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Retail Store Loans
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Rising expenses and supply chain woes are squeezing profits for retail businesses
Retail business owners are grappling with multiple financial pressures, including rising operating costs and shifting consumer behaviors. Recently over 50% of retailers reported facing increased rent and utility expenses, while labor costs surged by an average of 5%. Supply chain disruptions continue to cause inventory shortages and higher costs, with 40% of small retailers experiencing delays. Additionally, inflation has further reduced consumer spending power, with 69% of consumers holding back on non-essential purchases. As a result, many retail businesses are operating with significantly reduced profit margins, highlighting the ongoing financial strain in the industry.
Digital sales are booming, with nearly 50% of retail growth now driven by mobile shopping
Positive trends in the retail industry suggest a promising future, with digital transformation leading the way. E-commerce continues to grow, contributing nearly 50% of total retail sales growth, with mobile sales playing a significant role in the growth. This shift towards online platforms allows retailers to reach broader audiences, while investments in data analytics and automation are improving efficiency. Retailers are also focusing on enhancing customer experiences and adopting sustainable practices, which can attract more consumers.
To capitalize on these trends, retail businesses need financial resources for technology upgrades, inventory expansion, and improving operational processes. This is where SBA loans, such as the 7a and 504 programs, can be valuable. The SBA 7a loan offers up to $5 million in funding, providing retailers the flexibility to invest in their business growth, whether it’s for working capital or technology investment. The 504 loan program can help retailers with long-term investments like purchasing real estate or upgrading facilities.
First Bank of the Lake excels in providing these SBA loans, having facilitated over $1.1 billion in funding for small businesses. Our expertise ensures retail owners receive tailored solutions that meet their unique needs, guiding them through the SBA loan process efficiently. We enable retailers to access the capital they need to leverage digital growth, expand operations, and remain competitive in a rapidly evolving market.
The Numbers
in Loans 2024
Largest SBA Lender^
Small Businesses Helped 2020-2024
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The First Bank of the Lake rep and I bonded over faith, fishing and finance. They got my loan done in under 30 days in very, very trying circumstances.
Issac Reed
President, Reed’s Moving Services
If we ever need business capital, my first call would be to First Bank of the Lake. Why would I look elsewhere?
Barry Norfleet
Co-founder, Lifetime Green Coatings - Kentucky
I got my $345,000 SBA loan approved from First Bank of the Lake in 35 days!
Kasia Anderson
President, Woof Gang Bakery - Bradenton, FL
First Bank of the Lake was the best banking experience I have ever had.
Andy
Co-founder, President, Winter Park Ski Rental
The bank process was as easy it could be. The biggest thing is how transparent and reliable they were.
Tyler Green
Co-founder, President, Freelite AZ
My First Bank of the Lake rep was great – Easily the finest banker I have dealt with in my life.
Dan Billings
President, Tint World - San Antonio
Big thanks to Emil and the First Bank of the Lake team. I would recommend them to anyone else in a heartbeat and I would absolutely use them again.
Rock Katic
President, Perfect Moving
SBA Industry Loans
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We made $600MM in SBA loans in the last year alone
