Colum McLornan, co-owner of Ballycastle's Marine Hotel, said the financial help announced was "too little, too late".
Belfast Chamber chief executive Simon Hamilton also warned the support would not correct the economic damage of the four-week restrictions.
Finance Minister Conor Murphy announced firms would be paid £3,200 or £1,600 for every fortnight of closure, depending on their rateable value.
He said the aim was to help companies pay their costs during closure, not to address the continuing damage being done to the economy.
Mrs Foster said there would be more help for firms in the future. Economy Minister Diane Dodds is looking at separate schemes for providers of contact services, such as hairdressing, as well as for bigger hotels and venues.
"There will be more (help) coming and I want to assure people we are doing everything we can to stand with people at this difficult time," Mrs Foster added.
"We recognise that they are under a lot of pressure, not least from their financial institutions, and I would appeal to the banks and the financial institutions to work with us on this as well.
"I think it's important that they give support to businesses across Northern Ireland."
Hotel bosses including Colin Johnston, director of the Galgorm Collection, also expressed concern about the fate of staff who commenced their employment after September 23.
Such workers will not qualify for the assistance offered under the job support scheme, which replaces the furlough system next month. New claims for the furlough scheme have been shut since July.
Mr Murphy said: "If there are specific businesses who cannot meet the requirements of the furlough system between now and the end of the month, we are happy to hear from them and we'll make those representations to the Treasury."
Hotel bars must close after 6pm on Friday, while restaurants can only stay open for the use of guests. Hotels can remain open to people needing to stay because of work, including frontline workers. Self-catering and rented accommodation can remain open and taxis can still operate, as can childcare facilities for working parents.
Mr McLornan said that since the Marine Hotel was in a holiday destination, it would close after weekend guests checked out.
"The financial scheme will be too little, too late, but at least we've got it clarified," he added,
"The funding of £3,200 for a business our size will cover a few basic essentials... heat and light and bits and pieces. We'll not kick a gift horse in the mouth."
Even those hotels allowed to remain open on a restricted basis over the next few weeks are unlikely to require the same level of staff as previously.
The Belfast Chamber's Mr Hamilton said: "The Executive has failed to take responsibility for its decision to put huge sections of our economy into a four-week lockdown by offering them insufficient financial support."
He said the financial help was "paltry" in comparison to the costs facing firms and would not reach suppliers.
"With emerging concerns about the ability of many businesses to get support for their staff's wages through the various schemes, this support package simply does not go far enough to fix the problem the Executive has created," Mr Hamilton added.