Small Business Loans In North Carolina
To those living outside the Southeast, North Carolina’s economic prowess often comes as a surprise. However, thanks to cheap hydropower, and an affordable pool of labor, it is a surprisingly good place to start a business.
However, operating a business is rife with challenges, no matter where you live. From cash flow shortfalls to expansion plans, you’ll eventually need small business loans in North Carolina. Sometimes, waiting for weeks to hear back from the bank isn’t an option.
As such, in this guide, we’ve listed the best non-bank business lenders in North Carolina. They’re not only more likely to approve you, but they’ll do it far quicker than traditional financial institutions.
Are you searching for small business loans in Charlotte, North Carolina? Need some small business loans in Raleigh, North Carolina? These operators have the capital you require.
Best 3 Lenders in North Carolina
Additional Business Loan Options in North Carolina
On top of our list presenting the best business loans for small businesses in North Carolina, which is focused on online, quick, lending for the most part, there are also local business lenders and business loan brokers available in North Carolina. Read our short reviews below:
Headquartered in Durham, North Carolina, Self-Help SBA 504 (selfhelp504.org) is a commercial loan provider for small businesses. The company provides SBA loans, property acquisition, working capital, and equipment purchases, among other options. Loans at Self-self SBA 504 range from $15,000 to no upper limit. The enterprise has been functioning since 1980 and has delivered $1.5 billion in financing.
Piedmont Business Capital (piedmontbusinesscapital.org) is a community-based lender in North Carolina. The company has been providing small business loans to entrepreneurs in North Carolina since 1992. PBC offers microlending, service agreement loans, certification workshops for minority startups, loans for women-owned business enterprises, historically underutilized businesses, and one-on-one business coaching.
With 40 years of experience under its belt, BEFCOR (befcor.com) is a professional business lender in N.C. Founded in 1982, this non-profit organization offers SBA loans, Business Equipment Financing, and more. Following the decline in tobacco production industries in eastern N.C., BEFCOR started offering Golden leaf loan program for severely affected businesses in the region.
Bull Market Capital (bullmarketcapital.com) is a lending company providing business loans and commercial financial services. The company offers SBA loans, commercial real estate loans, and invoice factoring, among other loan products. Bull Market also offers a referral and broker program where you can earn $2500 per client. The company is headquartered in Greensboro, NC.
Carolina Small Business Development Fund (carolinasmallbusiness.org) is a non-profit finance provider and a community development financial institution (CDFI) functioning since 1990, based in Raleigh, North Carolina. The company offers flexible small business loans, training, and consultancy to entrepreneurs. CSBD has fostered economic development by providing small businesses $89.8 billion in aid across 1116 loans and 1211 grants.
Carolina Business Capital (cbc504.com) is an SBA 504 loan provider for small and mid-sized businesses. Based in Charlotte, North Carolina, the enterprise is a non-profit regional certified development company focused on SBA loans only. CBC provides financing facilities and equipment to business owners in Charlotte with flexible loan programs.
Pay Less Business Funding (paylessbusinessfunding.com) is a finance brokerage for small businesses headquartered in Wilmington, North Carolina. The enterprise offers a number of services such as long-term cash advances, unsecured loans, collateral-free loans, SBA loans, and cash advance consolidation. Loans at Pay Less Business range from $5000 to $10M. The company serves multiple industries across the U.S.
Your Funding Tree (yourfundingtree.com) is a finance provider for small businesses. Loans at Your Funding Tree range from $100k to $100 MM+. To date, $900 MM has been funded through this company. The company offers account receivable financing, asset-based lending, bridge loan, commercial real estate loan, invoice factoring, equipment financing, and more.
Founded in 2018, Thread Capital (threadcap.org) is a business lender for startups and aspiring entrepreneurs. It specializes in microloans, coaching, capital, and connections. The average loan size at Thread capital is $ 69,322, and the company has provided more than $57 million as the total amount of loans to date. The company is headquartered in Raleigh, North Carolina
Carolina Farm Credit (carolinafarmcredit.com) is a stock-holder-owned cooperative offering loans to North Carolina farmers and rural residents. The company is headquartered in Statesville, North Carolina. Carolina Farm Credit serves more than 1100 members with over $1.7 billion in loans. Services at this enterprise include Farm loans, land loans and home loans, life insurance, appraisal services, and more.
North Carolina Small Business At A Glance
North Carolina’s advancing economy, particularly in its cities, has vaulted it into the better half of American states. It ranks 12th nationally with a 2019 GDP of $596 billion – that’s enough for it to rank 31st globally. If North Carolina were its own country, it would have a better economic output than countries like Taiwan or Poland.
North Carolina has two major urban areas – Raleigh in the north and Charlotte in the south. Raleigh is the state capital and is part of the Raleigh-Durham-Chapel Hill metro area. This region, aside from being a center of government, is known for its research economy. As a result, the area is known as the Research Triangle. The region also is strong in tech/biotech and textile manufacturing.
Down south, Charlotte is North Carolina’s biggest city. In recent decades, it has become a force in finance, overtaking Atlanta as a regional banking center. It possesses the second most financial assets in the country – only NYC has more. With seven Fortune 500 companies joining the banks based here, professional service sector businesses also thrive. Lastly, Charlotte has also developed into a logistics center, making an excellent place for businesses in that niche.
In smaller cities, towns, and the countryside, agriculture, and furniture manufacturing are the major industries. Here, the cost of labor is a significant advantage for business owners. In some counties, the average worker makes little more than $31,000 per year. In contrast, that’s less than half the average annual salary in Durham County.
Most businesses in North Carolina are small enterprises. According to the most recent data from the SBA, 99.6% were SMEs. Moreover, these businesses employed 44.1% of North Carolinians in 2019. As important as they might be, though, they are uniquely vulnerable to downturns. Also, they cannot scale up operations fast.
In either case, ready access to small business loans in North Carolina can remedy either problem. Business loan broker North Carolina has the financing these companies need. And, unlike the banks, they can get money to them promptly.
Why Do Entrepreneurs Need Small Business Loans In North Carolina?
North Carolina is an exciting place to do business these days. Brilliant people are flocking to the Research Triangle from all over the USA. Labor costs are low, as are electricity prices. And, the government bends over backward to make entrepreneurs feel welcome.
Despite all this, though, starting and running a business isn’t easy. Strategic issues, marketing decisions, and human resource spats are just the start. Money issues can crop up suddenly, threatening everything you toiled for.
You can count on the best business lenders in North Carolina to fill in the gaps. Banks often take too long to respond – that’s why much small business funding North Carolina comes from alternative lenders. They even supply small business loans in North Carolina for bad credit – that’s something many banks won’t touch.
Is it time to take things to the next level? A good business loan broker North Carolina will be there for you then, too. From buying up an old furniture factory to funding an intern for your Durham startup, they can support your ambitions.
Here’s the best part – the top business lenders in North Carolina never leave you waiting. In 24 hours, you can either get started on your dreams or move on to another broker. How can they do this when banks take weeks? Many firms use state-of-the-art software to analyze risk in new ways. That way, they can “take on more risk,” even though they aren’t really.
Ready to get started? Double back to the beginning and peruse our list of vetted business loan broker North Carolina.
Grants & SBA Lenders Available To North Carolina Small Businesses
Were it not for North Carolina small businesses, the state wouldn’t be as prosperous as it is. That’s why the state government of North Carolina goes out of its way to support these enterprises. They do so with grants, tax credits, and low-interest loans.
Need some help getting your startup over the hump? Check out this list North Carolina small business grants.
- The Job Development Investment Grant (JDIG) offers annual cash grants to companies that create jobs in North Carolina. To qualify, the applicant must show how many positions they will create, and that they’ll pay a rate above the county average wage. Every year, the Department of Commerce and Revenue conducts a review. If the applicant meets the performance targets set the previous year, they get another year’s worth of grants. In all, the applicant could earn these awards for up to 12 years.
- The On-the-Job Training Grant allows employers to receive wage reimbursements who are learning new skills. Businesses with 250 employees or less can apply to have 50% to 75% of an employee’s wages covered while they learn skills for a new position. This reimbursement has a maximum period of six months.
- The Small Business Research Loan (SRL) offers life science startups the funding needed to establish business infrastructure and to fund research. Qualifying businesses are eligible for a loan of $75,000 to $250,000, at an interest rate of prime plus 2%. To get funding, the applicant must have a business plan and prove the commercial viability of their product.
- The Strategic Growth Loan (SGL) Program issues loans to life science companies who need funding to hit specific growth targets. In doing so, this loan will help applicants achieve recognition from venture funds and angel investors. Maximum funding of up to $500,000 is available through this program at an interest rate of prime plus 2%. In addition to having a business plan and proof of concept, the applicant must prove they’ve attracted interest from angel or venture funds.
Have a window for funding that’s measured in days rather than weeks? Seek out an SBA loan. With all the small business financing North Carolina, you can get one relatively easily. These products are easy to get, as the Small Administration guarantees them. As a result, lenders offer packages with great interest rates and terms.
Looking for some SBA business lenders in North Carolina? Here are the top SBA loan granting institutions in the state:
- Wells Fargo
- United Midwest Savings Bank
- Live Oak
- Aquesta Bank
North Carolina is having its moment in the sun. With low unemployment and rising wages, the state is finally seeing a turnaround. But, to be honest, it wouldn’t have been possible without the hard work of NC’s 900,000+ small businesses.
Thanks to the accessibility of small business loans North Carolina, they have pushed this state forward. Business lenders in North Carolina have SBA loans that help fuel dreams. To make yours come true, check out our list of brokers for small business loans North Carolina at the top of the page.