Loans and Credit Articles

Whether you’re launching or expanding your business, learn about the different types of financial vehicles that can help.

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Use these articles to familiarize yourself with the different loan products and lines of credit available for your business.

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What Are Commercial Loan Interest Rates? Starting and running your own business takes hard work, time, and money. If you are an entrepreneur or a business leader in need of financial help, you are probably wondering about current commercial loan interest rates. Unfortunately, the answer isn’t cut and dry. Commercial loan interest rates vary depending on a variety of factors, such as: The amount of the loan The type of lending institution The type of business Market-based-factors Credit score Getting Some of the Best Commercial Loan Interest Rates Choosing a lender dedicated to helping businesses grow and succeed is an effective method to receive some of the best commercial loan interest rates. First Bank* has a history helping business owners manage their funds and grow their businesses. That is why we offer a variety of commercial loan** products with highly competitive interest rates. Our commercial loan offerings include: Mastercard Business Card with Rewards with low rates, no annual fee, and rewards. Loans that provide business owners with lump sums for long-term financing. Commercial mortgage products that can be customized to meet your needs. Lines of credit that provide business owners with the flexibility to access cash quickly. Construction loans for new construction, remodeling, expansion, and other building projects. Interest rates on each of our commercial loan products vary, but we will work with you to find a loan that meets the needs of your business and provide you with great interest rates. Getting the help you need is simple. Visit a First Bank branch near you to discuss your options for business loans. If you need a commercial loan but aren’t sure where to begin, our online Financial Education Center offers tips, tricks, and resources for business owners on staring, managing, and growing a business. *Member FDIC.Equal Housing Lender. NMLS #474504. **Loans subject to credit approval. ——— Sources: http://smallbusiness.chron.com/average-interest-rate-small-business-loans-15342.html http://www.investopedia.com/articles/investing/080713/how-banks-set-interest-rates-your-loans.asp https://localfirstbank.com/business/business-loans/ https://localfirstbank.com/locations 2 min read

How To Get A Small Business Loan If you are an entrepreneur ready to start your own business, or a seasoned small business owner looking to expand, you may need to know how to get a small business loan. Acquiring the funds to start or grow your small business can be challenging, especially if you are unsure of which steps to take first. Below you’ll find the six key steps to successfully obtaining the loan you need. 6 Important Steps to Get a Small Business Loan According to Forbes, these are six important steps you should take in order to get a business loan: Start early. Think about your needs and the relationships you should build prior to actually requiring the loan. Decide what the money will be used for. Know how the money will be used and determine if that is a good or poor use of money. Adjust if necessary. >Decide how much money is needed. Make sure you don’t ask for too little or too much. Have a budget in mind, and show your research and projections. Know your score, income, industry risk, cash flow. Lenders will look at a lot of different information to determine if the principal borrowing the money is reliable Find a lender. You should research what type of lender can best fulfill your business needs. Consider your local First Bank.* Prepare your loan application. Generally this includes a business plan, financial results and projections and other relevant financial information. Business Loans from First Bank** If you are looking for a small business loan in North Carolina or South Carolina, your first step is to contact or visit your local First Bank branch. We’ve been providing entrepreneurs and small business owners with the tools they need to succeed since 1935, and we are committed to that same standard of service today. Our loan experts will talk to you about our requirements and guide you through the application process. We even offer an online Financial Education Center that features tips and tricks for starting, managing, and growing your business. * Member FDIC **Loans subject to credit approval. ——— Sources: Forbes: http://www.forbes.com/sites/aileron/2014/10/02/7-steps-to-getting-a-business-loan/ 2 min read

Find the Best Small Business Loan Rates Near Me at First Bank Searching for some of the best rates and the most flexible terms for your small business doesn’t have to take forever. At First Bank, we believe you should spend more time focusing on ways to expand your small business and less time worrying about financing it. Stop searching for “small business loan rates near me,” and start considering First Bank—where we are dedicated to meeting the financial needs of small business owners. At First Bank, we’re small enough to provide personalized service that you’d expect from your local bank and large enough to offer all the options you need to manage your finances. With more than 100 locations in North Carolina and South Carolina, it easy to find some of the best small business loan rates near you. Small Business Loan Options at First Bank First Bank’s loan options provide you with the financing you need in order to be successful in today’s competitive business world. Services we offer include: Business Loans – Infuse your small business with an immediate lump-sum of cash. Expand your business, finance new equipment, or refinance debt quickly and easily. Lines of Credit – Access cash quickly and conveniently so you can take advantage of business opportunities without having to wait. Commercial Mortgages – Take advantage of our commercial real-estate specialists and get help structuring a loan that meets your needs. Construction Loans – Build, expand, or remodel your business with a construction loan approved by our specialized financing team. Business Credit Card With Rewards – Make purchases for your business when you need to with our Mastercard Business Card with Rewards. SBA Loans – One of our SBA loan specialists can structure a loan for your small business when traditional bank financing isn’t the right fit. Our small business banking options don’t end there. We offer checking and savings accounts, debit cards, merchant and treasury services, and much more. Contact or visit a First Bank location to find out about our all of our business banking options, and learn more about small business loan rates near you. Loans subject to credit approval. 2 min read

Small Business Line of Credit Obtaining a line of credit for your small business can help your entrepreneurial spirit take the company to the next level. This line of credit can be a more affordable option than a business loan because you only pay interest on the money you utilize. Acquiring this type of loan depends on your current credit score and how much a bank perceives you as a risk. For small businesses, a line of credit is a good short-term option that works much like a credit card in the way it provides extra funds or cushion for financing “ongoing working capital.” Credit lines can be used in a variety of ways to benefit your business, including: remodeling, expanding or upgrading your facilities; buying new technological equipment; purchasing extra inventory for future events; launching a “new online marketing campaign”; creating a “new product prototype” or pursuing a “promising business opportunity”; and covering “unexpected expenses.” No matter which benefit you’re looking for with a small business line of credit, there are some factors to consider when determining if it’s the best financial option for your business’ cash flow. Top 3 Advantages of Obtaining a Small Business Line of Credit Stay in control—A line of credit enables you to further your business goals without bringing on investors, who will likely want at least some, if not a large portion, of control over your business in exchange for their financial backing. You also don’t have to “dip into personal savings or ask friends and family for money.” Financial flexibility—As previously mentioned, this credit line gives you more flexibility than a closed-end loan because you only “access money when you need it,” and you don’t have to pay interest on the funds you don’t use. Establish credit history—Building a good credit history for your business now helps to better your chances of obtaining “future credit accounts and loans.” Get a Flexible Line of Credit for Your Small Business at First Bank At First Bank, small businesses hold a special place in our hearts. Since 1935, when we opened our first branch in Troy, North Carolina, we’ve been known as a community bank that strives to assist local businesses get the financial support they need to achieve their 3 min read

3 Major Factors of a Small Business Credit Card Comparison Conducting a small business credit card comparison can be a useful tool when looking for resources that can help your company. But there are many credit card options available to entrepreneurs, which can make it difficult to choose one that is best fit for you and your business. When choosing a small business credit card, the Wall Street Journal suggests paying attention to three specific aspects: Interest rates. Whether you plan to pay off your balance as soon as you make a purchase, or carry a balance on your card, interest rates are important. Some cards will have a teaser interest rate as low as 0% for the first year, and most credit cards will raise your interest rate for any late payments. Rewards benefits. Consider the rewards you will earn for making purchases. For example, if your company travels a lot, you might want to look for a card that offers rewards on gas or travel. Annual fees. Some cards charge annual fees—others don’t. Pay attention to the annual fee charges when choosing a card in order to avoid paying yearly. With First Bank, you don’t have to spend all your time comparing credit cards. We offer one small business credit card with all of the features and benefits you need to run your business smoothly. No Other Credit Cards Compare Eliminate the hassle of credit card comparison with First Bank.* Our Mastercard Business Card with Rewards** does feature several benefits, including: 1.25 points for every $1 spent on qualified purchases Zero liability No annual fee 24-hour MasterCard Global Service® Purchase assurance MasterAssist: travel assistance MasterRental insurance Competitive interest rate Visit Your Local First Bank Today To learn more about our Mastercard Business Card with Rewards or other business loan options, contact or visit your local First Bank branch today. **See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ——— Sources: Wall Street Journal: http://guides.wsj.com/small-business/funding/how-to-pick-a-credit-card-for-your-business/ 2 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

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

Where to Get Small Business Loan Rates So you’ve decided to start a small business, and you have everything sorted out. Business plan…check, location, check. Small business loan rate quotes….not checked. Okay, so you have almost everything sorted out. You’re stuck on the next step—financing your business—and you aren’t sure where to get small business loan rates in your area. There are a lot of options for small business loans, but banks are still the best places you can go. If you live in NC or SC, you can move forward with your plans to open a small business quickly and easily. All you have to do is visit a First Bank location near you, and ask one of our experts about our small business loans. Rates can vary depending on the type of loan, so speaking with one of our experts is the best way to make sure you’re getting a rate that works for you. Loan Options at First Bank At First Bank, we understand that small business loans aren’t one size fits all. Different businesses have different needs, and that is why we offer a variety of small business loan options, including: A business credit card with rewards Lines of credit Business loans Commercial mortgages Construction loans SBA loans All of our loans are offered with flexible terms and highly competitive rates*. With First Bank, you won’t have to wonder where to get small business loan rates anymore. What’s Next? Now that you’ve gotten your finances figured out, what’s next? According to the U.S. Small Business Administration, you have 6 steps left: Determine the legal structure of your business Register a business name Get a tax identification number Register for state and local taxes Obtain business licenses and permits Understand employer responsibilities For more information on starting a small business or answers to questions like “where to get small business loan rates?”, visit your nearest First Bank location to talk to a business loan expert today. Loans subject to credit approval. ——— Sources: Bank Rate: http://www.bankrate.com/finance/personal-finance/3-ways-to-get-a-small-business-loan-1.aspx Small Business Administration: https://www.sba.gov/content/follow-these-steps-starting-business 2 min read

Credit Cards for Small Business – South Carolina First Bank is rooted in our dedication to small businesses and offering credit cards for your business is one way we can help. With fifteen locations in South Carolina, First Bank is there to back all of your small business needs. The First Bank Business World credit card provides a foundation for your small business in the form of financial boosting, security protection and more. Perks of a Credit Card for Your Small Business Small business owners work hard and it is First Bank’s commitment to work hard for them. Our credit card for small business has no annual fee and comes complete with a full slate of additional perks. Card Benefits. Earn points for every dollar spent on qualified purchases and watch your rewards grow with the free One Rewards program. Use our rewards calculator to watch your travel, entertainment and retail benefits rack up. Security Benefits. Your small business can enjoy peace of mind with zero liability for unauthorized purchases, protection from employee misuse of the card and from fraudulent online use. First Bank keeps an eye on your small business with 24-hour help for lost or stolen credit cards and emergency card replacement or cash advances. Convenience Benefits. As long as you pay your balance in full and on time you’ll be rewarded with a 26-day no-interest grace period for purchases you’ve made. At the end of every year we’ll prepare a detailed summary of your account to help you identify areas of potential savings and make tax preparations a snap. Shopping Benefits. Using your First Bank credit card for small business purchases can double the manufacturer’s existing warranty or initiate a 90-day warranty if one is not already in place. Travel Benefits. First Bank hits the road with you to provide reimbursement for; damage to or theft of a rental car, trusted medical and legal referrals in foreign countries and recovery of Value Added Taxes (VAT) incurred on foreign business. Contact a First Bank Specialist Today Watch your business grow with First Bank’s credit card for small business. Contact a First Bank specialist today to discuss credit card options for your small business. ———- Sources: Investopedia: http://www.investopedia.com/terms/z/zero-liability-policy.asp Investopedia: http://www.investopedia.com/terms/v/valueaddedtax.asp 2 min read

Small Business Loans Made Easy – First Bank of North Carolina North Carolina is a smart choice for any entrepreneur looking to start a business. The state encourages its residents and visitors to shop local. Organizations like Shop Local Raleigh and Got To Be NC have popped up all over North Carolina. Their goal is to promote local businesses and to encourage people to support the local economy. First Bank understands the importance of supporting the local economy. We first opened our doors to meet the needs of a small town that lost its only bank in 1935 and we were known for helping local farmers and businesses manage their finances. If you are thinking about starting a business in NC, consider a small business loan with First Bank because we’ve cared about the needs of small businesses since day one. Get a Small Business Loan from First Bank Starting a small business should be a rewarding experience, and First Bank provides you with the tools to be successful. We offer small business loans with flexible terms and competitive rates. Small business loans enable you to infuse your business with a lump-sum of cash, so you can get what you need for your business quickly and easily. First Bank also offers other business loan and credit options to fit your small businesses’ needs, including: A business credit card with no annual maintenance fee.* Lines of credit to meet your unique needs. Commercial mortgages to help you move into the space of your dreams. Construction loans for new construction, remodeling, expansion, and other construction projects. Our business banking services do not end there. We can also provide you with checking and savings accounts, merchant services, treasury services, and more. Visit Your Local First Bank Today It isn’t hard to see why First Bank was rated one of the best small business lending banks in the nation. Visit us to learn more about our small business loans and other business banking options. We have over 90 locations in North Carolina, making it easy to find a location near you. *See our Terms and Conditions for complete details on our One Rewards Program. ——— Sources: Shop Local Raleigh: https://shoplocalraleigh.org/ 2 min read

Where to Get Physician Mortgage Loans If you’re a business-minded professional looking for a mortgage loan with a competitive rate, you’re in luck. First Bank is pleased to be the place to secure physician mortgage loans. We offer professional mortgage loans for physicians, dentists, optometrists, Pharm.D pharmacists, ophthalmologists, podiatrists, osteopathologists, and veterinarians. What is a Physician Mortgage Loan? Physician mortgage loans are home loans that are designed to meet the needs of physicians that are just starting out. New physicians typically graduate college with a substantial amount of student loan debt, making it hard for them to qualify for loans. Physician mortgage loans are typically easier to qualify for because the lender takes into consideration the amount of money a physician will make once he or she graduates. Professional Mortgage Loans from First Bank First Bank offers professional mortgage loans for physicians looking to purchase a primary homes, details include: No mortgage insurance required No down payment required Prepay your loan under no penalty Seller contributions or gift funds of up to 3% of the purchase price may be used for closing costs Maximum of 100% loan-to-value for purchase of primary home For more information on physician mortgage loans, talk with with a First Bank mortgage loan officer. Physician Mortgage Loans — Apply Today First Bank offers two convenient ways for physicians to get mortgage loans. You can use our online application to apply for a loan. That means you don’t have to leave your own home to apply for a professional loan. Just gather your financial and property information and easily complete the application. Or visit one of our 100 plus locations throughout the Carolinas. Loans subject to credit approval. ———- Sources: NY Times: http://www.nytimes.com/2014/10/12/realestate/mortgages-for-physicians.html?_r=0 Investopedia: http://www.investopedia.com/terms/a/amortization.asp 2 min read

Where to Get Commercial Mortgage Rates Location, location, location. The value of location is just as important for commercial success as it is for where to get commercial mortgage rates. The wrong rates can lead your business off the beaten path while commercial mortgage rates like the ones from First Bank can have your business on the fast track to profitability. First Bank: Where to Get Commercial Mortgage Rates The Houston Chronicle examined the value of having just the right physical location for a business; various factors like foot traffic and visibility come into play when choosing a location. First Bank takes a closer look at this issue and provides some key insights into choosing the perfect location for your next business. When choosing a business location, consider the following factors: Location. Location, location, location–this old adage isn’t just lip service. Choosing a location that’s safe, convenient to target customers and (yes) convenient to you and your staff’s commute is essential to a smooth operation. Building. When choosing the face of your business, customers often will and do judge a book by its cover. Think about your branding, size, needed repairs, parking and growth projection when deciding upon the best place to set up shop. Terms. Always read the small print before signing that dotted line! Consider factors like leasing or buying terms and cost, always compare with like-buildings in the area. With over 100 locations spanning North Carolina and South Carolina, First Bank is proud to help businesses find a home with competitive commercial mortgage rates.* Have more questions? We’re here to help! Contact a small business specialist with First Bank and let us know how we can help you realize your goals and secure a great commercial mortgage rate. Loans subject to credit approval. ——— Sources: Houston Chronicle: http://smallbusiness.chron.com/location-add-value-small-business-77422.html Investopedia: http://www.investopedia.com/terms/c/commercial-real-estate-loan.asp 2 min read

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