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

Buying a Home Get mortgage estimates, plan your budget and more. 5 Topics

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Finding Success Amidst Uncertainty: Lessons from Anne Till Navigate business ownership’s unknown risks with confidence. Here are 3 pieces of advice from Anne Till, owner of Anne Till Nutrition Group, to help you thrive as an entrepreneur. 4 min read

When Does an ACH Payment Need to Say “PAYROLL”? What is the Nacha PAYROLL rule? Nacha imposed this new rule in March 2026 to increase fraud prevention and decrease payment confusion. The word “PAYROLL” is now required in the Company Entry Description only when all of the following are true: The ACH entry uses the PPD SEC code The payment represents wages, salaries, or similar compensation The payment is made to an individual (an employee or consumer) If any one of those things is not true, the “PAYROLL” requirement does not apply. What is the Company Entry Description? The Company Entry Description is a short line of text included in an ACH transaction. It helps the person or business receiving the payment understand what the deposit is for when it shows up on their bank statement. Common examples include: PAYROLL RENT VENDORPAY REIMBURSE Nacha sets rules around this field to promote transparency and reduce fraud. One of those rules now requires a specific description — “PAYROLL” — in a very specific scenario. What is an SEC code? An SEC code (short for Standard Entry Class) is a three‑letter code used in the ACH network to describe what kind of payment is being made and who is being paid. Think of the SEC code as the label that tells banks and payment systems how to process the transaction. It identifies whether a payment is going to an individual or a business — and that distinction matters for compliance. Two of the most common SEC codes are: PPD — used for ACH payments to individuals, such as employee payroll CCD — used for business‑to‑business ACH payments, like vendor or service payments Nacha rules, including Company Entry Description requirements, are often tied to the SEC code. That’s why using the correct SEC code is just as important as the payment description itself. Why SEC codes matter: PPD vs. CCD A lot of the confusion comes from mixing up two common ACH SEC codes. The key question to ask is simple: Who is being paid — an individual or a business? PPD (Prearranged Payment and Deposit) Used for payments to individuals Common for employee payroll and other consumer credits This is the only SEC code where the “PAYROLL” description requirement applies CCD (Corporate Credit or Debit) Used for business-to-business payments Common for vendor payments, service fees, and reimbursements paid to a business entity The “PAYROLL” description requirement does not apply Who is responsible for getting it right? Under Nacha rules, the compliance obligation follows the originator of the PPD credit — the business that is paying the individual. That’s why it’s important to: Use the correct SEC code Apply the “PAYROLL” description only when required Avoid over-labeling business-to-business payments Using the wrong description can create confusion for recipients and raise unnecessary questions during reviews. The bottom line: Not every ACH credit needs to say “PAYROLL.” That requirement applies only to PPD credits paying wages or similar compensation to an individual. Business-to-business ACH payments using CCD entries are not subject to this rule. When you understand the “why” behind the rule, compliance becomes a lot less stressful. And if you’re ever unsure which SEC code or description is right for your ACH payments, your First Bank treasury management team is here to help — with clear answers, not guesswork. Test your knowledge Select an option Paying employees their wages Paying a payroll service provider or staffing firm Paying a contractor or broker that operates as an LLC or corporation “PAYROLL” is required SEC code: PPD Receiver: Individual employee “PAYROLL” is not required SEC code: CCD Receiver: Business entity “PAYROLL” is not required SEC code: CCDReceiver: Business entity Use the dropdown to see common examples of when PAYROLL is required and not required in the Company Entry Description 4 min read

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How A Great Company Culture Helps Grow Your Business How Company Culture Helps Grow Your Business With Kim O'Quinn, Chief Culture Officer It's easy to think of having a strong company culture as a fun perk rather than a fundamental part of running a successful business. But what if we told you that investing deeply in your company culture could increase the value of your business by more than 200%? Making that investment, while it pays dividends, may be trickier than it seems. The HR management platform Dayforce found that while more than 80% of executives reported investing in company culture, less than half of workers agreed. Here's the thing: culture isn’t defined by a company's leaders. It's created by the choices employees make every day. It's the heartbeat of your business—the way people treat one another, the way they show up for customers, and the energy that fills your workplace. Your company culture affects your bottom line It's a mistake to think about company culture like a dessert after dinner. It's not just a feel-good extra that's only worth considering once the main course of day-to-day business is already tucked away. In fact, company culture is a direct driver of business performance. It affects your bottom line in some ways that are easy to measure—and some that aren't. When an employee feels valued and genuinely enjoys coming to work, they'll bring more energy, creativity, and care to their role. That translates into delighting customers, supporting teammates, and sharing innovative ideas. Enthusiastic employees are also more likely to stick around and grow with the company. At its core, culture is about shared values, beliefs, and behaviors. What makes it distinct is that it's lived every day… not just written in a handbook or hung up on a wall. - Kim O'Quinn Chief Culture Officer at First Bank At First Bank, we saw the difference firsthand when we rolled out our new mission statement in 2014. As a community-focused bank, we wanted to root ourselves in an authentic identity that reflected both our organizational goals and the day-to-day experience of our employees. That's how our Promise to Service Excellence was born. When our employees bought in, everything changed. Over the next few years, we saw higher engagement and measurable results—including more than a 200% increase in our stock price. Building your company culture isn’t an indulgence. It’s an investment that pays off. 5 min read

Small Business Loan Requirements in North Carolina Small business loan requirements in North Carolina can vary from one year to the next, from one lending institution to the next and simply from one case to the next. There are however, a lot of common myths about small business loan requirements that are worth debunking. Here are 10 common myths about small business loan requirements and the real truth behind them. Top Ten Business Loan Myths Small business loans are only for new businesses. Fact: At places like First Bank, business loans can be used for expansion or remodeling, purchasing new equipment or vehicles or refinancing.* It costs money to even just meet with a loan consultant. Fact: This might be true at some places but First Bank offers free small business financial consultations. Sign up for one in just minutes. You need a near-perfect credit history to obtain a small business loan. Fact: While your credit history will always be considered when applying for any type of loan, a less-than-ideal credit score does not mean you can’t get a loan with a solid business plan in place. A small bank will charge higher interest rates. Fact: Not at First Bank. Our business loan rates are competitive against any size bank. Local banks have fewer loan options than national banks. Fact: Actually, First Bank offers credit lines, business credit cards*, and commercial mortgages in addition to traditional business loans. You need to have a building to house your business in order to get a small business loan. Fact: Not so. In fact, not having a physical location reduces your overhead costs and therefore can actually improve your chances of getting a loan. The terms associated with small business loans are strict and cemented in stone. Fact: First Bank’s terms are flexible and customized for each individual case. The economy doesn’t rely on small businesses. Fact: Small businesses are a huge component of both local and national economies thanks to a number of factors. It’s hard to find a bank that offers small business loans. Fact: There are more than 100 First Bank locations throughout North Carolina so wherever you are located, we’re not far from you. Local banks can’t help you manage your business. Fact: In addition to providing 3 min read

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