Running a Business Articles

Build and grow your business with a strong financial foundation. Check out these articles for tips and resources.

Learn About Running A Business

Whether you’re a small local shop or an online retailer, running a business is a complex and dynamic challenge. Use these articles to broaden your understanding of the tools that are available and some proactive measures you can take to set up your business for success.

All Protecting Your Assets Managing Cash Flow Employee Benefits Preventing Fraud Scaling and Growth Loans and Credit Small Business Essentials Starting Your Business

3 Reasons to Use a Commercial Building Loan Calculator If you’re looking to build or to purchase a commercial building, it’s a great idea to start with a commercial building loan calculator. It can give you a sense of how much to borrow for the property you’re hoping to purchase, what your loan payments might look like each month, what amortization does to your loan, and whether the provider of the commercial building loan calculator might make a good financial partner. First, let’s start with what a commercial building loan is. Much like a mortgage loan is used to purchase or refinance a home, a commercial building loan is used for an office space or piece of property that will be used or owned by a business. Commercial building loans (aka commercial mortgages) are typically funded by a bank or another type of financial institution and often require collateral. The collateral for your commercial building loan is usually the commercial property or real estate that your business wants to buy, build, or refinance. As with most type of loans, the lending partner will take into account your creditworthiness and ask for documentation of your business (e.g. tax returns, bank statements, balance sheets, etc.). See what it takes to apply for a business loan. Commercial Building Loan Calculator Benefit One: Get a Sense of Payment Amounts By using a commercial building loan calculator, you can figure out how different interest rates impact your loan. Plus, you can adjust the term of the commercial building loan to see the amount the lender expects you to pay back each month and how long it might take you to pay off your loan. The “term” of a commercial building loan is the time limit (in years) within which the loan must be repaid. Commercial building loans are offered in a variety of terms lengths. Commercial Building Loan Calculator Benefit Two: What Does It Mean to Amortize A commercial building loan calculator can also give you an idea of what different amortization does to your commercial mortgage. This is because amortization determines how much principal and interest you pay back each month on your commercial building loan. Note that if the number of years you choose to amortize is longer than the term of 4 min read

New to Working From Home? Here’s How to Do It Safely To help mitigate the threat of COVID-19, businesses and employees are finding themselves taking part in the biggest “work from home” experiment ever tried. If you are one of those business owners or employees, here are some security tips to help protect you and your data while you work in your home office. 3 min read

Small Business Startup Loans in North Carolina If you have a good idea and a little bit of business savvy, a small business startup loan can serve as the cornerstone to your fortune. Whether it’s a traditional business loan, credit line, commercial mortgage, construction loan or business credit card, First Bank* can provide the foundation you need to become your own success story. Sign up for a free small business financial consultation with one of our experts or visit your nearest North Carolina First Bank to learn more about a small business startup loan. Small Business Loans from First Bank First Bank’s small business startup loan offerings include: Lump-sum loan to finance equipment or vehicles Business credit card for all those everyday business expenses Business line of credit for continued borrowing Commercial mortgage so you can buy the business space of your dreams Construction loan for starting from scratch or renovation projects Learn more about how First Bank’s small business start up loans can help you succeed. Using a Loan to Start a North Carolina Small Business Our support for small businesses extends well beyond startup loans. Utilize our Financial Education Center to read about valuable information for small business owners including: How to evaluate a location for business potential. Tips for marketing a small business and social media strategies. Common cash management mistakes and how to avoid them. How to utilize Google to help new customers find you. Ways to thank your customers and cultivate loyalty. How to gather customer data. Come to First Bank for a small business startup loan and turn your idea into a success story! Contact us or stop by a North Carolina First Bank location near you. For even more information on First Bank, read our articles on what’s required to open a business checking account, construction loans in North Carolina, and small business credit card comparisons. Loans subject to credit approval. ——— Sources: Small Business: http://smallbusiness.chron.com/definition-business-loans-1902.html 2 min read

Commercial Financing Finding the right commercial financing is easier said than done. If you’re starting a business or trying to grow, finding the right option can be a tough task. Learn more about different commercial financing options and how First Bank can help. Commercial Financing Questions and Options While finding commercial financing can be critical to business development, navigating the process is never easy. Understanding your financing options can be the difference between success or stagnation. Whether it’s knowing how much to borrow or finding a good rate, few business owners can do it alone. There are a range of products for business owners to get capital. Here are some options you will find at First Bank: Lines of Credit First Bank offers several different lines of credit for small business owners. Whatever your needs, you’ll find the flexibility to access your money both quickly and conveniently. And the good news is, once your credit line is repaid, you can reuse it as needed to keep pace as business opportunities arise. SBA Loans Perfect for small business owners, SBA loans are government sponsored. This can help people get started when traditional commercial financing isn’t an option. Learn more about First Bank SBA and how we help small businesses. Loans for Construction Whether you’re building, remodeling, or expanding your space, we can help you find a solution. First Bank’s financing specialists help connect builders and borrowers with the loans they need to get the job done. Business and Commercial Loans Business owners are able to quickly enhance their financing with First Bank’s competitive loans and mortgages. If you’re financing small items or need real estate expertise, these are the best options for you. Find a First Bank Branch Near You We take pride in getting small businesses the financing they need to be successful. Whether you’re just starting up or are looking to grow, we can find the money you need so you can spend time building your business. Get started today by finding a First Bank branch near you! Loans Subject To Approval 2 min read

Bank Accounts for North Carolina Businesses If you’re running a business, you want to make sure your finances are in good order. First Bank* offers North Carolina businesses the bank accounts and merchant services tools needed for success. Financial Services at First Bank First Bank is headquartered in North Carolina and boasts over 80 locations across the Tar Heel State. We got our start in the town of Troy, NC, back in 1935. With an array of business bank accounts and other services, we make it our business to help yours. First Bank has multiple business checking options and business savings accounts. A First Bank account was named one of the “Best Bank Accounts for Small Businesses” in 2019. North Carolina businesses utilize First Bank merchant services for operations including online payments, payroll direct deposit, and more. Put your business in the hands of First Bank can increase efficiency, satisfy customers, streamline operations and elevate your bottom line. Start by comparing our business bank account offerings, and contact your nearest First Bank location for more information. First Bank’s Business Bank Accounts Not all businesses are alike, nor are all business bank accounts. At First Bank, we are proud to offer multiple types of business checking and savings accounts so every company can find the financial foundation it needs. Business Checking Accounts in North Carolina Business Essentials If you are self-employed or own a small business, a Business Essentials account may be right for you. This basic account was named one of the “Best Bank Accounts for Small Businesses” by WalletHub in 2019. Business Interest Why not get a little more out of your business earnings? Our Business Interest account offers all of the same features as the basic Business Essentials, while also allowing you to accrue interest on your account. Business Advantage If your business processes a higher volume of transactions, the Business Advantage account might be a good fit for you. Commercial Analysis Larger organizations need more financial resources and that’s where our Commercial Analysis account comes in. In addition to the basic features of Business Essentials, you’ll also have access to custom programs for your large business needs and can offset service fees with a monthly credit that is earned on your balance. Business Savings Accounts in 12 min read

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

6 Steps to Starting a Small Business in North Carolina First, you had an idea for a small business. Now, you want to set that idea in motion. If you are looking to start a small business in North Carolina, here are the first steps you can take to make your idea a profitable reality. Steps to Starting a Small Business in North Carolina Small businesses account for the majority of new job creation in North Carolina. They are an integral feature of the state economy and can be easily established in a few steps. Create a business plan — Clearly identify the objectives of your business and why it will be successful. Search out examples of business plans if you are unfamiliar with the process. Decide on your business structure and register your business name — Register the name of your business and the type of business (nonprofit, private corporations, LLCs, etc.) In order to operate legally, you will need to be registered as a business in the State of North Carolina. Get license requirements — Obtain any necessary licenses required for operation. Be sure to adhere to county and federal requirements, as well. Obtain the necessary tax information — In order to move forward with opening a business, you must be registered with the State and Federal taxation departments. Once you have your tax ID number, you are one step closer to opening for business. You can use this business tax information to identify your requirements. Identify sources of financing (apply for small business loans) — If you are starting a small business in North Carolina, you may need financial backing to support your first or second year of operation. This money will cover expenses such as property leasing, salaries and product stock. Find a bank that will lend to your business with a reasonable interest rate and a short repayment term to minimize the cost. Learn about employer reporting requirements and responsibilities — You’ll need to register as an employer, and for unemployment insurance and worker’s compensation insurance. You’ll also need to apply for federal and state withholding numbers. The Right Bank for Your Small Business Needs First Bank* offers the comprehensive range of financial services you need to start a small business in North Carolina. With dedicated service to our community since 1935, 3 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

Community Bank for Small Business Since 1935, First Bank has been the go-to community bank for small business owners. Our first branch opened in Troy, NC, where we helped farmers and local business owners manage their funds. We have continued to evolve to meet the needs of our customers, and today we are the top choice for businesses across North Carolina and South Carolina. A Community Bank That Cares About Small Businesses Not all businesses are the same, and we are a community bank with community values that strives to anticipate and meet your needs. Small business owners will find that we offer multiple banking options to fit their needs. Banking: Our checking and savings accounts are designed to accommodate businesses at any level. They range from the most basic Business Essentials plan, to our most advanced Business Advantage Plus plan. Online & Mobile Banking: A business account with First Bank gives you access to our free online and mobile banking services. Quickly and easily manage your funds from your computer or mobile device. Loans & Credit: Whether you are just getting started or constructing your second office, we have options to fit your needs. We offer loans, mortgages, and lines of credit with flexible terms and competitive rates. Merchant Services: With state-of-the-art transaction processing services, we make processing credit cards, debit cards, gift cards, and electronic checks easy for your business. Treasury Services: From deposit services to payroll direct deposit, we offer a wide range of cash management services to enhance your business. SBA Loans: This government-sponsored small business loan features flexible terms and competitive rates when traditional bank financing isn’t an option. We are a community bank for small business owners, so we understand that growing a business takes work. FitSmallBusiness recently rated us as one of the best SBA lenders in the nation. Let us handle the money so you can get down to business. Click here to find a branch near you. Account service fees may apply as described in the Account Services Fee Schedule or at your local branch. Sources: FitSmallBusiness.com:https://fitsmallbusiness.com/best-sba-lender/ 2 min read

Explore Courses to Help Run Your Business

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

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Small Business Essentials Learn the basics of managing a small business. 6 Topics

Streamline how you process payments. View Credit Card Processing

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Accelerate growth and get great benefits. Business Elite Checking

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