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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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

What Are Mobile Merchant Services? If you own a business, you know how essential technology is to making it run smoothly. You may have even asked the question, “What are mobile merchant services?” Read more to figure out what mobile merchant services are and how First Bank can help you use them. What Are Mobile Merchant Services? In today’s world, keeping up with changes in technology is important, especially when running a business. Payment methods have evolved throughout the years, from cash and checks to credit and debit cards. Now, the mobile platform is being heavily utilized. Your business should be positioned to accommodate this changing landscape. Mobile merchant services are when a bank handles mobile electronic payment processing for merchants. In other words, mobile merchant services allow you to accept electronic payments through your cell phone or other mobile devices. First Bank offers a variety of merchant services, including in-store and mobile credit card processing. Credit card processing is a convenient way to control your cash flow by ensuring timely, automatic deposits into your account. With First Bank’s in-store and mobile merchant services, you get: Competitive rates with no hidden fees Multiple authorization networks and transaction processing methods Experienced and dedicated sales staff support National processing capabilities Comprehensive 24-hour online reporting Automated in-house chargeback/retrieval processing system with 24-hour turnaround 24-hour in-house merchant help desk 48-hour merchant settlement (24-hour merchant settlement if going to a First Bank account) Easy application process Contact First Bank Today Since 1935, First Bank has been dedicated to helping local businesses get the most out of their money. To learn more or to sign up for a free demonstration of our card processing services, call or visit a local branch. ———- Sources: Investopedia: http://www.investopedia.com/terms/m/merchant-account.asp 2 min read

Enjoy Hassle-Free Online Payment Processing Businesses need a fast and dependable way to manage client payments, whether online, at the point-of-sale, with an integrated solution, or on wireless or mobile devices. First Bank provides online payment processing to make this easy for you, and ensure you’re able to manage your customer payments correctly and securely. Payment Processing for Hassle Free Finances First Bank’s online payment processing offers a pricing advantage while reducing the likelihood of fraud. Our payment services include credit card processing and transaction tools. Credit Card Processing This option is available in-store and on mobile and allows you to streamline cash flow. By choosing First Bank’s services, you’re able to take advantage of these benefits: Competitive rates with no hidden fees Multiple authorization networks and transaction processing methods National processing capabilities 24-hour in-house merchant help desk 48-hour merchant settlement (24-hour merchant settlement if going to a First Bank account) Want to take advantage of these many benefits and capabilities at your business? Online payment processing is highly secure and comes with detailed reporting at First Bank. We offer a broad range of payment processing solutions for in store and mobile retailers. Start accepting cards at your store today with a free demo or visit a local branch for more information. 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

Best Small Business Bank – Albemarle, NC If you’re looking for the best small business bank in Albemarle, NC—the search stops with First Bank. As a local bank, First Bank has a reputation for being an instrumental part of small businesses. Our proven history of small business lending combined with our variety of options for helping manage business funds makes First Bank the best small business bank in Albemarle and one of the best you’ll find anywhere. Better Business Banking First Bank offers top notch business features, such as: Business loans Commercial mortgages Credit cards Free financial wellness programs for your employees Business savings accounts Check fraud prevention and payment processing SBA loans Success Stories Happy Kids Development Center, a childcare facility in Wilmington, NC, made the switch to First Bank for their banking needs. Happy Kids raves about First Bank’s top notch customer service, stating, “the word ‘no’ has not been built into their vocabulary.” Contact or Visit Us Today First Bank opened its doors for the first time just 20 miles from Albemarle in 1935 and began helping local farmers and small businesses manage their money in a time when every penny mattered. It is this foundation that has allowed First Bank to grow into the best small business bank that it is today. Contact or visit one of our two Albemarle, NC locations to see how we can help your business thrive. Albemarle Eastgate Branch 1910 East Main Street Albemarle, NC 28001 704-982-4949 HOURS | GET DIRECTIONS → Albemarle Highway 52 Branch 2317 Highway 52 North Albemarle, NC 28002 704-982-6060 HOURS | GET DIRECTIONS → Loans subject to credit approval. 2 min read

What is the Best Bank for Small Business? If you own or plan to own a small business, you might be asking yourself, “What is the best bank for a small business?” With our history founded on the values of small business and by providing many banking options designed specifically for small businesses, First Bank has solidified its place as the best bank for your business needs. Choose a Bank for Your Business According to Inc., choosing the best bank for your small business is all about knowing your needs, comparing features, and looking for the right size bank. “From the very start, your business should be on the lookout for a supportive and reliable bank. Whether your needs are simple (a separate business checking account) or complex (a line of credit), finding the bank that fits your business’s needs is crucial. In making the decision, it is pertinent to consider not only your business’s current needs, but its potential future aspirations. That’s especially true if you’re anticipating being in the market for a loan over the next few years. Because the bulk of small business loans come these days from community banks like First Bank, it is advisable to establish a good relationship with your bank before your business needs outside capital.” Why First Bank? First Bank’s commitment to small businesses began when we first opened our doors in 1935 in the small town of Troy, NC. After the town lost its only bank during the Great Depression, First Bank stepped in to take care of the farmers and small business owners of the community. We have continued to evolve our model for serving small businesses ever since. First Bank provides a variety of services to small businesses including: Loans. First Bank offers business loans—including credit lines, commercial loans and construction loans—with flexible terms and competitive rates.* Business accounts. Choose from five business checking accounts, three business savings accounts, and free financial education for your employees. Credit cards. Earn rewards points when use your First Bank business credit card.** Business services. Easily accept and process credit and debit cards, electronic checks, and gift cards from your customers; protect yourself from fraud; processes checks remotely; and more. Treasury services. Let First Bank take care of your payroll direct deposit, deposit 4 min read

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Top Five Reasons to Offer Employees First@Work Did you know that 78% of Americans live paycheck to paycheck? And only 40% of Americans have sufficient savings to cover a financial emergency of $1000 or more? Imagine the stress that money issues like those might cause, and what that stress can do to employee productivity. According to a study by the American Institute of Stress of over 800,000 workers in over 300 companies, the number of employees calling in sick tripled in a four-year period and an estimated 1 million workers are absent every day due to stress. It doesn’t have to be that way. In order to help alleviate some of that stress, First Bank offers businesses a financial wellness program called First@Work. This program provides them with education and an exclusive suite of products, discounts, and unique services. The top 5 reasons you should offer your employees a First@Work account: It costs you nothing, and you can include it in your list of benefits for your employees. A Focus on Financial Wellness that includes: Online Courses: Free online courses empower employees with the knowledge they need to make smart financial choices. In-Person Seminars: Live workplace workshops inform and educate your team at your location. MyMoney tool: Free personal financial management tool helps employees manage their money in real time. It includes no hassle checking and savings accounts: No fee checking with direct deposit1 No fee savings with monthly $10 auto transfer No First Bank fees at out-of-network ATM and other bank fee rebates up to $15.00 per month 1 free overdraft per year Digital banking and mobile banking app with check deposit World-Class Protection IDProtect® – Identity Theft Monitoring and Resolution service2 that includes: Credit file monitoring3 Up to $10,000 ID theft expense reimbursement4 And more! Cell phone protection4 Convenience More than 100 branch locations across the Carolinas No First Bank fees at out-of-network ATMs plus with our ATM fee rebates we will refund up to $15/month of fees charged by other ATM owners5 Free digital banking and free mobile app with check deposit and Zelle®6 Ready to Get Started? Sign up for a free consultation or visit your local First Bank branch! Avoid the $20 monthly maintenance fee by receiving a direct deposit of 4 min read

What is Required to Open a Business Checking Account? It’s standard for a business to have a business checking account. After all, a business needs to handle cash and pay bills. If you’re just starting a business, or even if you’re moving your business bank account to a new institution, you’ll need to show several pieces of documentation. So what is required to open a business checking account? The answer to that question is pretty similar from one bank to another. What You Will Need to Open a Business Checking Account Identifying Documents Confirmation of identity is required to open a business checking account. Bring along a government issued picture ID (e.g. driver’s license, passport) to corroborate your identity with your business’ registered information. Business Licenses Whether you are an LLC or an individual proprietor, bank officials will typically need to see your current business license. Legal Incorporation Documents According to Business News Daily, it is essential to bring along state-filed articles of incorporation in order to open a business checking account. If a business has numerous owners or operates on a board-advisory basis, the bank will require documentation granting the account opener the right to access funds and transactions. DBA Name Registration If you are DBA, doing business as a fictitious name, the law requires you to register that name with the state. Photocopy and keep this registration for your records, as you will need it to get started with business banking. Tax Identification Number Your business’ employment identification number, also known as the tax identification number, is a key tool for tax management and paying employees. Make sure to bring this to your business banking appointment. If you are a sole proprietor, you can use your own social security number for business tax purposes. These are the documents typically required to open a business checking account, though requirements may vary by state. However, by contacting your bank, you can easily determine what you need to have on hand to open your company’s checking account. Open Your Business Banking Account at First Bank When you choose to open a business checking account at First Bank*, you’ll be rewarded with a number of features and perks, including: Free online and mobile banking** Comprehensive bill pay capabilities An option 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

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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