Business loan

How a small business loan can help by Sarah Stone

As an entrepreneur or small business owner, it can be helpful to research small business loan financing options. Improving cash flow has many benefits: paying off existing debt, buying an additional company vehicle, improving existing systems, or simply paying bills.

Having the necessary capital can help your business take the next step. Maybe customers have requested a new service? Maybe you need to make a strategic pivot due to economic conditions? Or maybe it’s time to finally upgrade the existing capital needed to operate?

Those with experience running a small business know that a credit card can be a vital tool in making all of this happen, but the interest rate on a credit card can be substantial.

A small business loan can offer significant savings. This is one of the most compelling reasons why a small business loan is preferable to most other financing options. Although the application process can be complex, the added value and cost savings of a small business loan are likely to outweigh the resources required upfront.

There are several key points to know before applying for a small business loan. Here are some of the most important to consider:

  1. Credit Score – A potential lender will not only look at your business credit score, but also your personal credit score. There is no specific number that guarantees acceptance, although in general a score of at least 700 may be required. Regardless of the number, it’s a good idea to review a credit report from one of the major bureaus to find areas you could correct or improve.
  2. Revenues – Lenders will want to see cash flow data from previous years as well as future projections. If you are new, be sure to let the lender know about your previous experience in related industries and/or business savvy.
  3. Paperwork – Lenders will want to review your business plan, bank statements, loan history, income taxes, etc. Most will have the requirements posted on their website. Have your documentation ready to go to make the process as painless as possible.

We help local business owners by posting clear requirements on our website, how to apply, who to call with questions, and long-term benefits like loans up to $50,000 with a 90-day grace period for refunds. We also offer business credit cards and checking accounts, and a referral network of related businesses to meet a variety of needs. If you have a question or just want to discuss your options, give us a call or visit our website.


Excite Credit Union is a small, community-based cooperative serving only two major markets, San Jose, California and Wilmington, North Carolina. As a fully member-owned non-profit organization, Excite Credit Union is often able to offer lower rates and fees than most competing financial institutions, in addition to providing access to 30,000 ATMs free of charge. Choosing Excite Credit Union as your financial partner guarantees access to loans and credit cards with lower fees, savings products with higher returns and a positive impact on the local community.

Sarah Stone is the Director of Retail Experience for Excite Credit Union in North Carolina, overseeing retail branches, business development and community relations. Sarah has worked in credit unions for the past decade. At the end of 2019, she moved to Wilmington and joined the Excite team. She is passionate about the work done by Excite Credit Union in the Cape Fear area.