The best bank for low fees for small businesses in North Carolina will depend on your business’s specific needs, but some top options include BB&T and Wells Fargo.
What is the best bank for technology-oriented small businesses in North Carolina?
The best bank for technology-oriented small businesses in North Carolina will depend on the specific services and features you need, but some top options include Bank of America and Capital One.
Can North Carolina-based small businesses apply for government-backed loans?
Yes, many North Carolina-based small businesses can apply for loans backed by the Small Business Administration (SBA).
What paperwork do I need to apply for an SBA-backed loan in North Carolina?
To apply for an SBA-backed loan in North Carolina, you will need to fill out an application and provide financial documents, business tax records, and other information.
What is the maximum amount of money I can apply for with an SBA-backed loan in North Carolina?
The maximum amount of money you can apply for with an SBA-backed loan in North Carolina depends on the specific loan program and your business’s qualifications.
What is the approval rate for SBA-backed loans in North Carolina?
The approval rate for SBA-backed loans in North Carolina depends on a variety of factors, but it is typically higher than for traditional business loans.
What banks offer SBA-backed loans in North Carolina?
Many banks in North Carolina offer SBA-backed loans, including Wells Fargo, First National Bank, and PNC Bank.
What are the advantages of choosing a local bank for my North Carolina small business?
Choosing a local bank for your North Carolina small business can provide advantages such as more personalized service, better understanding of local economic conditions, and faster decision-making.

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Conclusion

As North Carolina, also known as The Tar Heel State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the North Carolina economy.

When looking for the best small business loans in North Carolina, it’s essential to consider your unique needs and financial situation. Whether you’re forming a North Carolina LLC or growing your existing LLC in North Carolina, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in North Carolina.

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