Whether you're launching a startup or expanding your small business empire, an SBA loan can be a game-changer. But navigating the application process can often feel like preparing for a marathon. But don’t worry, at First Bank of the Lake, we’ve guided countless business owners through the ins and outs of SBA loans, and we're here to help you make your application a success!

Applying for a Small Business Administration (SBA) loan is a significant step in growing your business. Whether you’re launching a new venture or expanding an existing one, a well-structured business plan is crucial to securing the financing you need. At First Bank of the Lake, we’re not just lenders; we’re your financial partners, committed to helping you navigate the complexities of the SBA loan process. Here’s are some tips and best practices to creating a comprehensive business plan that can set you on the path to success.

1: Executive Summary: Your Business at a Glance

As summer winds down, Labor Day offers a welcome opportunity to unwind, spend quality time with loved ones, and enjoy the last of the season’s barbecues. Yet, Labor Day...

Are you thinking about taking your business to the next level? Do you need working capital, funds to expand or are you ready to purchase a commercial real estate property? By partnering with a trusted lender and leveraging the Small Business Administration (SBA) loan program, your next business move may be closer than you think.

SBA loan programs are a great option for many entrepreneurs, offering lower interest rates and longer repayment terms than traditional loans. However, to make the most of this opportunity, it’s crucial to be financially prepared. Here at First Bank of the Lake, we want to help you understand a few of the key factors that can influence your eligibility for SBA financing and set you on the path to success.

1: Improving Your Credit Score

Your credit score is one of the most important factors lenders consider when you apply for an SBA loan. A higher credit score not only improves your chances of approval but may also help you secure more favorable loan terms. Here are some steps to improve your credit score:

As a business owner, you've dedicated countless hours and immense effort into building your company. Now, as you consider retirement, you might be thinking about selling your business to a family member. This can be a fantastic way to preserve your legacy and ensure the business remains in the family. One of the best methods to facilitate this transition is by using an SBA (Small Business Administration) loan through First Bank of the Lake. Here’s why this option might be perfect for your family:

As we celebrate this Juneteenth, a day commemorating the emancipation of enslaved African Americans and the ongoing fight for equality, it is essential to continue to make strides to support black entrepreneurs. Systemic racial discrimination in lending practices has historically limited opportunities for black borrowers, creating significant barriers that have hindered their ability to thrive. Recognizing these disparities, First Bank of the Lake actively works to combat these issues and foster a more inclusive financial marketplace.

Navigating SBA Loans and Insurance Requirements

As National Small Business Week draws to a close, communities around the country have been celebrating the vibrant entrepreneurial spirit that fuels economic growth and...

In the world of business, entrepreneurship transcends gender boundaries. Yet, the path for women entrepreneurs frequently entails distinctive hurdles and obstacles. First Bank of the Lake understands these unique challenges and takes pride in its collaboration with the Office of Women's Business Ownership (OWBO) at the Small Business Administration (SBA), striving together to cultivate gender equality and economic empowerment.

In the ever-shifting landscape of business, securing a reliable financial lifeline is crucial. A Small Business Administration (SBA) 7(a) Working Capital Loan, provided...