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.

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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

Bank Accounts for Businesses in South Carolina Do you own a South Carolina business? Are you looking to start one? There are a number of reasons why South Carolina is a great state to do business. And First Bank* is here to provide the bank accounts, tools and services you need to succeed. The Palmetto State has several First Bank locations – with branches in Anderson, Blacksburg, Charleston, Cheraw, Columbia, Dillon, Florence, Greenville, Greer, Latta, Orangeburg and Rock Hill. We offer a variety of business checking and savings accounts as well as a collection of financial services to help you better mange your business. Find the First Bank location nearest you, and open a business bank account today. First Bank Business Checking Accounts in South Carolina We offer business checking accounts to fit the needs of any business, of any size. Compare the list below to choose the one that best works for your business. Business Essentials. WalletHub named this account one of the “Best Bank Accounts for Small Businesses” in 2014. Business Essentials is perfect for small businesses or self-employed individuals with small transaction volume. Business Interest. An upgrade from Business Essentials, this account comes with all the same basic features but allows you to accrue interest. Community Checking. The perfect account for nonprofit organization and community groups. Business Advantage. If you’re looking for a fundamental account that allows for higher transaction volume, Business Advantage may be right for you. Commercial Analysis. Larger businesses have bigger needs and might benefit from our Commercial Analysis. This option comes with custom programs for business needs on top of all the basic features of Business Essentials. First Bank’s Business Savings Accounts in SC Our collection of business checkings accounts is complemented by our three business savings accounts. Compare the three options in the list and table below. Business Savings. With no minimum balance required to start earning interest, our Business Savings account is perfect for small startups looking to find a foothold in the market. Money Market. More aggressive business owners might look to our Money Market option, which allows for six withdrawals every month free of any First Bank fees.† Certificates of Deposit.‡ Our FDIC-insured CDs typically come with a guaranteed, fixed interest rate to allow for a 10 min read

Where to Get Mobile Payroll Solutions In today’s on-the-go world, you can do just about anything from a mobile phone, tablet or laptop. If you run a business in this tech-driven environment and have employees to pay, you might be wondering where to get mobile payroll solutions. First Bank has more than 100 locations in the Carolinas, but you don’t need to physically visit one to satisfy your payroll or banking needs. With free online and mobile banking for all of our business checking and savings accounts, First Bank is with you and your employees wherever you go. Mobile Banking Options First Bank provides customers with two easy ways to bank on the go. With a wireless web connection, just log into your account through our website to access your money 24 hours a day, making it easy to process your payroll during off-business hours. If you have an iPhone, iPod touch or Android device, just download our LocalFirstBank mobile app* and access your account with one touch of the screen. Mobile Payroll Benefits First Bank is the go-to place to get mobile payroll solutions. We offer a number of advantages associated with digital banking. By being able to make direct deposits from any location at any time, our business customers can: Cut Costs. Stop spending money on printed checks and postage and avoid fees associated with stop payments and reissues for lost or stolen checks. Improve timeliness. Nobody likes waiting for their paycheck and with our direct deposit service you can easily distribute checks to absent or off-site employees. Eliminate the time required to print, sign and mail checks. Reduce risk. Eliminate check fraud by eliminating checks altogether. Provide added convenience. Allow your employees to split their deposits between checking and savings accounts and reduce trips to the bank. Get Mobile Payroll Solutions with First Bank Learn more about why First Bank is where to get mobile payroll solutions and how you can even use payroll cards to make direct deposits to employees without bank accounts. *While First Bank does not charge for mobile banking, check with your mobile service provider for web access fees. iPhone®, and iPod Touch® are registered trademarks of Apple, Inc. Android™ is a trademark of Google Inc. ——— Sources: Investopedia: http://www.investopedia.com/terms/d/directdeposit.asp Investopedia: 2 min read

Credit Card Processing for Businesses If you are a business owner, you probably know that accepting multiple forms of payment (cash, debit, credit, and checks) is important. But you may not know just how essential credit card processing is to the success of your business. In the next few years, only 23 percent of all point-of-sale purchases are expected to be made with cash. That means a greater number of shoppers favor credit and debit cards over the traditional cash payment. Couple this statistic with the growing trend of mobile shopping, businesses have to innovate to acquire and maintain customers. Transitioning from cash-only to accepting other forms of payment may seem like a hassle, but with First Bank, it doesn’t have to be. Credit Card Processing from First Bank* First Bank offers payment processing and management services for businesses of all sizes. With First Bank, your business can accept credit cards, debit cards, electronic checks, and other forms of electronic payments. First Bank is partnered with Heartland, one of the nation’s largest providers of merchant card processing. With our services, you can: Improve revenue capture Expand your customer base Create purchase mobility Reduce payment risk Our payment processing and management solutions give you the ability to process payments through point-of-sale terminals, the Internet, and wireless and mobile applications. And we make it easy to keep track of your sales and payments with our web-based reporting service. Before you put a “cash only” sign on your front door, stop by your local First Bank to speak with one our experts about credit card processing. We’ll talk to you about your options and show you how our flexible and customizable payment processing solutions could work for your business. Sources: http://www.businessnewsdaily.com/4394-accepting-credit-cards.html 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

Small Business Startup Loans – South Carolina Building a successful business takes passion, hard work, and dedication, but you shouldn’t have to do it all on your own. With First Bank’s small business startup loans, you can get the funds you need to build and grow a successful business from the ground up. Get a Startup Loan from First Bank Small business startup loans aren’t one-size-fits-all and that’s why your local First Bank offers five business loan options to meet the unique needs of businesses like yours. Each of our credit options provides you with competitive rates and flexible terms, giving you an edge over the competition. We provide our customers with: A business credit card with rewards benefits that offers lower rates and no annual fee.* Lines of credit that give you the ability to access cash quickly and conveniently. Business loans for long-term financing so you can expand your new business easily and quickly. Commercial mortgages that can be customized to meet your individual needs. SBA loans, which are government-sponsored loans provided through First Bank. First Bank Success Story In 1918, Schofield’s Hardware Store in Florence, South Carolina, opened for the first time. Nearly 100 years later, Schofield’s is still providing its loyal Florence customers with a variety of products from clothing to paint. “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.” Our support for small businesses reaches well beyond startup loans. Check out our Financial Education Center to learn more about starting and running your own business, including: Evaluating a location for business potential Tips on marketing and social media strategies Cash management mistakes and how to avoid them Utilizing Google to help new customers find you Ways to grow a loyal customer base Visit First Bank Today Our resources for small business owners don’t end with startup loans. We also offer business checking accounts, savings accounts, treasury services, and more. To learn about our small business startup loans, visit one of First Bank’s South Carolina locations today. *See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. ——— Sources: Money Crashers: http://www.moneycrashers.com/new-home-construction-loan/ 2 min read

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Business Owners: Put Automation to Work for You A year ago today, Ann was a totally different entrepreneur. Her title might have been Owner of Little Genius Tutoring, but her to-do list didn’t quite match. She was trying frantically to keep all her students and parents happy, while also juggling the following tasks: Drafting invoices in Word and mailing them to clients—sometimes twice, when a parent would forget to send payment. Trying out various accounting programs and software but getting frustrated and reverting back to a spreadsheet to track her income. Digging through piles of checks and receipts every month to figure out which clients had paid and who was overdue. It soon became clear that Ann was actually wearing the hats of Client Services, Billing Manager, Systems Manager, and Bookkeeper. Her tutoring business was staying afloat, but she was working tons of extra hours just to make ends meet. Does this sound like a familiar story? Automation at Work Fast forward to today: Ann’s to-do list is much shorter, and she’s gained back valuable time in her day. She spends most of her workweek doing what she loves — helping her students — and just a fraction of her time collecting and tracking payments. What changed in the last year? Ann found Autobooks: the only way to collect electronic payments that’s plugged right into her First Bank business checking account. Now clients pay her through Autobooks — instead of by cash or check. And the best part? Parents can pay from their phone or computer, at whatever time of day is convenient for them, while also using whatever payment method they prefer: a credit card or check (debit from their checking account). When Ann signs into her business checking account, she has an instantaneous view of who’s paid in full and who still owes money. If a parent’s payment is late, Ann can send an automatic email reminder—no phone tag and no printing out another invoice. Ready to get started to see if Autobooks can help you save time too? Sign up for a free demo, stop by your local branch, or contact Business Support. You could be receiving electronic payments before the end of the day. 2 min read

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

Best Bank to Open a Checking Account Are you looking to open a checking account but are having trouble finding the right bank? You shouldn’t have to settle for a bank that doesn’t meet all of your needs. First Bank focuses on the needs of all of our customers, and we strive to be the best bank for you. Open a checking account with us, and our team of experts will help you choose the option that works best for your financial needs. Checking Account Options at First Bank Whether you need a personal checking account or an account for your business, First Bank is the best bank to open a checking account. With multiple options and plenty of benefits, we make your banking experience easier and your financial goals more attainable. Personal Banking We offer three types of personal checking accounts that range from basic to premium. The Everywhere Checking account is our most basic account and features benefits such as access to free online and mobile banking and credit cards with rewards. With the Everywhere Plus account you receive all of the benefits of Everywhere Checking, plus the chance to earn interest at a minimal balance requirement. Our Everywhere Premium account gives you all the basics of Everywhere Plus, but includes perks like no First Bank transaction fees on out-of-network ATM withdrawals. We also have two account options designed with college students and seniors in mind. Our Campus Checking account provides students under the age of 25 with no monthly maintenance fees as long as certain requirements are met. Seniors who use direct deposit may qualify for no monthly maintenance fees and other benefits with our Senior Checking account. Banking for Businesses Whether you are a seasoned business owner or just starting out, we have checking account options designed with your needs in mind. Find a Local Branch Near You Our easy and convenient banking options make First Bank the best bank to open a checking account. Click here to find a local branch near you. Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described in 3 min read

Best Business Checking Account in South Carolina If you’re planning to open a business in South Carolina, you will need a business checking account. If you already own a business but are looking to switch banks, you’ll want the best business checking account. Business Checking Account Benefits with First Bank So how do you know what the best business checking accounts look like? First Bank has fifteen locations in South Carolina, and has a variety of different business checking account options with some of these available features: Automated online bill paying Online and mobile banking* Monthly statements by paper mail or email Credit cards with rewards program** Account activity alerts Various ways of avoiding monthly maintenance fees*** Interest-bearing capabilities 6 Mistakes to Avoid When Opening a SC Business Checking Account With so many features and benefits, it is easy to see that First Bank offers the best business checking accounts in South Carolina. But before you open an account, it’s important to make sure you avoid the 6 mistakes that small businesses tend to make when opening a checking account, according to Business News Daily: Putting incorrect or missing information at checking account setup: Many small business owners mistakenly bring the wrong paperwork in when they go to open an account. To avoid this, make sure you ask the bank what information you’ll need to provide prior to coming in. Not opening a separate business account from your personal one: When you don’t have a designated business account, it can difficult to track your financial expenses from your personal ones. It can be more beneficial to open a separate business account for revenue, collected sales tax, estimated income tax, and payroll—especially before it’s time to file for taxes. Not planning for authorized check signing: If your small business includes a partner or staff members, it’s important to consider how many signatures can authorize a transaction from your business checking account. This can easily be set up when you open a business checking account. Not maintaining the monthly balance minimum: Always make sure that your business funds are above the minimum balance requirement in order to make the most of your banking experience, like First Bank’s no monthly maintenance fee.*** Not ordering the correct checks: One of the most common mistakes new small businesses make is printing the wrong name on business checks. It’s important to not only double check the spelling, but to also look into ordering electronic checks as well as paper ones. Working with the wrong bank for your business: Opening a small business is a huge step for anyone, and you need a bank that will work as hard as you do for the success of your new career. At First Bank, we are dedicated to helping small business owners in South Carolina achieve their dreams. *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 service mark of Apple, Inc. Android and Google Play are trademarks of Google Inc. **Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ***Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. ———- Sources: Business News Daily: http://www.businessnewsdaily.com/6281-bank-account-errors-6-mistakes-small-businesses-make.html 5 min read

Explore Courses to Help Run Your Business

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

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