Small Business Loan Requirements – Sanford, NC


Starting a business takes innovation, courage and commitment. It also means satisfying a number of small business loan requirements.

At the top of that list is finding a cooperative lender who is willing to work with you to turn your vision into a reality. In Sanford, North Carolina, First Bank has two branch locations willing to do just that.

Common Small Business Loan Requirements

Specific small business loan requirements can vary from one lender to the next but there are some demands that remain fairly standard across the board. Among them are:

  • Why do you need a loan and what will the money be spent on?
  • What is your business plan?
  • What does your credit report and income tax returns look like?
  • Can you show signed financial statements?
  • Do you have a business license, commercial lease or mortgage, contracts or franchise agreements?
  • Do you have any worthy collateral?
  • Who else will be involved in managing the loan?

Because each state, county and town has its own restrictions on small business loans, it’s best to contact an attorney or the town in which you plan to operate.

Once you have the necessary small business loan requirements in order, the final piece of the puzzle rests with a trusted lender with a promising history of small business lending. Entrepreneur named First Bank the second most small-business-friendly bank in North Carolina.

A small business loan from First Bank can provide you with the foundation of cash you need to make your initial purchases such as inventory, equipment or supplies. We offer free consultations for anyone seeking small business help at either our South Horner Blvd or Plaza Blvd location.


Loans subject to credit approval.