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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

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

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

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

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

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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

What It Takes to Run a Property Management Company While the economy seems to be slowly improving, property managers—like most smart business owners—must be prepared for lean times. 6 min read

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Business Location Evaluation [INFOGRAPHIC] The location of your business can be one of its most powerful assets, or not. Let’s evaluate various positive and negative factors. Find the business in the infographic below and see how good its location is. 1 min read

Help Your Customers Find You on Google Unfortunately, simply creating a fancy website and waiting for customers to crash down the door isn’t enough anymore. You need to have “Googliness.” But what is Googliness and how do you get it? 6 min read

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Here’s Why Data is Good for Your Business Wondering how to re-energize customers who haven’t stopped by in a while? Start thinking of them not as customers, but as alumni. 4 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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