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For Business (4)

Growing Community Impact Through SBA Lending

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!”

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Common Accounting Mistakes That Small Businesses Make

Managing the way money flows into and out of your business is critical to set yourself up for long-term success. If your books aren’t balanced and in check, it can create financial and legal problems that may derail your momentum and undermine your ambitions. Being aware of some of the most common accounting mistakes that small businesses make can make a huge difference as you build toward bigger and better things.
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Tips from the Pros: Speed Up Your Business Acquisition Loan Closing

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. 

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Money Management Tips for Entrepreneurs

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.

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Is the Money in My Account Safe?

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.

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Should You Offer an Employee Stock Ownership or Profit-Sharing Plan?

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?

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How to Prevent and Alleviate Burnout in the Workplace

When your employees are experiencing burnout on the job, it’s not just a problem for them — it has the potential to negatively affect your entire business. To promote your business’s success and protect the well-being of your workers, it’s vital to recognize the key signs of burnout and know how to address them. Even more importantly, your company should also consider strategies and policies to keep burnout from occurring in the first place.

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Short-Term Vs Long-Term Loans: Which Is Better for Your Business?

As implied by their names, the main difference between short-term and long-term loans is how long your business has to repay them. Depending on the lender, short-term loans may last from a few months to a year, while long-term loans can last for a much longer period. When determining what type of loan is better for your business, you need to consider a variety of factors, including the amount you need to borrow, the available lenders, how soon you need the money, the collateral you can provide, and your business’s financial health.

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