This page gathers short answers for Cabarrus County business owners about what Oakwick Lending Group, a small-business funding broker in Concord, NC, does and does not do, how to choose funding, whether an LLC can borrow, paying yourself from business funding and checking North Carolina records before applying.
About Oakwick Lending Group
Is Oakwick Lending Group the one lending the money?
No. Oakwick Lending Group is a broker, not a lender, despite the word Lending in its name.
Where is the business located?
The address is 4 Union St S, Concord, NC 28025, and the phone number is (980) 352-5260. Phone and address are on the contact page.
Which towns around Concord, NC do you cover?
Owners across Cabarrus County and neighboring towns such as Kannapolis, Harrisburg, Mount Pleasant, China Grove, Midland and Locust, mostly by phone and online. The areas page lists them.
Do you help with personal, payday or title loans?
No. We work only on funding for businesses. We also do not handle agriculture or trucking requests.
Choosing funding
How do I pick a funding type to start with?
Start with the purpose and the source of repayment. The six-way comparison puts the options side by side.
Can I pay myself out of a business loan?
Funding is for business purposes. A reasonable salary paid through payroll is normally a business expense, but many agreements restrict owner distributions or personal use of proceeds. Check the use-of-proceeds clause and ask your accountant.
Should I take a personal loan for the business?
Some owners do in the early years, but it puts personal credit directly behind business risk and builds no credit history for the company. Business funding keeps the two more separate, although most small-business funding still involves a personal guarantee.
So, is a merchant cash advance a loan or not?
No. A merchant cash advance is not a loan. The funder purchases a slice of your future receipts. The advance page explains collection and pricing.
Applying
Can an LLC apply for a business loan?
Yes. LLCs are a common applicant type. Partners usually ask for the LLC's formation details, bank statements and tax returns, and a personal guarantee from the members.
Which details does the request form collect?
First name, last name, email, phone and business name, along with a consent checkbox. Nothing more. We ask about the purpose when we call.
Will applying affect my credit?
A partner may check credit during its review. Before authorizing a check, ask the partner whether it will be a soft or a hard inquiry.
Can Oakwick predict whether a partner will approve me?
No. Partners decide using their own criteria. The four steps show where the decision is made.
North Carolina and local questions
How can I show a partner my company is in good standing?
The North Carolina Secretary of State keeps the entity record, annual report filings and certified documents. Our certificate of existence guide explains what to check.
Where can I get free help before borrowing?
The City of Concord lists the Rowan-Cabarrus Community College Small Business Center, the NC SBTDC and other organizations on its business assistance page. The resources page gathers them with our guides.
By Oakwick Lending Group · Updated