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

Selma, North Carolina Business Loan

 
Loan Census SBA Loan Info

Raising money in Selma, North Carolina? If so, you'll want to talk to some of these small business lenders in Selma.

These materials were prepared for entrepreneurs in Selma, North Carolina who are interested in getting debt financing.

Local Selma Lenders

Without further adieu, here's our list of small business banks in Selma.

Small Business Bank Recent SBA Loans
BB & T - Branches- Selma  
First Citizens Bank - Offices- Selma & ATM Location  
Heritage Bank  

Lenders for Selma Businesses

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

Small Business Bank Recent SBA Loans
Branch Bank & Trust
Winston Salem, NC
1
Capital One
Mclean, VA
2
Four Oaks Bank & Trust Company
Smithfield, NC
3
Innovative Bank
Oakland, CA
2
Self-help Cu
Durham, NC
1
Small Business Loan Source LLC
Houston, TX
1
Superior Financial Group, LLC
Walnut Creek, CA
1
The Huntington National Bank
Columbus, OH
1

Selma Business Loan Advice

As a prerequisite to contacting lenders to discuss getting a bank loan, you will need to determine exactly what size loan you will be asking for.

You need to be able to clearly explain your business, explain how much you want to borrow, define how the money will be used, and show your ability to pay the loan back to the lender.

A well-defined business plan is essential. If the financing is to for a company that is already doing business, you should also have financial statements covering the last three years. In addition, you should itemize 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 stocks and bonds that you might own or life insurance policies. The banks will look at your personal credit report 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 meeting with the 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 serious about Raising Money, you need to get up to speed on the subject. If you haven't read it already, we recommend you review 504 Loans.

Business Loan Sources for Other Cities in North Carolina
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Get a Business Loan in Shelby

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