Business financing in Catawba County.

Business financing is money you borrow — or receive as a grant — to start, grow, or stabilize a business. In Catawba County, that might mean a loan to buy equipment for a construction trade, a line of credit to cover payroll between jobs, or a microloan to open a small retail shop in Hickory or Conover.

Financing comes in several forms:

• **Term loans** — You borrow a fixed amount and repay it in regular installments over months or years. Good for buying equipment, a vehicle, or property.

• **Lines of credit** — A revolving account you draw from as needed and repay. Good for managing cash flow gaps between projects.

• **Microloans** — Smaller loans, often under $50,000, offered by nonprofit lenders (CDFIs) with flexible qualification rules. These are especially valuable for newer businesses or borrowers without a long credit history.

• **SBA-backed loans** — Loans made by local banks or CDFIs and partially guaranteed by the U.S. Small Business Administration. The guarantee makes lenders more willing to work with small businesses that have limited collateral.

• **Grants** — Money you do not repay. Rare for for-profit businesses, but some are available through local economic development programs.

Understanding which type fits your situation is the first step. This guide walks you through each layer — starting with the local intermediaries in Catawba County who can sit down with you and help you find the right fit.

Catawba County's economy is built on manufacturing, construction trades, healthcare, furniture, and a growing small business retail and food service sector centered around Hickory, Newton, and Conover. If you work in any of these industries — or serve them — there are financing options designed with you in mind.

**You may qualify even if:**

• You have little or no credit history (some lenders use alternative underwriting)

• You use an ITIN instead of a Social Security Number

• Your business is less than two years old

• You are self-employed or work as a solo contractor

• You have had past credit challenges

**General factors lenders consider:**

• Time in business (even informal, documented activity counts with some lenders)

• Monthly or annual revenue, even if modest

• Purpose of the loan (equipment, working capital, real estate)

• Your ability to repay based on current cash flow

• Personal credit score — but not always the deciding factor at CDFIs

**Who is particularly well-served locally:**

- Construction subcontractors and sole proprietors in Catawba and surrounding counties

- Latino and Spanish-speaking entrepreneurs along the Hickory corridor, who make up a growing share of the local small business community

- Home-based food businesses, childcare providers, and personal service workers

- Real estate investors purchasing 1–4 unit rental properties in the county

If you are unsure whether you qualify, the best step is a free conversation with a local CDFI or the Small Business Center at Catawba Valley Community College — no application required.

Every lender has its own checklist, but most will ask for some combination of the following. Gathering these before your first meeting saves time and shows lenders you are serious.

**For personal identification:**

• Government-issued ID (driver's license, passport, or consular ID card — matrícula consular)

• ITIN or Social Security Number

• Proof of address (utility bill, lease agreement)

**For your business:**

• Business license or registration (from the N.C. Secretary of State or Catawba County)

• Two to three years of business tax returns, or personal returns if self-employed

• Most recent bank statements (typically 3–6 months)

• Profit and loss statement (your lender or a local SBDC advisor can help you prepare one)

• A simple business plan or written description of how you will use the funds

**For real estate investors:**

• Property address and purchase price or appraisal

• Lease agreements if the property is already rented

• Evidence of down payment funds

**If you are a newer business:**

• Cash flow projections (estimated income and expenses for the next 12 months)

• Contracts or letters of intent from clients, if available

**ITIN borrowers:** Several lenders in the region accept ITINs in place of Social Security Numbers. You do not need to be a U.S. citizen or permanent resident to access financing from these lenders. Ask specifically about ITIN-acceptance before applying anywhere.