Loan Usage
Construction Loans
SBA loans can be used to fund your real estate construction
Home » Loan Usage »
Tackling renovation costs: It’s tough, but you’re not alone
Renovating or expanding your commercial space is an exciting move for your business, but it often comes with its share of unexpected headaches. Whether you’re building from the ground up, refreshing your current space, or preparing a leased location, construction costs can quickly spiral out of control.
With construction costs continuing to rise by an average of 5.41% year-over-year, businesses are challenged to manage budgets and complete projects on time. Add to that the challenge of juggling contractors, managing permits, and dealing with delays from labor shortages or supply chain issues, and the project can easily become overwhelming. Without the right financing and lender, staying on budget can feel like the toughest part of the job.
Create the workspace you need with the flexibility of an SBA loan
For small businesses facing challenges securing commercial real estate financing the SBA loan program can be a lifesaver. SBA 504 and 7a loans are specifically designed to make real estate more affordable by providing low-interest, long-term financing. This can help ease the burden of high monthly payments, allowing small businesses to focus on growth instead of scrambling to meet steep financial obligations.
The SBA 504 loan is a great option for businesses looking to purchase fixed assets, like commercial real estate, at affordable rates. With a 10% down payment and the option for up to 25-year repayment terms, this program helps spread out costs, making property ownership more achievable for small businesses. On the other hand, the SBA 7a loan provides flexibility, covering not only real estate but also other business expenses like renovations or working capital—perfect for businesses still finding their footing.
First Bank of the Lake is a recognized leader in SBA lending, with a strong track record of helping small businesses succeed. With over $1.1 billion in SBA loans funded, they understand the complexities of the commercial real estate market and provide hands-on, personalized support to guide businesses through the financing process.
The Numbers
in Loans 2024
Largest SBA Lender^
Small Businesses Helped 2020-2024
It's Easy to Get Started
Contact Us
What Type of Loan?
Find out more about the SBA loan application process from our advisors determining what type of loan you need.
Assemble Your Documents
Put together an SBA loan application with the supporting documents.
Submit Your Application
Submit your SBA loan application.
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
Talk to an SBA Construction Loan Expert Today
We made $600MM in SBA loans in the last year alone
