North Carolina small business lenders connect companies with capital.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Fundera has access to SBA Loan programs that are partially guaranteed by the U.S. Small Business Administration.
With low interest rates, long repayment terms, and high borrowing limits, get the capital for nearly any business purpose with an SBA loan via Fundera.
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North Carolina’s location on the Atlantic Ocean makes it an exceptional place to live for those who love the warmer weather of the South and want to be close to numerous outdoor amenities. The state’s coastlines are only dwarfed by the Appalachian Mountains that run through them, creating areas for mountain climbing and skiing. The state is home to 10.5 million people. Many of them live in the Research Triangle Area, which is made up of Raleigh, Durham, and Cary. Charlotte is another large city here. Called The Old North State and the Tarheel State, it is a vibrant place to live with diversity and lots to offer small businesses.
The state’s small businesses make up a large part of the economy here. While many know that the state’s economy is based on areas such as tourism, hydroelectric production, engineering, science, and technology, it is also home to a wide range of smaller businesses. That includes service-based companies, food service companies, tourism-focused organizations, and many others. There are 994,578 small businesses present in North Carolina, according to the U.S. Small Business Administration. Those companies provide jobs for 1.7 million people in the state and generate a payroll of $71,351,440. The state’s climate, access to resources, and location help to contribute to the benefits it offers small business owners.
In addition to this, small business lenders in North Carolina help to provide access to the necessary funds to start and grow companies here. This includes providing loans for equipment purchases, real estate investments, growth and development projects, and much more. The latest three years of data from the Small Business Administration shares that there are 3,056 small business loans active in the state with a total loan value of $2,662,119,593. For many small businesses, access to these funds is critical. Luckily, the average loan size is $871,112, providing companies with the capital infusion they need at competitive rates.
A small business loan is a type of financial investment lenders make into companies that have under 100 employees, though other restrictions are in place. Business owners utilize these loans to gain capital that they can then use to fund a wide range of needs, such as expansion or new product development. Small business lenders in North Carolina often include banks and private lenders, and many others. As a company owner, you may be interested in finding a competitive loan that can help you achieve your business objectives affordably.
Small business loans allow companies to obtain capital from lenders. The lender requires repayment of the borrowed amount plus interest. This is often paid back in a predetermined length of time. The loans may be structured in various ways, such as a single, one-time payment or a business line of credit. They can be designed to have federal backing or may not. More so, many small business loans are also designed to meet the needs of growing companies rather than those who are just opening their doors.
To obtain a small business loan, companies have to show they can make payments on time. To do this, lenders will require a great deal of information to determine if the borrower has the means to make payments on time on a reliable basis. They generally will look at the company’s financial health, including its age, assets, expenses, and other loans. It will then determine if collateral is available, which could help a company to secure a more affordable loan. Some lenders will also utilize the business owner’s credit history (unless the company’s business history is adequate).
All of this information helps to determine if the company qualifies for a loan, how much it can borrow, and the interest rate charged to them. Without a doubt, it is critical to ensure that any borrowed funds can be repaid easily to ensure that it meets budgetary needs. At the same time, companies should tap into these loans because they can provide a viable source of funding for expansion and new development, allowing the company to continue to succeed.
In North Carolina, you can expect to find a wide range of small business loan types, including:
Most entrepreneurs use their own funds or investment funds to startup. Over time, however, there’s a limit to what you can cover through credit cards. That’s when it’s time to think about small business loans and other business financing options like business credit. If you already have a business plan, tax returns, and examples of your revenue, you’re in a good position to discuss borrowing from a community development organization, financial institution, or credit union. Check out other business resources like those for nonprofits or from the North Carolina Small Business Development Fund, since these can be other opportunities for funding your business needs. If you’ve already looked into these and still need more, however, it’s time to evaluate your eligibility for business loans.
As a business owner, North Carolina small business loans can be a very valuable tool. Carefully compare options to determine which type of loan is best suited for your individual needs.
| Rank | Bank Name | # of North Carolina Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Live Oak Bank | 95 | 5.30% | $1,344,758 |
| 2 | Wells Fargo Bank | 81 | 8.00% | $199,965 |
| 3 | Dogwood State Bank | 64 | 5.55% | $1,117,555 |
| 4 | Pinnacle Bank | 55 | 4.95% | $1,187,404 |
| 5 | United Midwest Savings Bank | 47 | 5.98% | $239,964 |
| 6 | First National Bank of Pennsylvania | 38 | 5.89% | $980,540 |
| 7 | Newtek Small Business Finance | 37 | 6.00% | $751,619 |
| 8 | Citizens Bank | 34 | 5.53% | $1,159,056 |
| 9 | United Community Bank | 31 | 5.61% | $864,523 |
| 10 | HomeTrust Bank | 26 | 5.11% | $1,070,823 |
Live Oak Bank is based in North Carolina but serves all 50 states as a cloud based digital bank. Offering a number of products and services to its customers, from personal to small business loans, as well as options for personal and business banking like checking and savings accounts.
We reached out to Live Oak Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Wells Fargo Bank was started in 1852 by Henry Wells and William G. Fargo as a bank to help customers build business and manage money. Wells Fargo Bank offers many products through its many branches to meet customers’ needs, including mortgages, wealth management, and personal and small business banking.
We reached out to Wells Fargo Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Dogwood State Bank was created as a small business loan institution to help small businesses get the funds they need to achieve success. Offering many SBA loan products that have flexible terms and benefits for all types of small businesses, Dogwood State Bank works to provide the funds businesses need.
We reached out to Dogwood State Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Pinnacle Bank was started in 1934 as a community bank in Georgia to serve and meet the financial needs of the community. Now with over 20 branches in the state Pinnacle Bank is able to meet the needs of its customers with its tools and products, including small business loans.
We reached out to Pinnacle Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in 1889 as a community bank to provide for local individuals and businesses, United Midwest Savings Bank has over 130 years of experience in meeting customers’ needs. With 5 branches and 1 administrative office in the Columbus, Ohio area, United Midwest Savings banks can help all of its customers.
We reached out to United Midwest Savings Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Building a strong business foundation is critical, but it is not always easy to do. That is why there are a lot of resources available to help support companies as they work to learn and grow. Consider these free sources.
The Small Business Administration in North Carolina offers a variety of resources for companies, including tools to help with planning, launching, and growing a company. There are a lot of management tips and strategies available, as well as numerous local programs to offer support throughout the year.
As a business owner, having the advice and guidance of other successful business owners is key, and with SCORE, you can do that. This organization provides workshops and seminars in its main office in Wilmington but also offers a lot of fantastic resources online, all without any cost. There are even local mentorship tools available.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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