This week the NBA decided to pull the All-Star Game out of North Carolina. We won’t comment on the politics, but we wanted to note the economic implications. The NBA’s decision is sure to negatively affect many small businesses in the Charlotte area, since the NBA All-Star Game would have brought a lot of money into the city via tourists.
According to the Charlotte Observer, tourism experts have guesstimated that without the tens of thousands of tourists flooding in for the game, the Charlotte region will miss out on upwards of $100 million.
If you own one of the restaurants, hotels, or other tourist hotspots in the Charlotte area, you are probably pretty upset with the NBA’s decision. We feel for you. While we can’t convince NBA Commissioner Adam Silver to change his mind, we might consider small business loans in North Carolina․
There is more good news on the horizon. The All-Star Game could be back in Charlotte in 2019. But until then, if you’re dealing with a gap in your cash flow, you may need to request some small business funding.
Even if the NBA All-Star Game wouldn’t have affected your business one way or the other, you may still need an influx of working capital. You may be wondering how this type of funding works in your area. North Carolina business funding is a lot like borrowing money in other states.
There are many different financial products you can choose from. The trick is to find the one that makes the most sense for your company. We recommend investigating options with low APR first. If you don’t qualify for those kinds of funding, you’ll still have other options available. They just may cost you more in terms of interest or factoring rates.
Depending on what type of loan you are looking for, North Carolina offers a variety of lending institutions.
Here are a few reputable lending companies in North Carolina. This list includes SBA 7(a) Lenders, 504 Certified Development Companies, and SBA Microlenders. To see the full list, visit U.S Small Business Administration.
Aquesta Bank – Aquesta offers both business and personal loans.
Main office 704-439-4343
After hours 877-266-5556
Cadence Bank – Cadence Bank offers commercial, business, and personal loans.
Harvest Small Business Finance – Harvest Bank offers SBA 7A loans and Interest loans.
MVB Bank – MVB Bank offers business and personal loans, including small business loans in North Carolina.
Tourism is a major piece of the economy in North Carolina – and it isn’t just basketball fans visiting the state. Millions of visitors come to see the Appalachian Mountains, Great Smoky Mountains National Park, and other beautiful sites. The state is known for its beaches as well as its snowy mountains which are home to well-attended ski resorts.
So even without the NBA All-Star Game, North Carolina should still receive plenty of tourists in 2017.
A smart place to start looking for small business loans in North Carolina is at one of your local banks. That’s why we want to show you a list of Charlotte’s largest banks. Don’t worry if a bank loan is not an option for you. There are other ways to get money for your company, which we’ll discuss later in this article.
According to BizJournals.com, these are the five biggest banks in Charlotte, North Carolina:
You may also have luck at other local funding providers. If you have already exhausted these options, or if you are looking to save time by getting connected with a provider right now, we might be able to help.
At Lendza.com, we ask you for a little bit of information about your business, and then we try to connect you with a provider that can provide you with the funding you need. This can help you save time.
Sometimes small business funding isn’t the right fit. Many of our providers don’t work with startups. If your company is just starting out and you struggle to find small business loans in North Carolina, you may have more luck qualifying for a personal loan.
The search for reasonable bank rates has always been a tough task. As many are aware, a good interest rate depends largely on the applicant, although the bank does play its own role. While there are many reasons why a loan may be right for you, a good interest rate is definitely a winner.
Low annual percentage rates are a splendid thing to come across, since the smaller the APR, the less money you will have to pay. Here are some facts to know about small business loans in North Carolina and lending practices.
For the sake of working out the best loan rate for you, you must always set first how much you need to borrow and how long it will take you to repay the sum. Once you have a certain amount in mind, you should compare the various lenders’ rates and terms. A comparison of how much lenders charge for the same amount can help you choose the most affordable rate. If, in any case, you are not entirely sure about how much you will need to borrow, there are various online tools ready to help you compare and contrast the many offers for different amounts. Tools like these will help calculate the approximate rates and size on monthly repayments and how long it will take you to pay back the loan. Remember, the longer you borrow a cash amount, the more it will cost you to pay it back.
Although it is generally agreed that the higher credit score, the better chances you will get the loan, some financial institutions offer certain loan products to lower credit score holders. However, the key difference here lies within the rate provided. High credit score holders often receive better loan rates than others. In order to receive better rates, there are a few measures that you can implement to maybe improve your credit score.
With a process commonly known as prequalification, lenders will take it upon themselves to estimate the interest rate which you will receive. These are results drawn from a soft check which will not show on your score. This will permit you to get interest rates from a wide range of lenders and better understand your likelihood of getting good rates. When you are considering various offers, make sure to compare the following factors:
The annual percentage rate includes both the interest rate and fees; this will help you understand your loan’s total cost.
The length of time by which you pay your installments is an important factor in loans. Shorter loan terms indicate cheaper APRs.
It may be optimal to first start your loan application at banks where you already have an existing account. This may initiate a discount qualification.
It is essential to understand how much your monthly payments will help you better budget your income.
The APR should give you an idea of the cost of small business loans in North Carolina, but be on the lookout for other fees, such as late fees and penalties.
It’s hard to run a business without money. Ideally, you’d be generating a steady flow of income yourself. But with cash flow gaps all too common in today’s economy, sometimes a funding request becomes necessary. We hope you’re able to find the funding you need. We’ll do everything we can to help you get it.