Business financing in Guilford County.

Small business financing is money you borrow — or receive as a grant — to start, run, or grow your business. It can cover equipment purchases, inventory, payroll gaps, renovations, working capital, or real estate.

The most common types include:

• **Term loans** — You borrow a fixed amount and repay it over a set period with regular payments. Good for one-time, defined expenses.

• **Lines of credit** — A flexible pool of money you draw from as needed and repay as you go. Good for cash flow gaps.

• **Microloans** — Smaller loans, often under $50,000, designed for very small businesses or startups that may not qualify at a traditional bank.

• **SBA-guaranteed loans** — The U.S. Small Business Administration does not lend money directly; instead, it guarantees a portion of loans made by approved local lenders, which reduces the lender's risk and often gets you better terms. The SBA 7(a) and SBA 504 programs are the most common.

• **Grants** — Free money that doesn't need to be repaid, usually tied to specific industries, populations, or purposes. Competitive, but worth pursuing.

• **CDFI loans** — Community Development Financial Institutions are mission-driven lenders that specifically serve businesses and individuals underserved by traditional banks — including immigrants, people with limited credit history, and low-income entrepreneurs.

Understanding which tool fits your situation is the first step toward borrowing smart.

Guilford County is home to roughly 540,000 people and anchored by two cities — Greensboro and High Point. The county has a diverse, working economy built on furniture and home furnishings (High Point is the 'Furniture Capital of the World'), logistics, healthcare, textiles, food manufacturing, and a growing professional services sector.

This mix means local lenders are experienced with:

• **Sole proprietors and solo contractors** in construction, landscaping, cleaning, and trades

• **Retail and food businesses**, especially in the diverse corridors of East Greensboro and South Elm Street

• **Wholesale and showroom businesses** tied to the High Point Market furniture ecosystem

• **Immigrant-owned small businesses**, including those run by Latinx, Vietnamese, and West African entrepreneurs who are deeply embedded in the local economy

**General qualification factors lenders look at:**

• Time in business (many lenders want 1–2 years, but CDFIs and microloans often serve startups)

• Personal and/or business credit score

• Monthly revenue and cash flow

• Collateral (assets that back the loan), though not always required for smaller amounts

• Business plan or use-of-funds statement

**No Social Security Number? You may still qualify.** Several lenders in Guilford County accept an Individual Taxpayer Identification Number (ITIN) in place of a Social Security Number.

ITIN lending is especially important for undocumented entrepreneurs and immigrants who pay taxes but cannot obtain an SSN.

See the local lenders section below for ITIN-friendly options.

Gathering your documents before you apply saves time and shows lenders you are organized. Requirements vary by lender and loan type, but here is a solid starting checklist:

**Identity & Legal Status**

• Government-issued photo ID (driver's license, passport, or consular ID)

• ITIN letter or Social Security card (whichever applies)

• Business registration documents (LLC articles, DBA certificate, or sole proprietor filing from the NC Secretary of State)

**Financial Documents**

• Last 2–3 years of personal tax returns (or 1 year if newer in business)

• Last 2–3 years of business tax returns (if applicable)

• Last 3–6 months of business bank statements

• Profit and loss statement (P&L) — your lender or a CDFI advisor can help you build one

• Balance sheet (for larger loan requests)

**Business Plan & Purpose**

• A simple one-page description of your business and how you will use the loan

• Any contracts, purchase orders, or invoices that support your request

• Quotes for equipment or renovations, if applicable

**For Real Estate Loans**

• Property address and purchase price or current appraisal

• Lease agreement (if applicable)

**Tips:**

• Keep both English and Spanish copies of any translated documents.

• If you file taxes as an ITIN holder, your tax transcript from the IRS serves as your income verification.

• Many CDFIs offer free pre-application counseling to help you organize your paperwork — take advantage of this before you apply anywhere.