Five answers, then three short ones. Funding partners decide every request; Riverview does not give tax or legal advice.
Can a Tarboro, NC business hold a line of credit and an equipment loan at the same time?
Yes. A business can carry more than one kind of funding, and each partner decides on its own part. A partner reviewing the second request may look at the payments already running, so give the line's limit and balance and the equipment payment on the call.
The two do different jobs: the equipment loan has a fixed payment for one machine, and the line covers bills that come and go. A table on the business loans page shows how each of the six collects its money.
Is interest on a Tarboro, NC store's line of credit tax deductible?
That is a question for the business's tax preparer, and Riverview does not give tax advice. What the owner can do is keep the line for business costs only and keep the statements that show each draw and what it paid for, so the preparer has a clear record to work from.
Does a Tarboro, NC sole owner need an EIN before requesting a business loan?
A partner may ask for the business's Employer Identification Number, and some may ask for one even when the business has no employees; others may accept the owner's Social Security number for a sole proprietorship. The IRS issues EINs. Ask the partner which it needs.
Owner-run businesses are a real share of local work: in the 2020-2024 American Community Survey, 4.1% (±1.0) of Edgecombe County, NC's employed residents worked in their own unincorporated business and 2.9% (±0.7) in their own incorporated one.
Will a partner check a Tarboro, NC owner's credit, and can the owner ask how first?
A partner may check the owner's credit during its review. The request form itself takes contact details and a few ranges; any check is the partner's step. It is reasonable to ask the partner up front what sort of credit check it uses and at what point in the review.
The how it works page follows one request through the partner's review.
What can a Tarboro, NC online seller offer as collateral with no storefront fixtures?
A business that sells online may own little shelving and no storefront, but it may still have things a partner can count:
- Stock in its stockroom or at a fulfillment warehouse
- Money customers or marketplaces owe it
- Equipment such as label printers, scales and packing tables
- A personal guarantee from the owner
Some funding needs no specific collateral at all. The partner decides which applies.
By Riverview Business Loans · Updated