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Are you looking for North Carolina’s best business loans & startup financing companies? For your small business in the Old North State, many banks, credit unions, and unconventional lenders are offering different loan types. Did you know that this state is home to 994,000 small businesses? North Carolina takes the lead as the #1 state with most small businesses per folks.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 10 business loans & startup financing options in N. Carolina to get started. Therefore, check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every North Carolina-based small company’s top startup financing option. That’s how it will offer entrepreneurs a range of funding solutions to meet their needs.

So, you can access many loan types, including traditional term loans and innovative financing options with a simplified funding process. At Swoop Funding, you can get $5k to $500k as a small business. Moreover, you have to have a credit score of 600+ with the company’s annual revenue being $50k (at least).

Even if it’s been 6 months since you started this business, Swoop will consider your loan application! It is important to talk directly to Swoop’s experts to determine your creditworthiness, though.

2. Dogwood State Bank

Dogwood State Bank specializes in serving North Carolinian businesses with diverse lending solutions. The average interest rate at this bank is 5.55% with $1.117 million being the average loan amount approved here. What’s most amazing about this bank is that they have an entire list of the most recent loans approved. You can see this list and realize that this lender actually caters to various industries (ranging from breweries to gyms) with the smallest loan approved by them being $315,000.

3. United Community Bank

The interest rate offered by this lender is a little over 5.60%. However, you can get an average loan amount of $864k from the United Community Bank. You can open a working capital line of credit at this bank or apply for a commercial real estate loan. Moreover, applying for term loans at this lender is a pretty easy process which takes barely a few minutes. Keep in mind that this lender has $27.1 billion in assets along with 203 offices across Tennessee, Alabama, Florida, Georgia, and the two Carolinas.

4. Live Oak Bank

This offers you loan amounts of up to $1.34 million in value (on average) with the average rate of interest being 5.40%. Based in North Carolina, this lender serves all 50 states with a diverse range of lending options offered to small business owners. Business loans offered by the Live Oak Bank often range from $10k to $500k. Moreover, SBA 7(a) and 504 loans go up to $5 and $15 million respectively. With terms up to a decade, this bank is pretty accommodating.

5. HomeTrust Bank

This lender has an average loan amount of $1.07 million with the average interest rate being 5.11%. It’s one of the most prominent startup financing solutions in the Old North State. It means that this is what they claim about their services on their website: “HomeTrust Bank is a national SBA 7(a) Lender providing financing solutions to business owners with maximum loan amounts up to $5 million. So, as a PLP Preferred Lender, HomeTrust Bank can help you find the right financing solution for your business.”

6. North State Bank

Still not impressed with the options given above? Well, you should try this lender. At the North State Bank (not to be confused with Minnesota’s North Star Bank), you get speedy responses & a personalized approach toward lending management. So, you should look into their services and appreciate how comprehensive their lending options are!

7. Southern Bank

Don’t forget to check out Southern Bank’s lending options. This bank has been in business since the very beginning of the 20th century. It caters to Tar Heel State businesses looking for some extra cash to face a bitter economy. So, you can contact the Southern Bank to apply for a construction, real estate, or SBA loan.

8. AdvancePoint Capital

We’ve mentioned this lender before. It operates in North Carolina as well where it offers a range of lending options to local startups. You can use these funds for the following purposes:

• Working Capital
• Purchases and Repairs
• Inventory
• Business Expansion Plans
• Cash Flow shortages
• Emergency Capital
• Advertising
• Create jobs, Recruitment of Employees, and Training Resources
• Any legitimate Business Use

9. First National Bank of Pennsylvania

If nothing pans out, you can get in touch with the First National Bank of Pennsylvania to take out a business loan. Even though this bank is based in Pennsylvania, it caters to the needs of North Carolinian startups as well. So, you can get ample funding for your unique business idea at this financing company.

10. F&M Bank

Lastly, this is yet another bank where you can apply for business loans at incredible rates. The F&M Bank caters to local businesses and startups based in North Carolina. Loan amounts often range from $2.5k to $20 million. Therefore, this lender offers you commercial loans, construction loans, lines of credit, and much more.

North Carolina Government Resources

Check out these government resources about business grants/funding and startup financing options in North Carolina:

• North Carolina Department of Commerce | Grants & Incentives
• Government of North Carolina | All Business Resources
• Business Resources | Fayetteville, NC
• Entrepreneurial and Small Business Support Organizations in Raleigh, NC
• Financial Resources | Venture Capitalists (VC’s), Seed Investors, Angel Funds  in Apex, NC

Top Cities in North Carolina for Business Loans

Curious to know which cities or census-designated places (CDPs) in N. Carolina are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Charlotte
2. Raleigh
3. Greensboro
4. Durham
5. Winston-Salem
6. Fayetteville
7. Cary
8. Jacksonville
9. Gastonia
10. Burlington
11. Huntersville
12. Indian Trail
13. Mooresville
14. Apex
15. Carrboro
16. Kannapolis
17. Goldboro
18. High Point
19. Asheville
20. Shelby
21. Statesville
22. Lenoir
23. Wilson
24. Hickory
25. Morganton
26. Kinston
27. Brevard
28. Mount Airy
29. Salisbury
30. Elizabeth City

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in the Tar Heel State in this economy. 

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. That’s how you can take your business to new heights of success.