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. 

Your 401(k) can be an excellent tool for ensuring financial security in your golden years. But aside from setting up your contributions, you may feel like you don’t have much influence over your 401(k) retirement savings. That doesn’t have to be the case — here are some strategies to help you get the most out of this helpful investment vehicle.

As an entrepreneur, managing your money can be challenging. It’s essential to understand the basics of finance and develop good financial habits to set yourself up for success. In this guide, we’ll explore some general money management tips for first-time entrepreneurs that can help you navigate the financial side of running a business.

Incorporation is a serious step, and it comes with major implications for every aspect of your business — including the taxes you pay. Here’s a closer look at the tax rules and requirements you’ll need to know about once your business becomes a corporation.

If you’re trying to spice things up for your next board game night, consider any of these unique options!

It’s wise to keep a close eye on your checking account activity whether you just opened it or have been using the same one for decades. Thanks to digital technology, it’s now easier than ever to get immediate information on your account status. Here are some ways you can view and track your checking account activity.

Summer means days of fun in the sun and nights of stargazing around a fire pit with friends and loved ones. If you’re ready to roast marshmallows around an open flame when the sun goes down, be sure to review the following safety tips.

Memorial Day is often treated as the unofficial start of summer, and celebrated as a day for family fun, weekend getaways, and relaxation. And while this late-May holiday can be the perfect opportunity to catch up with friends at a cookout or relax at the beach, Memorial Day is — first and foremost — a federal holiday to recognize the bravery and sacrifices our troops have made in the name of freedom.

Your financial institution is one of the safest places to store your hard-earned cash. The best part? All you have to do is open an account. 

There are two organizations, both backed by the United States government, that insure your money at participating institutions. The FDIC (Federal Deposit Insurance Corporation) provides coverage for banks and the NCUA (National Credit Union Administration) does the same for credit unions. These organizations both function as safety nets for your deposits.

When you’re building a business, having the right people on your team is critical. Being able to recruit rising stars and retain them necessitates providing incentives that keep your business competitive, including retirement plans, health insurance, and flexible work arrangements. Employee stock ownership plans and profit-sharing are also great ways to build loyalty among your employees — but is either a good fit for your business?