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...

In the dynamic landscape of small businesses, securing financing is often the key to success. First Bank of the Lake stands out as a dedicated partner for entrepreneurs, offering a wide range of financing solutions tailored to meet the diverse needs of businesses of all sizes. From startup capital to commercial real estate purchase, to lines of credit, First Bank of the Lake provides a comprehensive suite of financial offerings.

With the holiday season around the corner, small business owners are not only gearing up for celebrations but also getting ready to conclude their fiscal year. Year-end financial planning is important for businesses of all sizes, to ensure a seamless transition into the new year and lay the groundwork for success in the following months. Here are a few tips to set your small business up for success in the new year.