First Bank of the Lake, Proudly Supporting Veteran Borrowers through SBA Programs

two hands shaking hands, one wearing a military uniform and the other a suit

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 assist honorably discharged veterans and their spouses in their entrepreneurial endeavors through Small Business Administration (SBA) loan programs. This comprehensive lender support includes benefits such as packaging fee waivers, interest rate discounts, and a loan team who share the same veteran background.

Packaging Fee Waiver: When applying for an SBA loan, the packaging fee charged by many lenders can be a significant expense. However, honorably discharged veterans enjoy a fee waiver by First Bank of the Lake, a $2,500 savings. This important financial benefit helps ease the financial hurdles some veterans face looking to start or expand their small businesses.

0.50% Automatic Discount in Rate: At First Bank of the Lake, veterans exploring SBA loans can benefit from a generous 0.50% interest rate reduction. This discount not only lowers the cost of borrowing but also makes it more attractive for veterans to obtain business financing. The reduced interest rate can lead to substantial savings over the life of the loan, enabling veterans to invest in or expand their businesses more effectively.

SBA Fee Waivers for Loans Under $1,000,000: Veterans and small business owners seeking SBA 7(a) loans under $1,000,000 may benefit from the SBA fee waiver program. This initiative alleviates some of the financial burden associated with SBA loans and further reduces the cost of borrowing, which aligns with the bank's commitment to making SBA loans more accessible.

Assistance for Veteran Franchise Loan Seekers: Veterans who aspire to enter the world of franchising will find First Bank of the Lake to be a valuable partner. The bank offers specialized support for veterans interested in franchise business loans utilizing the SBA. Franchising is a popular path for veterans, given their dedication, discipline, and leadership skills, and First Bank of the Lake helps them to access the necessary resources and expertise to achieve success.

Veteran-Focused Underwriters: When seeking financing, many new entrepreneurs need additional support from their lender and First Bank of the Lake goes the extra mile to support veteran borrowers by employing a team of lenders who are themselves veterans. These lenders understand the unique challenges veterans often face when pursuing business financing and are well-equipped to navigate the SBA loan process. Their mutual military experience allows them to better assist veteran loan applicants by providing guidance through the SBA loan application process, helping veterans focus their skills gained in the military to experience in their applications.

At First Bank of the Lake, veterans have a reliable partner, ready to help them turn their business dreams into a reality. Our support for veteran borrowers not only honors their service to the nation but also empowers veterans to continue to make significant contributions to America and its economy.