Loan Census Banking News and Information
March 29, 2024  
 
 
  Business Loan Information  
 

Elkin, North Carolina Business Loan

 
Loan Census SBA Loan Info

I need a loan for my business in Elkin, North Carolina! If that's what's on your mind, you've come to the right place.

We wrote this article for small business proprietors in Elkin, North Carolina who are interested in getting a bank loan.

Local Elkin Lending Resources

To help you learn more about local small business lenders, here's our list of small business banks in Elkin.

Small Business Bank Recent SBA Loans
BB & T - Willow Oak SHPG Ctr- Branches- Elkin- ATM Location  
First Citizens Bank  
First Commun Bank 1
First Community Bank  
Yadkin Valley Bank & Trust 1

Other Lending Resources for Elkin Businesses

This is a list of banks outside of Elkin, North Carolina that have provided SBA loans to Elkin businesses. Some of these may be national banks with local branch locations.

Small Business Bank Recent SBA Loans
Suntrust Bank
Richmond, VA
1
Surrey Bank & Trust
Mount Airy, NC
10
Wachovia SBA Lending, Inc.
Roseville, CA
1

Elkin Business Loan Advice

Before reaching out to banks for a loan, you will need to develop the specifics of your loan request.

You need to be able to clearly explain your business, explain how much you want to borrow, walk the banker through the planned use of proceeds, and show how you intend to to pay the loan back to the bank.

Having a business plan is is critically important. If the loan is to for an existing business, you should also have financial statements covering the last three years. You will also need to discuss what collateral you have available to secure the loan. Collateral is relevant because banks always want to be prepared for a worst-case scenario in which cash flow from the business does not meet your projections.

If the business has few assets, you will likely be asked to secure the business with your personal assets, such as your individual retirement account or pension plan. The banks will check on your personal credit history in any case, so hopefully you have good credit history -- you may want to get a copy of your credit history prior to meeting with the banker.

Many of the banks in our list participate in the financial assistance programs available through the SBA. Before you sit down to talk with a small business banker, you may want to do your homework on SBA loans programs to see if you qualify. SBA 7(a) loans, SBA 504 loans and SBA disaster assistance loans may be available to you.

Gaebler.com Advice on Raising Money

If you are new to our Gaebler.com site, you should know that we are dedicated to supporting entrepreneurs, and we have a lot of useful articles about to Raising Money. For example, we recommend you read 504 Loans.

Business Loan Sources for Other Cities in North Carolina
Get a Business Loan in Elizabeth City
Get a Business Loan in Fayetteville

Browse All Business Loan Sources for North Carolina