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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Get Maximum Flexibility With a Small Business Credit Card Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to streamline your financials into one place. A small business credit card not only allows you to establish good credit in your business’ name, but it also provides you with maximum flexibility for your business’ expenses. This flexibility stems from the ability to continue charging up to your credit limit in cases of larger purchases, as long as you repay your monthly bill. Having a specific business credit card also separates expenses for your personal card from those for your business when monthly bills arrive. 9 Benefits of a First Bank Credit Card for Your Small Business At First Bank, we know flexibility is essential when it comes to running a small business so we made sure to create a small business credit card* that caters to the user’s financial freedom in a convenient and secure way. Let’s take a look at the benefits our First Bank Business World Elite credit card can provide you. No annual fees. Yes, you read that right. No annual fees, whatsoever. Earn rewards on your every day and monthly purchases. With our business credit card, you can earn 1.25 points for every $1 spent on a qualified purchase. Calculate your points total with our rewards calculator. Zero liability means you only pay for purchases you’ve authorized on your Mastercard® debit or credit card. Other security benefits include protection in cases of employee misuse of charge privileges and fraudulent online use of your card information. Extended warranties. Paying with your eligible Mastercard can double your manufacturer warranties up to one year. Get coverage for items purchased with an eligible Mastercard that protects you if an item is damaged or stolen within 90 days of the purchase date. Travel assistance. Traveling 50 miles or more? We’ve got you covered with numerous travel-related assistance services, including medical and legal referrals to help during an emergency. Rental insurance that can provide you with reimbursement for physical damage to or theft of a rental vehicle. Recover VAT (Value Added Taxes) expenses incurred by U.S. company employees during foreign business travel. Visit 3 min read

Mastercard Business Card with Rewards Business owners use credit cards to pay for most business expenses. It’s important to have a business credit card that enables you to get the most out of your money. Discover your credit card options at First Bank. 3 min read

Find Small Business Loans in South Carolina It can be hard finding the right small business loans in South Carolina, especially when you’re looking for a new bank. At First Bank, we’re have six convenient locations across South Carolina to provide the best in small business banking. Loan Options for Small Businesses When you work with First Bank, you’re working with the bank that was named the Community Bank of the Year by NC Rural Center. Check out our small business loan options, featuring flexible terms and competitive rates you can expect from working with First Bank. Business Loans — When you need an immediate lump sum of cash to help finance projects, inventory, or equipment, consider one of our business loans. Our loans are convenient for small business owners looking for long-term financing options.* Lines of Credit — First Bank’s lines of credit give small business owners the flexibility they’re looking for when they need to quickly and conveniently access cash. No matter how you use it, our credit lines are designed to meet your business’s unique financial needs. Commercial Mortgages — Our wide selection of commercial mortgages are available at a competitive price. We have a dedicated staff of commercial real estate specialists who can offer industry knowledge and market area expertise to help you find the right product for the needs of your business.* Construction Loans — For small businesses looking for begin a project for new construction, remodeling, expansion, or other construction projects, First Bank’s financing team can provide loans for investors and builders looking to for loans uniquely designed for their construction needs. Business Credit Cards — We offer our First Bank Mastercard Business Card with Rewards credit card, which can benefit small businesses as their own expense management tool that offers lower rates, no annual fee, and rewards benefits.* All Your Business Loan Needs at First Bank in South Carolina Since opening our first branch in 1935, First Bank has been dedicated to helping local communities succeed in their financial endeavors. Whether you’re looking for a personal or small business loan in South Carolina, we can work with you to find the best products for your needs. Come visit your nearest First Bank in South Carolina today to get started. *Loans subject to credit approval. See our Terms and Conditions for complete 3 min read

First Bank: Financing Loans for Businesses Choosing a bank to finance the right loan for your business is a critical decision. There are loans that cater to the established business looking to expand, and there are loans for the entrepreneur just getting started. The team at First Bank can help you choose the financing that’s right for you. Business Financing Options Shopping for loans can be overwhelming because of the large number of options available. Here’s a quick overview of some common types of business loans: Secured Loans Lenders offer secured loans because they are low risk. The borrow is required to put up collateral in exchange for the financing. Unsecured Loans Unsecured loans do not require the buyer to put up collateral. Approval for unsecured loans often depends on the borrower’s available capital and credit score. Short-Term Loans Short-term loans serve as a quick infusion of cash that requires swift repayment. Long-Term Loans A long-term loan is financing that is repaid over more than 12 months. If you’re needing to acquire assets for your business, this may be the right option for you. SBA Loans The Small Business Association (SBA) is a government agency that helps small businesses find loans. If you do not qualify for a traditional loan, you may be eligible for a loan through the SBA. If you’re just starting out, an SBA loan may be right for you. First Bank SBA has financed thousands of small businesses. SBA Loan Options Some common types of loans from the SBA include: 7(a) loans This common and versatile loan provides the necessary financing to launch a new business or to acquire or expand an existing one and can provide up to $5 million with terms stretching up to 25 years. Microloans Microloans are similar to the 7(a) loan but finance only up to $50,000, with repayment terms reaching up to six years. CDC/504 loans CDC/504 loans provide long-term and fixed-rate financing for the acquisition of real estate and expensive assets. Find a First Bank Near You Whatever your goals, we can find a loan to fit your needs. Find a First Bank branch in your area and start growing your business today. ———— Sources: SBA: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-program-eligibility SBA: https://www.sba.gov/content/disaster-loan-program Loans subject to credit approval. 2 min read

Small Business Loans for Women in South Carolina First Bank in South Carolina is dedicated to helping women entrepreneurs get their businesses up and running. That is why we offer a variety of small business loans with competitive rates. According to the National Association of Women Business Owners (NAWBO), more than 11.6 million firms are owned by women, generating $1.7 trillion in sales nationwide. However, some business owners needed financial backing for their ideas. In South Carolina, small business loans for women can be found at any of First Bank’s six branch locations.* Better Small Business Loans First Banks offers all types of loan services for women in South Carolina. Business loans — A First Bank business loan provides a lump sum of cash for all of your startup costs. Credit line — Our credit line gives you a revolving door of lending so you can borrow when you need it and pay it back when you can. Credit card — Our First Bank Mastercard Business Card with Rewards allows you to make those everyday purchases your small business needs. Commercial mortgages — First Bank offers a variety of commercial lending products with competitive pricing. Construction loans — Use a First Bank construction loan to remodel, expand or take on other construction products. Visit Your Local First Bank Once you have the money you need to launch your small business, take advantage of First Bank’s merchant services such as mobile payment processing, check collection, payroll solutions and more. Visit a First Bank in South Carolina to learn more about a small business loan today. Loans subject to credit approval. Sources: 2 min read

Commercial Loan Payment Calculator Are you interested in obtaining a commercial mortgage? A commercial loan calculator* can help determine your monthly payments. This is important because purchasing a location for your business is significant and requires a lot of preparation. Calculating your monthly mortgage payments before applying is one way you can ready yourself to take out a commercial loan. Calculate Your Monthly Commercial Mortgage Payments Repayment structures are different for commercial mortgages than residential mortgages. Commercial mortgages typically have two components: the amortization and the balloon payment. The amortization or the term of the loan calculates your monthly payment. The balloon payment becomes due after a specified period of time, requiring the borrower to pay that amount in full, refinance, or sell the property. The commercial mortgage loan experts at First Bank are a great resource and can help you determine a monthly commercial mortgage payment (come by your local branch to speak with one today). You can also use our commercial loan calculator. This tool computes monthly principal and interest payments, and balloon repayments. All you have to do is enter information about your loan and click Calculate Your Results. What you will need to know: Loan amount – The total loan amount desired. Interest rate – The percentage you pay for the use of an amount of money for a specified period of time. Individual loan interest rates depend on a number of factors such as current typical rates, location, and financial records. Interest rates will be either fixed or adjustable. Fixed rates will not change over the term of the loan, allowing for predictable payments. Adjustable interest rates can adjust either up or down at defined intervals according to a market index, which may increase or decrease your payments accordingly. Term in number of years – The time limit within which the mortgage loan must be repaid. Commercial mortgage loans are offered in a variety of term lengths. Generally the longer the term, the smaller your minimum monthly payments will be. Amortization term in number of years – The number of payments over which your loan payment is calculated. If this is longer than the term, this will result in a balloon payment for the final payment. Click here to 3 min read

Find New Business Loans Near Me First Bank offers a generous and versatile array of options to find new business loans near you. We were recently named one of the best banks in North Carolina by Forbes.com, so you can expect professional and personal care from any of our North Carolina or South Carolina branches to help your business succeed together. Types of New Business Loans Nearby First Bank has more than 100 locations serving the Carolinas, so there’s always a way to get a new business loan nearby. We offer the following options to help businesses grow: Business loans: Inject your business with some long-term financing capital to get started. Put funds to work immediately so you can take the first step. Credit lines: Open an avenue for accessing cash for your business in a fast and easy way. A business credit card: Jumpstart your business with low rates, no annual fees and a free rewards program. Commercial mortgages: Take advantage of First Bank’s staff of commercial real-estate experts to customize a mortgage to fit your business. Get a Business Loan Nearby with First Bank First Bank’s dedication to helping businesses grow doesn’t stop there. We also offer business checking and savings accounts, financial education for your employees (free!), and a business debit card. First Bank business customers can also get comprehensive business services, such as payment processing for point-of-sale, check fraud protection, and payroll direct deposit. Visit our business page to find a new business loan* near you with First Bank. For more information about First Bank, check out some of our related articles: Where to Get Small Business Loan Rates, How to Get a Small Business Loan, or Small Business Loan Rates Near Me. *Loans subject to credit approval. **While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a 2 min read

What is the SBA? If you have a business plan but are having trouble acquiring a bank loan, consider reaching out to the Small Business Association (SBA). The SBA is a government-affiliated organization that provides small businesses with a variety of finance programs. The SBA can help facilitate a loan for you with a third-party lender. What is the SBA? Many people opening a new business may not yet be familiar with the SBA. It’s an agency backed by the federal government that helps entrepreneurs and small business owners access starting capital, and under some conditions approval is guaranteed. In order to help people start or expand their businesses, the SBA partners with a network of lenders to help provide loans, contracts, and other forms of financial assistance. SBA Loan Basics If you’re a small business owner having trouble qualifying for a traditional loan, the SBA offers various different loan programs, each designed for a specific purpose. If you’re starting or expanding your business, consider the following loan programs: Basic 7(a) Program Certified Development Company (CDC) 504 Microloan If your business has suffered an economic loss or physical disaster, consider a: Disaster Loan Veteran and Military Community Loan In addition to those programs, there are also: Export Assistance Loans Special Purpose Loans How First Bank SBA Can Help A lot of business owners just starting out use the First Bank SBA option so they can stop worrying about money and focus on work. Here are the ways our SBA loans help you get off the ground: Acquisition There’s often less risk involved when acquiring a business than if you’re starting from scratch. First Bank gets you the financing you need while providing guidance worthy of an acquisition partner. Refinance Debt For business owners who are refinancing, First Bank will properly evaluate your loan and give you the best plan moving forward. Succession Whether you’re taking over the family business or buying into a new opportunity, First Bank provides business owners with clear guidance and thoughtful planning. Need help figuring out which loan program best fits your financing needs? Talk to the experts at First Bank to discuss loan types and SBA lenders in your area and to get the application process started right away. ———- Sources: Small Business Association: sba.gov/loans-grants/see-what-sba-offers/what-sba-offers-help-small-businesses-grow SBA.gov 7(a) program: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-program-eligibility SBA.gov: sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/loan-programs Loans Subject 3 min read

Small Business Loans for Women in North Carolina If you live in North Carolina and you’re looking for small business loans for women, your local First Bank can help. We offer a variety of small business loans that can help female entrepreneurs start or expand their North Carolina Business. First Bank’s Small Business Loans for Women The costs of running a small business come in many shapes and sizes and that’s why we offer a number of different options for financing a business.* Commercial Mortgages — If you need a storefront, warehouse, office or other location for your business, consider a commercial mortgage to finance an existing location. Construction Loans — Maybe you need a construction loan to build a place of your own or perform remodeling or expansion on an old one, we can help! Business Loans — Startup costs can be taken care of with a lump sum business loan from First Bank. Whether it’s equipment, supplies, inventory or other needs, we can get you off and running. Lines of Credit — Starting and running a business doesn’t come without everyday, unforeseen costs to keep things afloat. Our business line of credit is a great way to manage these expenses. Business Credit Card — First Bank’s Mastercard Business Card with Rewards is a great way to make everyday and monthly business purchases while earning rewards points—all with no annual fee. SBA Loans — A government-sponsored loan from the Small Business Administration (SBA) can help you grow your small business when traditional bank financing may not be an option. Check out our small business loan options in more detail when you stop by your nearest branch today! Resources for Women Business Owners in NC North Carolina has plenty of business development resources for women, including: The Women’s Business Center of North Carolina — this center offers “tools and support to establish businesses, stabilize their companies, generate sustainable profits, strategize for future growth and contribute to the growth and economic development of the community.” Center for Economic Empowerment and Development — CEED has a history of helping women and families through specialized programs, and their mission is to “promote growth, productiveness and well being through peer counseling, education, information, and advocacy programs.” N.C. Department of Administration’s Office of Historically Underutilized Businesses — 3 min read

3 Surprising Facts About Small Business Loans When the time comes to invest in new resources, a small business loan can help you stimulate production and grow. But what should you expect when applying for a loan? 5 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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