Business financing in Union County.

Small business financing is money you borrow — or access through grants or credit lines — to start, grow, or stabilize your business. It can cover equipment, payroll, inventory, a commercial space, or a rental property you plan to renovate and rent out.

Union County sits in the Charlotte metro area, and its economy reflects that energy: construction trades, landscaping, home services, light manufacturing, and real estate investment are all active here. Monroe is the county seat, and smaller communities like Waxhaw, Stallings, Marshville, and Wingate each have their own commercial activity.

For solo contractors and small investors, financing is often the difference between staying small and actually growing. The goal of this guide is to show you realistic, honest paths — not just federal program names, but the local offices, lenders, and community organizations that can actually sit across the table from you.

Qualification depends on the lender, the loan type, and your specific situation. Here is what is generally true for Union County borrowers:

**Credit score:** Most traditional lenders want a score of 650 or higher. Community lenders and CDFIs often work with scores as low as 580 or even lower if you have compensating strengths like stable income or collateral.

**Time in business:** Many lenders want at least one to two years of business history. Startups have fewer options but are not locked out — microloans and CDFI programs are often designed for new businesses.

**Revenue:** Lenders want to see you can repay the loan. Consistent bank deposits, even without formal financial statements, can demonstrate this.

**Immigration status / ITIN borrowers:** Several lenders in and around Union County work with Individual Taxpayer Identification Numbers (ITINs) instead of Social Security numbers. You do not need to be a U.S. citizen or permanent resident to access business credit here. We name those lenders below.

**Industry:** Construction, landscaping, food service, retail, and residential real estate investment are all common and generally acceptable industries for local lenders. Some lenders have restrictions on specific business types — always ask upfront.

**Collateral:** Not always required, especially for microloans under $50,000. Larger loans often require business assets, real estate, or a personal guarantee.

Gathering your documents ahead of time will make any application go faster and smoother. The exact list varies by lender, but this is a solid starting point:

**Personal identification:**

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

- Social Security number or ITIN

**Business documents:**

- Business license or registration from the NC Secretary of State (if applicable)

- Employer Identification Number (EIN) — free to obtain at IRS.gov

- Articles of organization or incorporation (if your business is an LLC or corporation)

**Financial documents:**

- Last two to three years of personal tax returns

- Last two to three years of business tax returns (if available)

- Three to six months of personal and business bank statements

- A current profit and loss statement (your bookkeeper or accountant can help with this)

- A list of business assets and debts

**For real estate investors:**

- Property address and purchase price or current value

- Rent rolls or lease agreements (if the property is already occupied)

- Renovation budget or contractor quotes

**Optional but helpful:**

- A one- to two-page business plan or description of what you do and how the loan will be used

- References from suppliers, clients, or a local business association

If you are missing some of these, do not let that stop you from making an appointment. A good community lender will tell you exactly what they need and give you time to gather it.