Perfect Moving SBA Loan Case Study

Rock Katic had big dreams for his moving company, but like many entrepreneurs, he faced a common hurdle—access to capital. When a mortgage broker he trusted suggested reaching out to First Bank of the Lake, Rock was intrigued. Specializing in SBA 7a and SBA 504 loans for businesses ready to grow, First Bank of the Lake seemed like the perfect partner to help him expand.

Rock had his eye on a storage building and knew that acquiring additional equipment and vehicles was the next step for his business’ growth. That’s when he connected Emil Temelkov, at First Bank of the Lake, who became more than just his banker, he was also his guide through the entire SBA loan process. “I had only ever done a car loan before,” Rock admitted. “This was new territory for me, but Emil made it easy. He walked me through each step of the business plan and the SBA loan application.” It wasn’t just about securing the funds; it was about understanding the bigger picture, and Emil’s expertise gave Rock the confidence to move forward.

Together, they applied for an SBA 504 loan to cover the $2.7 million building purchase and an SBA 7a loan just shy of $900,000 for refinancing his equipment and vehicles. Despite hearing from others that the process would be slow and difficult, Rock was pleasantly surprised. “Everyone told me not to do it and that it would take forever, but that wasn’t my experience at all. It only took three months to close on the $3.6 million loan,” he shared, adding that the 10% down payment was manageable with First Bank of the Lake’s support.

Throughout the process, Emil and the First Bank of the Lake team were there, every step of the way. “They held my hand through it all, and were available seven days a week,” Rock recalled. It wasn’t just about the money—it was about having the right partner to make his vision a reality.

Rock Katic’s business is thriving, a testament to both his hard work and the opportunities he’s embraced since arriving in the United States. In less than a dozen years, Rock has gone from stepping off a plane from Eastern Europe to owning a $2.7 million building in New York City and building a multimillion-dollar moving business.

Reflecting on his journey, Rock couldn’t be prouder. “America is the best place for business in the world, and First Bank of the Lake is the best place for a business loan,” he shared enthusiastically. When asked if he would work with First Bank of the Lake again, he didn’t hesitate. “Absolutely.” Now, with plans already in motion for further expansion and another loan on the horizon, Rock is fully embracing the American Dream—one move at a time.