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

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

Staying Safe from Tax Scams We received the following very handy and timely article from the Multi-State Information Sharing and Analysis Center (MS-ISAC) in regards to staying safe during this season of numbers crunching and record keeping for taxes. As always, if you have any specific tax questions, be sure to consult a tax prep professional. Watch out for these scams Unfortunately, much of your personal information can be gathered from multiple locations online with almost no verification that the right person is receiving the information. Criminals know this and use the information to file a fake tax refund request! If a criminal files a tax return in your name before you do, they will file it with false information to get a large refund, forcing you to go through the arduous process of proving that you did not file the return and subsequently correcting the return. Once they have your personal information, criminals can continue to commit identity theft well beyond the tax season. Another favorite technique used by criminals during the tax season is sending phishing messages indicating that a new copy of your tax form(s) is available. These emails often impersonate state, local, tribal, and territorial government comptroller or IT departments. If you fill out or attempt to login into the phishing website, the criminals will be able to see your login name and password, which they can then use to try and compromise your other accounts. The more information they gather from you, the easier it is for them to use the information to file a fake tax return in your name. Lastly, tax fraudsters also impersonate the IRS and other tax officials to threaten taxpayers with penalties if they do not make an immediate payment. It is important to remember: The IRS will not initiate contact about payment with taxpayers by phone, email, text messages, or social media without sending an official letter in the mail first. The IRS will not call to demand immediate payment over the phone using a specific payment method such as a debit/credit card, a prepaid card, a gift card, or a wire transfer. The IRS will not threaten to immediately notify local police or other law-enforcement agencies to have you arrested for not paying. 4 min read

North Carolina’s Key Industries [Infographic] It’s no secret that North Carolina is a hotbed of business and population growth in the Southeast. We take a look at our home state’s key industries and the economic impact in 2017. 1 min read

Business Spotlight: Ryan and Jenny Haskins of Archdale Drug Video

Business Spotlight: Archdale Drug Ryan Hoskins, owner of Archdale Drug, had always wanted to run his own small business. He tells us his story of how he started Archdale Drug and what local business means to the community. 3 min read

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Give Customers an Experience, See Retail Sales Grow Customers crave an experience, a sense of belonging, exceptional customer service, and brands that are in step with their passions, politics, and lifestyle. It’s what retail and marketing experts call “experiential retail.” 7 min read

Business Trend Highlight: Experiential Shopping Modern digital innovations can bridge the gap between the off- and online world, and in the best case, ensure a splendid customer experience that is personally tailored, interactive, and deeply ingrained in a daily activity. 2 min read

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Professional Service Providers: Are You Charging Enough? We talked with Allison C. Shields, a lawyer, owner of Legal Ease Consulting Inc. in New York, author, and consultant who works with professional service firms to help them better manage their cash flow. 3 min read

It’s Tax Time, Business Owners: Are You Ready to File? For business owners, tax season can be stressful and confusing. To help you weather the financial recordkeeping storm, we’ve talked with certified business tax prep pros and put together the following list of tips and to-dos. 4 min read

Crafting a Future: Part One We have been reading a lot about profitable DIY-ers—those who turned hobbies into successful thriving companies. So we set out to answer this question: could small-scale makers have big impact? 4 min read

Front Porch Realty: Prepped for Growth Laura McCorry has been selling real estate in the Triangle area since 1996. After working for a franchise realty company for the first 9 years of her career, her referral base had grown so large that she decided to open her own real estate company in 2005. 3 min read

Business Spotlight: Pine Knot Farms Pine Knot Farms has been in Stanley Hughes’ family for over 100 years. He tells us his story and how organic agriculture has never been more important. 4 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

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Accelerate growth and get great benefits. Business Elite Checking

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