Growing Your Small Business

Opportunities for Women- and Minority-Owned Small Businesses Learn about the various opportunities available to launch, sustain, and expand your small business. 7 min

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How Your Business Attracts Customers As a business owner, it’s critical to understand why customers buy your products or services. Below is a framework—based on the classic AIDA concept: awareness, interest, desire, and action. As you’ll see, we’ve given it a modern update for the digital age. 3 min read

Southern Supreme Fruitcakes & More – Garage Startup to Global Distributer "I don't like Fruitcake" Not a fan of fruitcake? Neither was Berta Lou Scott until she perfected her version in the 1980s. Her Southern Supreme Fruitcakes have been converting fruitcake foes to fans ever since. Visit the Southern Supreme Fruitcake Online Store A Sweet Success Story Berta Lou Scott’s fruitcake started as Christmas gifts for her friends, family, and clients in their hometown of Bear Creek, NC. Mrs. Scott’s baked goods were always sought after throughout the holidays, but her fruitcake especially garnered attention for its ability to change the minds of those who claim to not like fruitcake. As demand for her fruitcakes increased Mrs. Scott’s late husband, Hoyt Scott, took out a small business loan to increase their production capacity. The Scott family tells their First Bank story like this: “It all started around 1989 when our father/father-in-law “Hoyt Scott” wanted to take out a small business loan. At that time Mr. Jimmie Garner was who we went to see. The story that Hoyt liked to tell was, “I didn’t know who the bigger fool was: the man who wanted to borrow the money to start a Fruitcake business or the man who would loan him the money.” That is what started our relationship with First Bank.” As it turns out they weren’t fools after all. Jimmie Garner went on to become the CEO of First Bank and Hoyt Scott (along with his family) grew Southern Supreme Fruitcakes from their garage to a 40,000 square foot manufacturing, distribution and retail operation where they attract thousands of tourists each year and ship their products globally. Play Not your typical Fruitcake Two big differences set Berta Lou Scott’s fruitcake apart from the rest. Her recipe favors nuts over candied fruit, and her method of slow baking and stirring the dough as it bakes keeps the cakes from becoming dry. In fact, Southern Supreme Fruitcakes will stay fresh and moist without refrigeration for 6 months to a year. This unique baking method has posed a unique set of challenges that the Scott Family has overcome with hard work and ingenuity – something that is on display throughout their manufacturing facility. Thousands of guests tour their kitchen yearly to get a first-hand view of the one-of-a-kind operation which involves a rotating oven that allows trays of dough to move from baking to hand-stirring every 15 minutes until complete. Teams of seasonal workers begin fruitcake production in August and at the height of the Christmas ordering season, they will slowly bake and stir over 3,000 pounds of fruitcake per day. Watch this video to see their kitchen in action > 4 min read

The Hagler's standing in front of farm equipment

Business Spotlight: Hagler Farms Bryan Hagler tells the story of Hagler Farms in Laurinburg, North Carolina. 2 min read

How to finance rapid business growth Making things grow, one decision at a time Mary stands between two deliver trucks, unsure what to do next. Another large order just came in, which is good news — until she looks at the calendar. Both trucks are already booked. Her team is stretched thin. And the equipment she needs to keep up? It’s going to cost more than what she has available as liquid assets to reinvest. As a business owner, you have to be ready when opportunity knocks. Times like this are when a business loan or revolving line of credit can help you take the next big step. New opportunities don’t wait around Every growing business eventually hits a point where opportunity exceeds cashflow. But that doesn’t mean you have to slow down — it just means you need to be ready. Rapidly growing businesses might have to deal with: High upfront costs for new equipment, employees, or inventory Rising vendor costs in anticipation of higher customer demand More opportunities in the pipeline than capacity allows Managing that kind of growth can feel like trying to pace yourself for a marathon when every day is a sprint. You worry that you won’t be able to keep up, but you also have to be careful about overcommitting resources. You want to keep growing, but you’re afraid of taking on debt Debt is uncomfortable. There’s always a certain degree of uncertainty — what if the new deals don’t come through, or the economy slows down, or the market shifts? Hesitation is healthy, but it’s important to realize that debt isn’t automatically bad. The structure of debt matters just as much as the amount, because not all types of financing are right for all types of business. Frequent, small, short-term cashflow gaps may be better served by a business credit card. Larger, intermittent gaps can be solved with a revolving line of credit. A major one-time expense may demand a business loan. The key isn’t to borrow more or less. It’s to borrow smart. Know the nuances of different types of business loans We firmly believe that business banking isn’t about filling an order — it’s about collaborating with business owners to provide the best possible service. That’s why we offer a range of financing products to fit the way businesses actually operate. Business loans When you need capital for a specific purpose, like new equipment, a traditional business loan lets you take out a defined lump-sum amount with structured repayment terms. Best for planned expenses that you’ll pay off over the long term. Lines of credit When you have ongoing working capital needs, a line of credit offers flexibility. You can draw from it whenever you need, only pay interest on what you use, and access new funds as soon as you repay whatever you took out. Best used as a buffer for managing cashflow gaps. SBA loans In some cases, government-backed SBA loans can offer more flexible terms than traditional loan structures. The right option will always depend on your business, your goals, and your tolerance for risk. A local banker can help you decide whether SBA loans are a good fit for your business. Commercial real estate loans A commercial mortgage helps you find the perfect place — whether it’s an office, a retail park, a warehouse, or something else. Use a loan like this to build your investment portfolio or help your business scale. Think your business would benefit from smart financing? Debt doesn’t have to be an albatross around your neck. It can help you say “yes” to new opportunities without hesitation and make investments that support your business in the long term. That’s why we believe that smart financing starts with a conversation — not an application. Talk to a local banker today to learn how we can help your business grow. 4 min read

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