Paycheck Protection Program Forgiveness: First and Second Draw Loans
North State Bank is currently accepting First and Second Draw PPP Loan Forgiveness Applications. Select the link below to review our most up-to-date communications and resources.
SBA Loans At-A-Glance
- Loans are backed by United States Small Business Administration.
- Funding from the most common SBA loans can be used for many business purposes including starting a new business, buying a business, working capital, equipment, furniture, land and building purchases as well as refinance existing debt.
- Loans typically have a lower down payment requirement and offer longer terms as compared to a traditional business loan.
SBA Loans Available at North State Bank
- SBA 7(a): The most popular SBA loan type, with the option to borrow up to $5 million.
- United States Department of Agriculture Business and Industry Loan: Designed to help small businesses acquire fixed assets, such as commercial real estate or equipment in rural areas within the United States. Loan amounts up to $5 million.
Why Choose North State Bank?
The SBA lending experts at North State Bank help businesses from across the nation secure the funding needed to help their business thrive. North State Bank is an SBA Preferred Lender and was recognized as one the top 20 SBA lenders in North Carolina as of June 30, 20171.
What You Can Expect
Speed: North State Bank has a dedicated SBA team which means we have the time, talent and infrastructure to respond quickly. Our loan review and processing takes place under one roof, so there is no downtime due to paperwork being shuffled from location to location. Plus, efficiencies are gained with team members working side-by-side.
Simplicity: We have honed our process to be as simple as possible, taking you step-by-step from initial inquiry until closing.
Responsiveness: Our responsiveness is second-to-none. Whether you prefer to stay in touch via phone, email or text, you will find communication to be one of our strengths.
Who Can Qualify
To qualify for an SBA loan, businesses must:
- Be for-profit.
- Operate within the United States.
- Have less than $15,000,000 in maximum tangible net worth and a two-year average net income after federal income tax of $5,000,000.
1Source: Small Business Administration, North Carolina District Office