Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Best Small Business Bank in Asheville, NC

Running A Business 10 min read

Ready to talk to an expert?

Find A Location Get In Touch

Between managing a payroll, paying utility bills, budgeting overhead costs, and balancing your revenue and expenses, running a small business brings big financial responsibilities.

First Bank¹ can help small businesses take on these tasks. We have almost 15 locations throughout the Asheville and Western North Carolina area, bringing exceptional banking solutions right to your community.

Our team of local, knowledgeable banking experts is dedicated to helping local Asheville entrepreneurs thrive. In fact, we first opened our doors in 1935 to help local business owners manage their money during hard economic times. Whether you’re opening a brewery, restaurant, boutique, art center, outdoor activities, or provisions store, we have something for you.

Visit one of our locations or contact us to learn why First Bank is the best bank for small businesses in Asheville, NC.

What Should I Look For in a Bank as a Small Business Owner in Asheville?

When starting a business, it can be hard to know where to begin. Selecting a bank for small businesses takes thought and research, but choosing the right one for your business can lighten your to-do list and put your mind at ease.

As you’re researching what bank is best for small businesses in Asheville, think about these questions:

  • What tasks do you need the bank to take care of? Determine what tasks you or your staff will complete and what you can hand off to a bank instead.
  • What kind of accounts do you need? In addition to business management services, it’s likely you’ll need checking and savings accounts.
  • What is the cash flow moving in and out of your account? This could determine what the minimum balance in your account should be.
  • Do you want to be able to meet with a banker in person? A local, brick-and-mortar bank is essential if this is your preference. The Western Carolina team at First Bank enjoys getting to know our customers, so we can better understand your needs and provide the best available services.
  • Do you intend to take out a loan?² It’s normal to need extra cash to get a business off the ground or pay for a workspace or equipment. Look into what rates the banks are currently offering and what works for your budget. Keep in mind that research shows that small banks are more likely than large banks to provide a business loans.

First Bank takes pride in helping members of the Asheville community protect and manage their finances, both personally and professionally. Our local banking experts at First Bank can help you find your answers and provide the right services for your small business.

What a Small Businesses Bank Can Do for You

From managing your transactions to providing employee benefits, banks for small businesses offer services that free up entrepreneurs to take care of their employees and keep their business financially healthy.

Common services offered by the best small business banks include:

  • Checking and savings accounts
  • Small business loans
  • Credit cards and other credit offerings
  • Merchant processing
  • Payroll services
  • Service support

Find all these offerings and more at First Bank. We’re proof that you don’t have to go outside of the Asheville area or join a large bank to discover the best small business bank with exceptional banking solutions and employee benefits.

First Bank’s Services for Small Businesses in Asheville

First Bank is eager to invest in the Asheville community and make local businesses a success. Learn more about our services and products for small businesses and what we can do to take your organization to the next level.

Best Small Business Checking Accounts

First Bank has multiple options for small business checking accounts to manage your cash flow. Whether you have a high transaction volume or just need the banking essentials, we have something for you.

Each option has different minimum balance, number of free transactions per month³, ways to keep your account free of monthly maintenance fees, and cash deposit limits.

You can enjoy the benefits of our best small business checking accounts in Asheville, including:

  • Free online and mobile banking⁴
  • Credit card and rewards program⁵
  • Debit card
  • eStatements
  • Account alerts
  • Free financial wellness programs for your employees

Visit one of our bankers who can understand what you’re looking for and set up the best small business checking account for your organization.

Business Savings Accounts

Opening a savings account is a great way to make sure your business has extra money stored away for taxes, future projects, surprise expenses, and any emergencies. It’s especially important for new businesses to have funds set aside.

First Bank offers a basic savings account with a low minimum balance, as well as two higher yield savings options if you’d like your savings to grow at a higher rate.

You can compare our business savings accounts online and see what the right fit is for you. If you’re not sure, our friendly bankers would love to help you identify your needs and find a solution.

Debit and Credit Cards for Businesses

You and your employees can access your business checking account with a business debit card from First Bank. This card is secure with zero liability if unauthorized purchases are made, so you’re not responsible to pay the cost.

The Mastercard Business Card with Rewards from First Bank offers no annual fee, competitive rates, and rewards benefits, including for shopping and travel. Asheville small business owners of all kinds can use it as a tool to manage your business expenses.

Try our online rewards calculator to see how you could benefit from a First Bank Business World credit card.

Small Business Loans

Business loans² provide immediate lump-sum of cash for long-term financing, which you can quickly use your funds to fund your startup, expand your business, buy new equipment, or anything in between.

As the best bank for small businesses, First Bank also offers:

  • Lines of credit—A First Bank credit line gives you the flexibility you need to make business purchases quickly and conveniently. You can repay and reuse your credit line as needed.
  • Commercial mortgages—Use our commercial mortgages or loans for expansion or to find the perfect location for your small business.
  • Small Business Administration (SBA) loans—Talk to our SBA associates who know niche industries and can help you understand the competitive small business loan rates and flexible terms we offer.

Visit your nearest Asheville First Bank branch to meet with one of our business loan experts and learn more about how to get a small business loan.

bank building

Merchant Services

The right merchant services can make your business operations more manageable and profitable. First Bank offers:

  • Payment processing and management—This solution enables your customers to pay with credit cards, debit cards, gift cards, and more.
  • Reconciliation and reporting—Streamline your payment processing operations with a user-friendly, online management and reporting system.
  • Check collection—Process signatures while protecting your business from fraud.

What merchant services would give your business the tools it needs to succeed? Talk to a First Bank representative about your options.

Treasury Services

From paying your employees to filing your taxes online, treasury services solutions from First Bank streamline your processes, so you can run your businesses more efficiently.

Ask us how these services can be a part of your small business:

  • Remote deposit services and receivables
  • Payroll direct deposit
  • Online and mobile banking for cash management

Find the right combination cash management solutions to make business management simpler for you and your team.

Online Banking

Digital banking business services from First Bank give small business owners in Asheville easy access to their accounts from their smartphone, tablet, or computer. With our online and mobile banking solutions, you are never more than one click away from your assets.

Through online business banking, you can:

  • Check your account balances
  • Make changes to your accounts through text messaging
  • Deposit check using your phone
  • Pay your bills
  • Receive eStatements online instead of in the mail

Women shopping

Why Asheville Is Great for Small Businesses

Business owners know that selecting the right location for your business is key. Are you trying to figure out the best place to open your small business? Here’s why you should consider Asheville, NC:

Asheville Downtown
11 Church St.
Asheville, NC 28801
Phone: 828‑250‑8430		 Asheville East
10 South Tunnel Rd.
Asheville, NC 28805
Phone: 828‑298‑8193		 Asheville North
778 Merrimon Ave.
Asheville, NC 28804
Phone: 828‑253‑5402
Asheville South
1879 Hendersonville Rd.
Asheville, NC 28803
Phone: 828‑687‑0774		 Asheville West
1012 Patton Ave.
Asheville, NC 28806
Phone: 828‑254‑1778		 Asheville Reynolds
5 Olde Eastwood Village Blvd.
Asheville, NC 28803
Phone: 828‑298‑8711

First Bank: Best Small Business Bank in Asheville

It takes the best bank for a small business to help you succeed in today’s marketplace. First Bank is here to help you achieve your dreams as an entrepreneur. Not only will our products and services ease the load of managing a business, but our team wants to get to know you and your business to better support you.

Our mission is to be the best community bank in every community we serve and through every delivery channel we offer. You can depend on us to give you the personal attention you deserve and set your business up for financial success. We are accredited by Better Business Bureau and are a leading community bank in North Carolina.

If you’re ready to get started, sign up online for a small business financial consultation. You can also visit an Asheville First Bank branch near you or contact us at 1-866-792-4357.

———

Sources:

Entrepreneur: https://www.entrepreneur.com/article/272063

Clever Girl Finance: https://www.clevergirlfinance.com/blog/2016/8/4/3-reasons-why-you-need-a-business-savings-account

Less Everything: http://lesseverything.com/business-advice/small-business-cash-flow/

Chron: http://smallbusiness.chron.com/location-business-important-43239.html

Asheville Convention & Visitors Bureau: https://www.ashevillecvb.com/wp-content/uploads/2013/07/Asheville-NC-Tourism-Impacts-2012_12072013.pdf

Asheville Convention & Visitors Bureau: https://www.ashevillecvb.com/research-reports/

US News & World Report: https://realestate.usnews.com/places/north-carolina/asheville

Forbes: https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/places/nc/asheville/&refURL=&referrer=

Asheville Grown: https://ashevillegrown.com/small-business-everyday

Economic Development Coalition: https://www.ashevillechamber.org/business-environment/small-business/

¹Member FDIC.

²Loans subject to credit approval.

³A transaction is defined as any checks paid, deposits, each deposited item, ATM withdrawals, debit card transactions, online and telephone funds transfers, and ACH debits and credits. There is a fee of $0.40 per item for each item in excess of 500 per statement cycle (or month).

⁴While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply.

⁵Rewards are based upon qualifying purchases as defined in the terms of each program. Click for additional information.

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

Man opening a coffee shop Four Tips Before Starting Your Business According to research from the SBA.gov in a 2020 report of small businesses, North Carolina had a total of 934,604 small businesses. And despite everything the last year threw at us, the number of new businesses in the state continues to grow as many have been tapping into their creativity\, making the leap from side business or unemployment to self-employment. If you’re exploring the idea of starting a business, you should know that in the first two years of a business’ life, an average of 68% survive. Then after five years, 49% of those are in business, and 34% make it to that 10-year mark. The trick to being one of those survivors? Be well prepared with the right financial tools. To help, we collected the following 4 tips to help you start your business off on the right foot. Consider where you want your business to go. Before you start, think about your daily life and understand your market. Why do you want to start your own business? Do you understand your industry or your customer base? What is your daily activity like? Do you have extra income? Think about your long-term goals. What risks are you willing to take? Then, think about your business idea. Do you have a business plan? How will you purchase necessities you will need to start out? Do you have a plan for growth? Answers to these questions will be different for every potential business owner, but making a decision on these topics may lead you to tip number two. 2. Get your finances in order. Start by making a budget for your business. Things to include might be the cost of supplies, equipment, rental fees for your storefront, travel, or anything else that is a requirement for your startup. Next, consider your initial financial goals for your new business. Establishing financial goals (annual, monthly, weekly, and even daily) can keep you on track if you are planning to open or accept customers in the near future. Need help sticking to the plan? Take our financial course on creating a budget, which teaches you strategies and tips to help you stay on track. 3. Consider how you will fund your business. Once you 5 min read
Image for tile. Can You Afford a New Hire? While every hiring scenario is unique, this framework will help you think through many of the costs involved. 4 min read
First Bank Bennett Branch sign. Best Business Checking Account in South Carolina If you’re planning to open a business in South Carolina, you will need a business checking account. If you already own a business but are looking to switch banks, you’ll want the best business checking account. Business Checking Account Benefits with First Bank So how do you know what the best business checking accounts look like? First Bank has fifteen locations in South Carolina, and has a variety of different business checking account options with some of these available features: Automated online bill paying Online and mobile banking* Monthly statements by paper mail or email Credit cards with rewards program** Account activity alerts Various ways of avoiding monthly maintenance fees*** Interest-bearing capabilities 6 Mistakes to Avoid When Opening a SC Business Checking Account With so many features and benefits, it is easy to see that First Bank offers the best business checking accounts in South Carolina. But before you open an account, it’s important to make sure you avoid the 6 mistakes that small businesses tend to make when opening a checking account, according to Business News Daily: Putting incorrect or missing information at checking account setup: Many small business owners mistakenly bring the wrong paperwork in when they go to open an account. To avoid this, make sure you ask the bank what information you’ll need to provide prior to coming in. Not opening a separate business account from your personal one: When you don’t have a designated business account, it can difficult to track your financial expenses from your personal ones. It can be more beneficial to open a separate business account for revenue, collected sales tax, estimated income tax, and payroll—especially before it’s time to file for taxes. Not planning for authorized check signing: If your small business includes a partner or staff members, it’s important to consider how many signatures can authorize a transaction from your business checking account. This can easily be set up when you open a business checking account. Not maintaining the monthly balance minimum: Always make sure that your business funds are above the minimum balance requirement in order to make the most of your banking experience, like First Bank’s no monthly maintenance fee.*** Not ordering the correct checks: One of the most common mistakes new small businesses make is printing the wrong name on business checks. It’s important to not only double check the spelling, but to also look into ordering electronic checks as well as paper ones. Working with the wrong bank for your business: Opening a small business is a huge step for anyone, and you need a bank that will work as hard as you do for the success of your new career. At First Bank, we are dedicated to helping small business owners in South Carolina achieve their dreams.   *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc. Android and Google Play are trademarks of Google Inc. **Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ***Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. ———- Sources: Business News Daily: http://www.businessnewsdaily.com/6281-bank-account-errors-6-mistakes-small-businesses-make.html 5 min read
Pencil laying on 1040 tax form Staying Safe from Tax Scams We received the following very handy and timely article from the Multi-State Information Sharing and Analysis Center (MS-ISAC) in regards to staying safe during this season of numbers crunching and record keeping for taxes. As always, if you have any specific tax questions, be sure to consult a tax prep professional. Watch out for these scams Unfortunately, much of your personal information can be gathered from multiple locations online with almost no verification that the right person is receiving the information. Criminals know this and use the information to file a fake tax refund request! If a criminal files a tax return in your name before you do, they will file it with false information to get a large refund, forcing you to go through the arduous process of proving that you did not file the return and subsequently correcting the return. Once they have your personal information, criminals can continue to commit identity theft well beyond the tax season. Another favorite technique used by criminals during the tax season is sending phishing messages indicating that a new copy of your tax form(s) is available. These emails often impersonate state, local, tribal, and territorial government comptroller or IT departments. If you fill out or attempt to login into the phishing website, the criminals will be able to see your login name and password, which they can then use to try and compromise your other accounts. The more information they gather from you, the easier it is for them to use the information to file a fake tax return in your name. Lastly, tax fraudsters also impersonate the IRS and other tax officials to threaten taxpayers with penalties if they do not make an immediate payment. It is important to remember: The IRS will not initiate contact about payment with taxpayers by phone, email, text messages, or social media without sending an official letter in the mail first. The IRS will not call to demand immediate payment over the phone using a specific payment method such as a debit/credit card, a prepaid card, a gift card, or a wire transfer. The IRS will not threaten to immediately notify local police or other law-enforcement agencies to have you arrested for not paying. 4 min read