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Without financial history, small businesses can struggle to secure loans
Small businesses often face significant challenges when seeking financing, which can hinder their growth and sustainability. According to a recent survey, 43% of small businesses that sought financing received less than or none of the funds they requested. This shortfall is often due to stringent lending requirements, such as high credit score demands and insufficient collateral.
Additionally, many small business owners struggle to find the most suitable type of loan. They may not be aware of alternative financing options, which may offer more flexible terms. However, these options can also come with their own set of challenges, including complex application processes and varying qualification criteria. Furthermore, many small businesses often lack the financial history or assets to qualify for traditional bank loans, putting them at a disadvantage compared to larger, more established companies.
Small businesses have more options than they think when it comes to financing
For small businesses struggling to secure traditional financing, the SBA loan program can be a ray of hope. SBA loans, including the 7a and 504 loan programs, provide flexible options with lower down payments, longer repayment terms, and competitive interest rates. Unlike conventional loans, SBA loans require less stringent collateral and credit requirements, making them accessible to small businesses that might otherwise be overlooked by traditional lenders.
The 7a loan program, the most popular SBA loan, can be used for a wide range of purposes, such as working capital, equipment purchases, and business expansion. The 504 loan program, on the other hand, is ideal for real estate and large equipment purchases, helping businesses with fixed asset needs.
The SBA is crucial in supporting small business growth across the U.S. However, the application process can still be challenging without the right guidance. First Bank of the Lake has extensive experience in SBA lending and has helped many small businesses navigate the complexities of the SBA program. With over $1.1 billion in SBA loans financed, First Bank of the Lake is ensuring that business owners have the support they need to succeed.
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
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We made $600MM in SBA loans in the last year alone
