Small Business Loans & SBA Loans In North Carolina

North Carolina has some of the best conditions in the Southeast for businesses to thrive, and a business loan can help you set up shop.

Types Of North Carolina Business Loans

The Tar Heel State is a wonderful ecosystem for small businesses due to its low business taxes and a cheap cost of living. A business loan can help you take advantage of the conditions in North Carolina, so your company can succeed.

SBA Loans

SBA loans are business loans serviced by private lenders, but partially guaranteed by the federal government through the Small Business Administration (SBA).

Line of Credit

Somewhat similar to a credit card, a revolving line of credit allows your business to make purchases on credit. You then pay down your balance afterward.

Term Loan

With a term loan, a lender provides your business with a lump disbursement that you repay, plus interest and fees, in monthly installments for several years.

Equipment Finance

In an equipment financing scenario, your business can obtain needed equipment right away and pay for the cost of the machinery over time.

Accounts Receivable Financing

To apply for accounts receivable financing, you ask for a loan based on the amount owed to your business because of unpaid invoices.

Local North Carolina Business Loan Options

Several banks and organizations service loans to small businesses that set up shop in North Carolina.

Truist has a long list of commercial lending options. Because it has branches throughout the Tar Heel State, it is one of the most accessible local business loan options in North Carolina.

First Bank is another great local option in North Carolina, especially for entrepreneurs seeking out startup loans.

If you’ve had trouble finding funding for your company, check out the Carolina Small Business Development Fund, a nonprofit that focuses on providing financing to businesses that struggle to get funding from traditional sources.

Live Oak Bank is based in North Carolina and provides both SBA 7(a) and SBA 504 loans.

Dogwood State Bank is another local provider of SBA loans with several branches throughout North Carolina.

Pinnacle Bank has over 20 branches across North Carolina, offering multiple loan products including SBA loans.

How To Apply For A Small Business Loan

Fill out the 15-minute online application.

It’s secured with bank-grade encryption and SSL technology, so you know your information is safe.

Receive matches.

See which credit cards you qualify for before choosing the one that best suits your business needs and offers the cash rewards you’re looking for.

Get funded.

Once you choose a card, you can get approved in as little as 7-10 days.

Apply Now

FAQs About Small Business Loans In North Carolina

The Economic Development Partnership of North Carolina (EDPNC) is an amazing resource for small businesses – the organization will help you create a solid business plan and they even have educational courses you can take. The state government has collected a bunch of resources on one website so you can find everything you need to get your company started in North Carolina. The NC Rural Center has many networking, marketing, and educational resources for entrepreneurs working in North Carolina’s many rural areas.


The North Carolina Department of Commerce regularly provides grants to small businesses operating in the state, like the One North Carolina Fund (OneNC), which is targeted at businesses supporting job creation, and State Rural Grants, which is focused on rural businesses building infrastructure. The GoldenLEAF Economic Catalyst Infrastructure Grant is a great fund for North Carolina small businesses facing a funding gap, especially for those in rural areas. Regularly check for potential federal government grant opportunities in North Carolina, particularly if your company works in childcare.


To qualify for North Carolina business loans, you must first decide on a corporate structure, like a sole proprietorship or corporation. Some corporate structures must file applications with the Secretary of State. You might also have to apply for various permits depending on your industry. Once your company is set up with the authorities, you can apply for business financing. To be approved for many lending opportunities, you will need a detailed business plan and financial history, as well as a good personal credit score.

The right loan for your North Carolina business will depend on the nature of your business, your immediate funding needs, and your ability to make monthly repayments. Focus on loans that will support your company’s future growth. A line of credit, for example, might be best if you are operating a seasonal business in the Outer Banks, while a term loan might be right if you have an existing accounting office in Raleigh and you want to hire more awesome staff. Fortunately, you can compare many options online in minutes using Lendio’s free platform.

The Tar Heel State has perhaps the best conditions for entrepreneurs in the entire southeastern US, with very low corporate taxes and an affordable cost of living, but also with several busy metropolises and a thriving tourism industry. Because of all this, you can leverage a business loan to push your company’s growth further than if you were located in a more expensive state. You can utilize a North Carolina business loan to boost your revenues by attracting more talent, open a new location, launch an innovative marketing campaign, or buy more inventory to meet demand.

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

Quickly compare financing options from multiple funders.

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