Bank Statement Loans for Small Business Owners in Greensboro, NC

What the data show for Greensboro

Employer data for Guilford County list near 17,164 private establishments, most often in professional, scientific and technical services (2,298), retail trade (2,067), and health care and social assistance (1,686). A sole proprietor with no staff is not in that figure. The American Community Survey does count them, at about 11,841 self-employed residents of the city of Greensboro.

Greensboro snapshot

The local business base

The Triad's older manufacturing and textile record left many family-owned firms in sewing, machining, packaging, printing and distribution. Newer employers in aviation and trucks support suppliers and machine shops. Service companies, from commercial cleaning to HVAC, serve those plants and the many offices around Friendly Center and downtown.

Housing and ownership numbers

Several numbers for the city of Greensboro: 0.7 percent of housing units are seasonal or occasional use residences; half the residences predate 1985; and college graduates make up 41 percent of adults aged 25 and older. A mortgage lender reviews the particular property, so these medians are only a setting up point.

Succession and ownership

A second-generation owner may have taken over through gifts, buy-outs or an inheritance. A lender expects documents that show your share and the date you took it on. An operating agreement, a stock ledger or a letter from a CPA or enrolled agent generally serves the purpose.

Reading a supplier's statements

A small manufacturer shows deposits from a few clients, plus payroll and materials leaving the account. The underwriter applies the program's expense factor, may ask for sample purchase orders and tests whether deposits are stable. A customer who ended a contract should be explained in a short note.

Where you live and work

Owners generally live close to the business, in older neighborhoods close to Fisher Park and Irving Park or newer suburbs to the north. If the business operates from your property, say so. A building with business use can affect the appraisal and which program fits.

What to explain up front

In Greensboro, the median home is valued close to $245,000, and the file for a self-employed buyer is built around that scale. Ownership records matter. An operating agreement, articles of organization or a letter from your tax professional should show that you own the business and in what percentage. When several owners share one account, bring a document that explains how profits are split.

How Greensboro compares

Set against 10.0 percent for North Carolina as a entire, the 7.9 percent share here is below the state level. Among the 18 North Carolina areas on this site with enough workers to measure, Greensboro ranks 16th for self-employment in this group.

Getting the details right

A business that is less than two years old can still be reviewed under programs that accept a quicker history, provided you have experience in the same field and paperwork of the start date. Bring the formation date and documents of the work you did before opening.

Reading the deposits

Greensboro is a market where 7.9 percent of workers are self-employed, so the points below come up usually. Customer concentration is a common look at point. If most of your deposits come from a small group of customers, the underwriter will want to see how stable those relationships are. Contracts, recurring purchase history or a letter of intent can all help.

Where the employers are around Greensboro

These figures come from the Census Bureau's American Community Survey and BLS payroll documents, explained on our data sources page.

This page is general information, not an offer. Lenders verify income and ability to repay, and program availability depends on the borrower and the property.

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