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Running A Business

As a business owner, you face new challenges every day — like figuring out your cash flow, improving your customers’ experiences, and even avoiding fraud. Check out these resources to help you juggle anything that comes your way.

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Fraud Protection Best Practices: When to use a Credit Card vs. a Debit Card

Key Fraud-Related Differences Between Credit Cards and Debit Cards A credit card allows you to borrow money from a lender up to a set limit, with the expectation of paying it back later, often with interest if not paid in full. A debit card, on the other hand, directly withdraws funds from your bank account when you make a purchase, limiting spending to the amount in your account. Balancing credit and debit card use can enhance both security and financial stability. If someone steals your credit card information, they are effectively stealing the credit card issuer’s money, not directly accessing your bank account. This separation provides a crucial security buffer, giving you time to dispute charges without risking essential funds like rent or grocery money. In contrast, debit card fraud affects your checking account immediately, which can cause financial disruptions until the issue is resolved. First Bank Cardholders: Did you know that First Bank credit and debit cards offer Mastercard’s zero-liability protection? Whether you are using your First Bank credit or debit card, you’ll only pay for purchases that you have authorized on your Mastercard® card. Unauthorized purchases are not your responsibility. Instances Where a Credit Card can Offer Increased Fraud Protection Online Purchases Credit cards are generally safer for online transactions. They offer robust fraud protection, and most credit card companies monitor for suspicious activity, often reimbursing fraudulent charges quickly. Travel and International Transactions When traveling, especially abroad, use a credit card. Credit cards typically offer better fraud monitoring and reduced liability if your card information is compromised. Big-Ticket Purchases Use a credit card for expensive items like electronics or home appliances. Many credit cards come with purchase protection, extended warranties, and easier dispute resolution if something goes wrong. Recurring Payments or Subscriptions Credit cards provide better protection if you need to dispute unauthorized subscription charges, helping avoid interruptions to your service while the issue is resolved. Best Practices for Card Security Monitor Transactions: Regularly check both credit and debit accounts for unauthorized activity. Use Secure Websites: Look for “https://” in website URLs when shopping online. Enable Alerts: Sign up for transaction alerts for immediate fraud detection. Report Issues Promptly: The sooner you report suspicious activity, the better your chances of minimizing loss. Responsible Credit Card Use To maximize fraud protection while maintaining financial health, use credit cards responsibly by: Paying the Balance in Full: Avoid interest charges by clearing the balance each month. Staying Within Limits: Use only a portion of your credit limit to maintain a healthy credit score. Making Timely Payments: Pay on time to avoid late fees and credit score damage.

3 min read
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How to Build Business Credit as a New Business: A Step-by-Step Guide

1. Establish Your Business Plan Creating a business plan is the first step when starting a business. It serves as a roadmap, outlining your goals, target market, financial projections, and strategies for success. A well-crafted, documented plan also conveys your vision to important stakeholders like CPAs and attorneys so they can provide tailored financial and legal guidance. A CPA will use your plan to assess budgeting, tax planning, and funding strategies while attorneys will use it to advise on business structure contracts and compliance. Ultimately, a business plan will transform your vision to actionable steps, ensuring professional advisors can help you build a solid foundation for long-term success. 2. Register Your Business With your business plan in hand, and the direction of your advisors, it’s time to set up your business legally. Incorporate your business as an LLC, corporation, or form a partnership. This not only legitimizes your operations but also separates your personal and business finances. Additionally, you’ll also want to apply for an Employer Identification Number (EIN) from the IRS, which acts as a social security number for your business. Make sure your business has a registered physical address and phone number, as lenders and credit bureaus will use this information to verify your business. 3. Open a Business Bank Account A dedicated business bank account is the foundation of good business financial management. By separating personal and business finances, you create clear financial records that help build your business’s financial reputation. At First Bank, we offer tailored business banking solutions to help you manage transactions, track expenses, and monitor cash flow—essential components for establishing your business credit. Pro Tip: Don’t settle for just any bank with business checking options. Spend some time researching banks and meet with a few different bankers to make sure you find a financial institution you believe in and a banker that you resonate with. The right banker will consider your full banking picture – offering holistic financial advice specific to your personal and business needs. At First Bank, we provide customized solutions based on a deep understanding of our customer’s financial history, goals, and needs. We even have a checking account that includes telehealth benefits for your employees. Click here to explore First Bank business checking account options or use this link to reach out to a First Bank Business Development Officer. 4. Obtain a D-U-N-S Number A D-U-N-S number from Dun & Bradstreet is essential for tracking your business’s credit. It serves as a unique identifier for your company, used by credit bureaus to assess your business’s creditworthiness. This step helps ensure that your business credit is separate from personal credit, which can lead to better loan terms and credit card offers in the future. Visit the Dun & Bradstreet website for more information on how to obtain a D-U-N-S number. 5. Establish Trade Lines with Vendors One of the best ways to build business credit is by working with vendors and suppliers that report to major business credit bureaus, such as Dun & Bradstreet, Experian, and Equifax Business. Establish trade lines by purchasing supplies or services on credit and consistently paying your invoices on time. A strong payment history is one of the most important factors in building a solid credit score. 6. Determine Your Credit Needs Business credit cards are an excellent short-term tool for building credit, especially when used responsibly. Additionally, you may want to consider other forms of credit that compliment your long-term business goals like a term loan for working capital or a commercial loan to purchase a building. Consulting with a trusted banking partner will help you determine the best financing package that makes the most sense for your business. First Bank offers a competitive business credit card featuring a wealth of benefits like 0% introductory APR, no annual fee, and powerful rewards program. To learn more about the First Bank Mastercard Business Card with Rewards, read our article “4 Reasons Why the First Bank Mastercard Business Credit Card is Good for Business”. 7. Monitor and Maintain Personal and Business Credit Personal credit is crucial for business financing, especially for small businesses and startups. Until business credit is established, an owner’s personal credit will be used by lenders to evaluate trustworthiness of the business itself. Everything from loan and credit approvals, interest rates and loan terms, personal guarantees, business credit card approvals, and business expansion opportunities will look at an owner’s personal credit score. Once your credit is established, it’s important to regularly monitor your credit reports for accuracy. Mistakes can happen, and any errors could negatively impact your score. By reviewing your credit reports from major bureaus, you can correct any inaccuracies and keep track of your credit performance. 8. Build Credit Gradually and Diversify Your Portfolio Building business credit is not an overnight process. Start by using small, manageable credit lines and paying them off in full each month. Over time, this demonstrates reliability to lenders and creditors, which can lead to increased credit limits and more favorable terms. Patience and consistency are key to long-term success. As your business grows, diversifying your credit sources can strengthen your overall credit profile. Consider applying for larger lines of credit, term loans, or equipment financing as your company expands. However, be mindful of your credit utilization ratio. Keeping your credit use below 30% of your available credit helps maintain a healthy score and shows that your business isn’t overly reliant on borrowing. 9. Manage Cash Flow Effectively Good cash flow management is the backbone of maintaining strong business credit. Make sure you always have enough cash on hand to cover expenses, ensuring you can make timely payments on any credit accounts. By maintaining a good relationship with your bank, you can improve your chances of securing future loans or credit increases. Why Choose First Bank for Your Business Banking Needs? First Bank is committed to being the best bank for business in North and South Carolina. We offer personalized service, local expertise, and a wide range of business banking solutions tailored to your needs. Our bankers will give you honest and sound advice that considers your unique situation and your long-term goals. Whether you’re looking to open a business account or apply for a line of credit, our team is here to support your financial growth every step of the way. Want to meet with a banker to discuss how you can improve your business credit? Request a meeting with a Business Development Officer or visit your local First Bank branch today to get started!

6 min read

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How a Business Credit Card Can Transform Cash Flow Management for Your Business

Cash flow is the lifeblood of any business, and managing it effectively is crucial for long-term success. Whether you’re running a growing enterprise in Charleston or a small business in Raleigh, a business credit card can be a powerful tool to optimize your financial health.

6 min read

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Why Good Business Credit is Essential for the Success of your Business

1. Better Financing Options When your business has strong credit, it becomes easier to secure loans, lines of credit, and other forms of financing. Not only will you have access to more options, but lenders are also likely to offer you more favorable terms, such as lower interest rates and higher credit limits. Lower interest rates can save your business a substantial amount of money over time, while better terms provide flexibility in managing cash flow, covering operational expenses, or investing in growth. Good business credit reduces the risks for lenders, meaning they are more willing to trust your business’s financial stability. This trust is rewarded through more affordable financing options, which can play a significant role in sustaining and expanding your operations. 2. Higher Credit Limits for Greater Financial Flexibility One of the advantages of good business credit is the ability to secure higher credit limits. For business owners, this is crucial in managing cash flow, especially during times when expenses fluctuate or sales are seasonal. A higher credit limit ensures that your business has the flexibility to cover operational expenses, such as payroll, inventory, or other costs, without having to worry about hitting a credit ceiling too early. Additionally, with a higher credit limit, businesses can take on larger projects, invest in new equipment, or pursue larger contracts without running into immediate cash flow issues. 3. Favorable Vendor and Supplier Terms Suppliers and vendors often evaluate a business’s creditworthiness before extending payment terms. A company with good business credit is more likely to be offered favorable terms, such as net 30 or net 60, which means you have 30 or 60 days to pay your invoice. These terms improve your company’s working capital by giving you the flexibility to pay for products and services after generating revenue from them. Being able to negotiate better terms with suppliers can also allow you to take advantage of bulk purchasing or discounts, further strengthening your profit margins. On the other hand, businesses with poor credit may face stricter payment terms, which can lead to cash flow problems down the road. 4. Lower Insurance Premiums Many business insurance providers look at your company’s credit score when determining premiums. A strong credit score can help reduce the cost of insurance, lowering one of your regular business expenses. Insurance companies view businesses with good credit as being less risky, which leads to lower premiums. For small businesses, every dollar saved is important. Lower insurance premiums mean more capital to reinvest into the business, whether that’s for new equipment, employee training, or marketing initiatives. 5. Business Growth and Expansion Opportunities Strong business credit doesn’t just help you manage daily operations—it also positions your company for growth. With easier access to capital, you can seize opportunities to expand operations, purchase new equipment, hire additional staff, or even launch new product lines. Whether you’re opening a second location or scaling your team, business credit is often the foundation of these major moves. Businesses that can quickly access financing without hurdles are better equipped to take advantage of growth opportunities when they arise. On the other hand, businesses with poor credit may struggle to find the capital they need, missing out on potential revenue and growth. 6. Building Reputation and Trust Having good business credit doesn’t just help with finances—it also signals to potential partners, investors, and customers that your business is financially stable and reliable. A company with strong credit is seen as a trustworthy partner in the marketplace, which can foster stronger relationships with clients and other businesses. Investors are also more likely to invest in a business with good credit, as it reflects sound financial management and lower risk. Similarly, customers often view financially stable businesses as more reliable, leading to increased trust and loyalty. 7. Separation of Personal and Business Finances Establishing and maintaining good business credit allows business owners to separate their personal and business finances. This separation is crucial because it helps protect personal assets in the event of any business-related financial issues. Without business credit, owners often rely on their personal credit to secure loans or credit for their businesses, which can blur the lines between personal and business liabilities. By keeping personal and business finances separate, you also reduce the chances of personal credit being affected by business downturns, which helps maintain financial health on both fronts. Next Steps When you’re ready to expand and grow your business, come talk to us at First Bank. We are dedicated to helping local businesses thrive. Whether you’re looking to improve your business credit or secure financing for expansion, our team is here to provide personalized support every step of the way. Contact us today to learn more about how we can help your business succeed.

4 min read

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Image for tile. Fraud Protection Best Practices: When to use a Credit Card vs. a Debit Card Key Fraud-Related Differences Between Credit Cards and Debit Cards A credit card allows you to borrow money from a lender up to a set limit, with the expectation of paying it back later, often with interest if not paid in full. A debit card, on the other hand, directly withdraws funds from your bank account when you make a purchase, limiting spending to the amount in your account. Balancing credit and debit card use can enhance both security and financial stability. If someone steals your credit card information, they are effectively stealing the credit card issuer’s money, not directly accessing your bank account. This separation provides a crucial security buffer, giving you time to dispute charges without risking essential funds like rent or grocery money. In contrast, debit card fraud affects your checking account immediately, which can cause financial disruptions until the issue is resolved. First Bank Cardholders: Did you know that First Bank credit and debit cards offer Mastercard’s zero-liability protection? Whether you are using your First Bank credit or debit card, you’ll only pay for purchases that you have authorized on your Mastercard® card. Unauthorized purchases are not your responsibility. Instances Where a Credit Card can Offer Increased Fraud Protection Online Purchases Credit cards are generally safer for online transactions. They offer robust fraud protection, and most credit card companies monitor for suspicious activity, often reimbursing fraudulent charges quickly. Travel and International Transactions When traveling, especially abroad, use a credit card. Credit cards typically offer better fraud monitoring and reduced liability if your card information is compromised. Big-Ticket Purchases Use a credit card for expensive items like electronics or home appliances. Many credit cards come with purchase protection, extended warranties, and easier dispute resolution if something goes wrong. Recurring Payments or Subscriptions Credit cards provide better protection if you need to dispute unauthorized subscription charges, helping avoid interruptions to your service while the issue is resolved. Best Practices for Card Security Monitor Transactions: Regularly check both credit and debit accounts for unauthorized activity. Use Secure Websites: Look for “https://” in website URLs when shopping online. Enable Alerts: Sign up for transaction alerts for immediate fraud detection. Report Issues Promptly: The sooner you report suspicious activity, the better your chances of minimizing loss. Responsible Credit Card Use To maximize fraud protection while maintaining financial health, use credit cards responsibly by: Paying the Balance in Full: Avoid interest charges by clearing the balance each month. Staying Within Limits: Use only a portion of your credit limit to maintain a healthy credit score. Making Timely Payments: Pay on time to avoid late fees and credit score damage. 3 min read
Image for tile. How to Build Business Credit as a New Business: A Step-by-Step Guide 1. Establish Your Business Plan Creating a business plan is the first step when starting a business. It serves as a roadmap, outlining your goals, target market, financial projections, and strategies for success. A well-crafted, documented plan also conveys your vision to important stakeholders like CPAs and attorneys so they can provide tailored financial and legal guidance. A CPA will use your plan to assess budgeting, tax planning, and funding strategies while attorneys will use it to advise on business structure contracts and compliance. Ultimately, a business plan will transform your vision to actionable steps, ensuring professional advisors can help you build a solid foundation for long-term success. 2. Register Your Business With your business plan in hand, and the direction of your advisors, it’s time to set up your business legally. Incorporate your business as an LLC, corporation, or form a partnership. This not only legitimizes your operations but also separates your personal and business finances. Additionally, you’ll also want to apply for an Employer Identification Number (EIN) from the IRS, which acts as a social security number for your business. Make sure your business has a registered physical address and phone number, as lenders and credit bureaus will use this information to verify your business. 3. Open a Business Bank Account A dedicated business bank account is the foundation of good business financial management. By separating personal and business finances, you create clear financial records that help build your business’s financial reputation. At First Bank, we offer tailored business banking solutions to help you manage transactions, track expenses, and monitor cash flow—essential components for establishing your business credit. Pro Tip: Don’t settle for just any bank with business checking options. Spend some time researching banks and meet with a few different bankers to make sure you find a financial institution you believe in and a banker that you resonate with. The right banker will consider your full banking picture – offering holistic financial advice specific to your personal and business needs. At First Bank, we provide customized solutions based on a deep understanding of our customer’s financial history, goals, and needs. We even have a checking account that includes telehealth benefits for your employees. Click here to explore First Bank business checking account options or use this link to reach out to a First Bank Business Development Officer. 4. Obtain a D-U-N-S Number A D-U-N-S number from Dun & Bradstreet is essential for tracking your business’s credit. It serves as a unique identifier for your company, used by credit bureaus to assess your business’s creditworthiness. This step helps ensure that your business credit is separate from personal credit, which can lead to better loan terms and credit card offers in the future. Visit the Dun & Bradstreet website for more information on how to obtain a D-U-N-S number. 5. Establish Trade Lines with Vendors One of the best ways to build business credit is by working with vendors and suppliers that report to major business credit bureaus, such as Dun & Bradstreet, Experian, and Equifax Business. Establish trade lines by purchasing supplies or services on credit and consistently paying your invoices on time. A strong payment history is one of the most important factors in building a solid credit score. 6. Determine Your Credit Needs Business credit cards are an excellent short-term tool for building credit, especially when used responsibly. Additionally, you may want to consider other forms of credit that compliment your long-term business goals like a term loan for working capital or a commercial loan to purchase a building. Consulting with a trusted banking partner will help you determine the best financing package that makes the most sense for your business. First Bank offers a competitive business credit card featuring a wealth of benefits like 0% introductory APR, no annual fee, and powerful rewards program. To learn more about the First Bank Mastercard Business Card with Rewards, read our article “4 Reasons Why the First Bank Mastercard Business Credit Card is Good for Business”. 7. Monitor and Maintain Personal and Business Credit Personal credit is crucial for business financing, especially for small businesses and startups. Until business credit is established, an owner’s personal credit will be used by lenders to evaluate trustworthiness of the business itself. Everything from loan and credit approvals, interest rates and loan terms, personal guarantees, business credit card approvals, and business expansion opportunities will look at an owner’s personal credit score. Once your credit is established, it’s important to regularly monitor your credit reports for accuracy. Mistakes can happen, and any errors could negatively impact your score. By reviewing your credit reports from major bureaus, you can correct any inaccuracies and keep track of your credit performance. 8. Build Credit Gradually and Diversify Your Portfolio Building business credit is not an overnight process. Start by using small, manageable credit lines and paying them off in full each month. Over time, this demonstrates reliability to lenders and creditors, which can lead to increased credit limits and more favorable terms. Patience and consistency are key to long-term success. As your business grows, diversifying your credit sources can strengthen your overall credit profile. Consider applying for larger lines of credit, term loans, or equipment financing as your company expands. However, be mindful of your credit utilization ratio. Keeping your credit use below 30% of your available credit helps maintain a healthy score and shows that your business isn’t overly reliant on borrowing. 9. Manage Cash Flow Effectively Good cash flow management is the backbone of maintaining strong business credit. Make sure you always have enough cash on hand to cover expenses, ensuring you can make timely payments on any credit accounts. By maintaining a good relationship with your bank, you can improve your chances of securing future loans or credit increases. Why Choose First Bank for Your Business Banking Needs? First Bank is committed to being the best bank for business in North and South Carolina. We offer personalized service, local expertise, and a wide range of business banking solutions tailored to your needs. Our bankers will give you honest and sound advice that considers your unique situation and your long-term goals. Whether you’re looking to open a business account or apply for a line of credit, our team is here to support your financial growth every step of the way. Want to meet with a banker to discuss how you can improve your business credit? Request a meeting with a Business Development Officer or visit your local First Bank branch today to get started! 6 min read
Image for tile. How a Business Credit Card Can Transform Cash Flow Management for Your Business Cash flow is the lifeblood of any business, and managing it effectively is crucial for long-term success. Whether you’re running a growing enterprise in Charleston or a small business in Raleigh, a business credit card can be a powerful tool to optimize your financial health. 6 min read
Image for tile. Why Good Business Credit is Essential for the Success of your Business 1. Better Financing Options When your business has strong credit, it becomes easier to secure loans, lines of credit, and other forms of financing. Not only will you have access to more options, but lenders are also likely to offer you more favorable terms, such as lower interest rates and higher credit limits. Lower interest rates can save your business a substantial amount of money over time, while better terms provide flexibility in managing cash flow, covering operational expenses, or investing in growth. Good business credit reduces the risks for lenders, meaning they are more willing to trust your business’s financial stability. This trust is rewarded through more affordable financing options, which can play a significant role in sustaining and expanding your operations. 2. Higher Credit Limits for Greater Financial Flexibility One of the advantages of good business credit is the ability to secure higher credit limits. For business owners, this is crucial in managing cash flow, especially during times when expenses fluctuate or sales are seasonal. A higher credit limit ensures that your business has the flexibility to cover operational expenses, such as payroll, inventory, or other costs, without having to worry about hitting a credit ceiling too early. Additionally, with a higher credit limit, businesses can take on larger projects, invest in new equipment, or pursue larger contracts without running into immediate cash flow issues. 3. Favorable Vendor and Supplier Terms Suppliers and vendors often evaluate a business’s creditworthiness before extending payment terms. A company with good business credit is more likely to be offered favorable terms, such as net 30 or net 60, which means you have 30 or 60 days to pay your invoice. These terms improve your company’s working capital by giving you the flexibility to pay for products and services after generating revenue from them. Being able to negotiate better terms with suppliers can also allow you to take advantage of bulk purchasing or discounts, further strengthening your profit margins. On the other hand, businesses with poor credit may face stricter payment terms, which can lead to cash flow problems down the road. 4. Lower Insurance Premiums Many business insurance providers look at your company’s credit score when determining premiums. A strong credit score can help reduce the cost of insurance, lowering one of your regular business expenses. Insurance companies view businesses with good credit as being less risky, which leads to lower premiums. For small businesses, every dollar saved is important. Lower insurance premiums mean more capital to reinvest into the business, whether that’s for new equipment, employee training, or marketing initiatives. 5. Business Growth and Expansion Opportunities Strong business credit doesn’t just help you manage daily operations—it also positions your company for growth. With easier access to capital, you can seize opportunities to expand operations, purchase new equipment, hire additional staff, or even launch new product lines. Whether you’re opening a second location or scaling your team, business credit is often the foundation of these major moves. Businesses that can quickly access financing without hurdles are better equipped to take advantage of growth opportunities when they arise. On the other hand, businesses with poor credit may struggle to find the capital they need, missing out on potential revenue and growth. 6. Building Reputation and Trust Having good business credit doesn’t just help with finances—it also signals to potential partners, investors, and customers that your business is financially stable and reliable. A company with strong credit is seen as a trustworthy partner in the marketplace, which can foster stronger relationships with clients and other businesses. Investors are also more likely to invest in a business with good credit, as it reflects sound financial management and lower risk. Similarly, customers often view financially stable businesses as more reliable, leading to increased trust and loyalty. 7. Separation of Personal and Business Finances Establishing and maintaining good business credit allows business owners to separate their personal and business finances. This separation is crucial because it helps protect personal assets in the event of any business-related financial issues. Without business credit, owners often rely on their personal credit to secure loans or credit for their businesses, which can blur the lines between personal and business liabilities. By keeping personal and business finances separate, you also reduce the chances of personal credit being affected by business downturns, which helps maintain financial health on both fronts. Next Steps When you’re ready to expand and grow your business, come talk to us at First Bank. We are dedicated to helping local businesses thrive. Whether you’re looking to improve your business credit or secure financing for expansion, our team is here to provide personalized support every step of the way. Contact us today to learn more about how we can help your business succeed. 4 min read
Image for tile. 4 Reasons Why the First Bank Mastercard Business Credit Card is Good for Business Running a business is no easy task, and managing your finances should be simple and efficient. That’s why First Bank offers its Mastercard Business Card with Rewards—a credit card designed to help business owners streamline expenses, extend their cash flow, and earn valuable rewards. 3 min read
Image for tile. Banking on Business: Webinar Replay, Recap & Takeaways Our recent webinar was an engaging roundtable that brought together financial experts and community business leaders to discuss essential strategies for business growth and financial management. Moderated by Joe Diggs, SBA Sales Leader at First Bank, the discussion covered vital topics, including bank relationships, cash flow management, credit strategies, and fraud prevention. 4 min read
Image for tile. Hurricane Helene Recovery: Financial Assistance Options 1. U.S. Small Business Administration (SBA) Disaster Loans The SBA offers a range of disaster loans to individuals, businesses, and nonprofit organizations to cover losses not covered by insurance or FEMA. These loans help cover both personal and business expenses that could have been met had the disaster not occurred. October 15, 2024 Update: The SBA announced that it has exhausted funds for its disaster loan program. Until Congress appropriates additional funds, the SBA is pausing new loan offers. The SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. Click here to read the press release. Home Disaster Loans: Available to homeowners and renters to repair or replace damaged real estate and personal property, including vehicles. Business Physical Disaster Loans: These loans are designed for businesses of all sizes to repair or replace damaged property owned by the business, such as real estate, machinery, equipment, and supplies. Private non-profit organizations like charities and churches are also eligible. Economic Injury Disaster Loans (EIDL): These are working capital loans designed to help small businesses, agricultural cooperatives, aquaculture businesses, and private nonprofits meet financial obligations they can’t cover due to the disaster. These loans are meant to support recovery during the disaster recovery period. For more information, visit the SBA Disaster Assistance website or contact them directly. 2. FEMA Disaster Assistance FEMA offers a wide range of financial assistance programs for those impacted by natural disasters. If you have insurance, file a claim immediately, as FEMA cannot cover losses that are already insured. FEMA provides grants for: Temporary housing Home repairs Other disaster-related expenses not covered by insurance You can apply for FEMA assistance online or by calling 800-621-3362. 3. Disaster Unemployment Assistance (DUA) Individuals who have lost their jobs or had their employment interrupted due to Hurricane Helene may be eligible for Disaster Unemployment Assistance (DUA). This program extends unemployment benefits to those who may not be eligible for state unemployment, such as the self-employed or small business owners. To qualify, you must: Live, work, or were scheduled to work in a federally declared disaster area. Have lost employment or had employment interrupted due to the disaster. Have exhausted regular state unemployment benefits. Eligibility is determined weekly, so you must continue to be out of work as a direct result of the disaster to maintain benefits. Visit the Disaster Unemployment Assistance page of the NC Department of Commerce website for more information about this program.  4. Freddie Mac, HUD, and FHA Mortgage Assistance If your home has been affected by Hurricane Helene and you are struggling to make mortgage payments, Freddie Mac, HUD, and the FHA offer mortgage relief options. These include: Forbearance plans to temporarily suspend or reduce your mortgage payments. Loan modifications to make your mortgage more affordable over the long term. Mortgage assistance programs designed specifically for disaster recovery. Contact your mortgage provider to inquire about disaster relief programs available through these organizations. 5. NC Bankers Association Disaster Relief The NC Bankers Association provides resources and guidance for individuals and businesses impacted by disasters. Through their network, they can help you access financial institutions offering relief, including special loan programs and deferral options for existing debts. It’s worth reaching out to your local bank or lender to inquire about specific programs that may be available to you. Visit the Hurricane Helene page of the NC Bankers Association website for a comprehensive list of resources. 6. WNC Strong: Helene Business Recovery Fund – Mountain BizWorks In response to Hurricane Helene, the WNC Strong: Helene Business Recovery Fund, led by Mountain BizWorks, is providing financial relief for businesses across Western North Carolina. This fund is designed to support local businesses that were impacted by the hurricane, offering critical recovery resources, including: Low-interest loans to help businesses rebuild. Emergency financial support to address urgent needs like working capital, repairs, and more. Mountain BizWorks is a community-focused lender that helps small businesses in the region thrive, even in the face of disaster. They are committed to supporting business owners through the recovery process with accessible financing options. Visit their website for more details on how to apply. 7. SBA Microlenders for Business Recovery The SBA also partners with microlenders across the country to provide small loans, typically up to $50,000, to businesses in need of capital. These loans can help cover immediate business needs such as payroll, inventory, and repairs. In the wake of Hurricane Helene, these microlenders are valuable resources for small businesses that may not qualify for traditional financing options. To find an SBA microlender in your area, visit the SBA Microlender List. 8. Western North Carolina Small Business Initiative Appalachian Community Capital has partnered with Community Development Financial Institutions (CDFIs) to provide relief grants to small businesses harmed by Hurricane Helene. The grant program is called the Western North Carolina Small Business Initiative. Small businesses can apply for grants up to $25,000 to cover expenses related to recovery and reopening including repair and replacement of physical damage, environmental cleanup, payment of business-related rents or mortgages, employee retention and hiring, and more. The application window for this grant is from October 30 through November 27, 2024. For more information and to apply, visit their website here. First Bank is Here to Help If you have any questions about these resources, our bankers are more than happy to help you navigate the questions you may have. Recovering from Hurricane Helene is a challenging process, but these resources are designed to provide financial relief when it’s needed most. If you’ve been affected, be proactive in exploring the options available to you, from disaster loans to mortgage forbearance.  While the road to recovery may be long, these programs can ease some of the financial burdens and help you rebuild your life or business. 5 min read
Image for tile. [First Bank Webinar] Banking on Business: Everyday Strategies for Running Your Business Event Details: Date: Tuesday, October 29 Time: 12-1 pm Location: Zoom Webinar What to Expect: Our First Bank experts will share tips and advice on running your business day-to-day in a dynamic roundtable format moderated by Joe Diggs, SBA Sales Leader. Topics covered include: Cash Management: Efficiently managing your cash flow and financial operations Preventing Fraud: Protecting your business from financial threats Access to Capital: Exploring the best ways to secure funding for growth Growth Strategies: Planning for long-term success Employee Engagement: Building a motivated and dedicated workforce Meet our First Bank Experts: Joe Diggs, SBA Sales Leader Jenna Williams, Director of Treasury Services Rob Patterson, Community Banking Executive Karen Smith, First@Work Business Development Officer Our knowledgeable panel will share their experiences and provide actionable insights, helping you make informed decisions for your business. Whether you’re looking to streamline operations, expand, or improve employee satisfaction, this webinar has something for everyone. How to Register: [Registration closed] Can’t Attend? We’ve Got You Covered We understand that not everyone may be able to attend due to scheduling conflicts or potential disruptions, especially with Hurricane Helene impacting parts of the Carolinas. If you’re unable to join the webinar live, whether due to internet access issues or other conflicts, don’t worry! We will be recording the session, and it will be available for you to view on our website. The recording will be posted shortly after the event, so you can still benefit from the expert insights and strategies discussed. Keep an eye on our website for updates, and feel free to reach out to your local branch for any specific questions you may have after viewing the recording. 2 min read

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Stories & Spotlights

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A Healthy Banking Relationship for Anne Till Nutrition Group Anne Till at desk.
The Underground Railroad Story Washington Waterfront Underground Railroad Museum sign.
Supporting Teacher Supply Warehouse Teachers celebrating school supplies.
Meet Mike Foster Mike Foster talking about tackling food insecurity.
Meet Leesa Jones Lees Jones holding a Project Launch check.
Project Launch Project Launch Logo on still from video.
Meet Devin Hocutt Devin Hocutt with his Project Launch winner's check.
Meet Karen Hornfeck Karen Hornfeck with Project Launch winner's check.
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