Small Business Essentials

Developing a Business Plan Learn about the components of a business plan and how to create one that communicates your business’ financial future and health. 5 min

Small Business Banking Services Learn about the services financial institutions provide to support small businesses. 5 min

Small Business Financial Statements Learn about the three most important financial statements: balance sheets, profit and loss statements, and cash flow reports. 5 min

How Businesses Use Credit Learn about the different types of credit that can support your business operations. 4 min

How Businesses Obtain Credit Learn what’s needed to obtain credit, so that you’re better prepared when you’re ready to apply. 4 min

Financial Wellbeing for Entrepreneurs Learn more about the financial basics of entrepreneurship. 10 min

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Growing Your Small Business Take your business to the next level with these growth tips. 5 Topics

Major Life Events Big life events don’t have to mean big financial headaches. 13 Topics

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Cash Management for Daycare Centers Managing your cash flow is extremely important for a successful daycare business, especially during plans for expansion and market share growth. 5 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

Small Business Loan Rates in North Carolina For competitive small business loan rates* in North Carolina, stop by your local First Bank branch to compare loans with flexible terms and highly competitive rates. We make borrowing money for your business easy and provide the necessary financing for you to be successful in your venture. Small Business Loans at First Bank First Bank is dedicated to helping you navigate the small business loan process. A government-sponsored loan from the Small Business Administration (SBA) can help you grow your business when traditional bank financing may not be an option. We have an SBA team with expertise in different types of SBA lending programs. Some of our solutions for your small business include: Long repayment terms up to 25 years Lower monthly payments Competitive fixed or variable rate options 504 refinancing for large debts For more information on applying for a small business loan, contact a First Bank SBA team member. Additional Loan Options for Businesses In addition to small business loans, First Bank offers a variety of other loan options to help your business succeed. We offer: Business Credit Cards with Rewards—These credit cards offer low rates, no annual fees, and a rewards program with everyday purchases. Lines of Credit—This solution allows you to access cash for any business venture quickly and efficiently. You can repay and reuse your credit line as needed. Business Loans—Our business loans can help you expand your business, fund new equipment, and increase your revenue. Commercial Mortgages—Our specialists provide competitive pricing on a variety of commercial mortgage products and can help structure a loan specific to your needs. Visit First Bank Today To compare small business loan rates, visit your local North Carolina First Bank. With more than 100 locations in North Carolina, we are determined to help you choose the best option for your financial needs. ——— Sources: SBA: https://www.sba.gov/content/504-debt-refinancing-program *Loans subject to credit approval. 2 min read

Choosing the Right Credit Card for Your Business According to CardHub.com, there are several key reasons a small business uses credit cards: to earn rewards, to fund the business, to decrease the cost of existing debt, and to build a credit history. To help shed some light on what really matters the most, we spoke with our resident expert. 5 min read

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