Small Business Loans & Financing

There are a few ways we help small business owners obtain funding. They can:

• Apply for a small business loan
• Apply for an SBA loan

With a small business loan, you'll receive a lump-sum payment for a specific approved funding amount, and you'll then repay the loan over time at a pre-determined interest rate.

To apply for a small business loan, contact a First Citizens representative at your local branch.

The term length for a typical small business loan can vary widely, depending on the type of business loan, purpose of the funds, collateral used to secure financing and how much you're financing.

Both fixed and variable-rate loans have their advantages. Fixed-rate loans will provide the same interest rate and payment throughout the life of your small business loan, while a variable interest rate has the ability to rise or fall in the future. To learn more about which rate option would be better for your situation, you can contact a banker at your local branch.

We offer various options and will work closely with you to determine which business line of credit is best for you. To get started, contact a First Citizens representative at your local branch.

A small business term loan provides financing for capital expenditures—such as fixed assets—that amortize over a period of time. A small business line of credit is meant for short-term financing needs. A lease can be beneficial for vehicles and equipment that you don't own but that might have a buyout option at the end of the term.

Yes. Your personal guarantee is generally required to finance a small business line of credit or loan.

No. If your business line of credit has a zero balance, no interest will accrue.

The US Small Business Administration, or SBA, helps finance new businesses and helps existing businesses flourish through a federal loan program. A loan from the SBA is a partnership between First Citizens and the SBA that provides a government guarantee.

Start by talking with your First Citizens banker, who can help determine what type of small business financing is needed based on your business plan and model. If you're not a current customer, contact a First Citizens representative at your local branch. Another good place to start is the US Small Business Administration website, which has tools and resources to help you in the planning stages of starting your own business—including determining if an SBA loan is right for you.

Yes. Small business loans can be underwritten with several different ownership structures, including LLCs. Historical cash flow would be reviewed for the operating entity, as well as any entity that's directly owned by the credit applicant. In most cases, the operating entity would be considered a guarantor in addition to personal guarantees.

A business line of credit is intended for short-term financing needs. It works similar to a revolving credit card, where businesses can borrow as much as they need up to their credit limit and are only charged interest on the amount borrowed. They then repay the borrowed funds to replenish the business line of credit.