First Bank of the Lake is deeply committed to serving the financial needs of veterans, recognizing their unique contributions to our economy. We go the extra mile to...

Transitioning from military service to civilian life can be an intimidating experience. Veterans often face challenges starting businesses and securing funding for their...

Welcome to the realm of Small Business Administration (SBA) financing, where a bank lender acts as your guide through this chilling journey. Here are 5 key components of SBA business loans that will send shivers down your entrepreneurial spine:

As business activities slow down, lenders shift their focus toward specific aspects when evaluating financing requests. In such times, lenders scrutinize certain items more closely to assess the viability of providing funds. Let's discuss four key factors that business lenders prioritize during the review process. By examining these essential business criteria, lenders aim to make informed decisions that align with the financial stability and growth potential of the businesses they support.

At First Bank of the Lake, we believe small businesses are the cornerstone of our communities and the American Dream. We recognize that helping businesses has the power to transform people’s lives and businesses across the country. Connecting people with financial resources is the spark that ignites innovation, competition, and expansion. That’s why our motto is “We put you first!”

It shouldn’t come as a huge surprise, but getting a business acquisition loan is a somewhat lengthier and more involved process compared to other types of financing. Your lender needs to evaluate more than just you; they also need to assess the business you plan on buying. At First Bank of the Lake, we also always recommend consulting with professional advisors early in the process such as an attorney or CPA.

With that in mind, having some of these items prepared in advance can help your lender deliver a faster, more reliable loan decision. We have put together a quick list of items to consider early in the process. This is not an official or comprehensive list, but it covers some of the most important and time-sensitive items needed in the loan process, meaning that you can get a quicker loan approval and close your loan faster. 

Bruce will get you approved and funded! We recently acquired Highland Roofing, a commercial roofing contractor in North Carolina, and found ourselves repeatedly screened out due to (i) the size of the loan required, (ii) the amount of goodwill on the balance sheet, and (iii) the company’s new construction exposure. Until Bruce, we struggled [to] find a financing partner that saw what we saw – a vibrant, growing company with a deep pool of talent. Bruce and FBOL got the pitch and saw our vision when no one else would. Bruce and his team get highest marks for how they conducted themselves throughout the process.