Loan Usage
Business Loans for Veterans
We’re proud to offer SBA loan programs that assist veterans in acquiring capital to start, grow and succeed in business.
Home » Loan Usage »
Despite their qualifications, many veterans face obstacles in obtaining business loans
Veteran entrepreneurs face distinct financial challenges when starting or expanding their businesses. Despite bringing valuable leadership and discipline from military service, many veterans struggle to secure adequate financing. A recent survey found 60% of veteran-owned businesses reported receiving less funding than they applied for, compared to 52% of non-veteran businesses. This is partly due to veterans often requesting smaller loans, which are less attractive to lenders.
Additionally, veteran-owned businesses are more likely to be considered medium or high credit risks. However, 61% of veteran owned businesses are actually classified as low risk, compared to 69% of non-veteran owned businesses. This higher perceived risk, along with gaps in financial knowledge and limited access to mentorship or networks, further complicates the financing process.
SBA loans offer special benefits to help veterans succeed in business
The SBA provides vital resources to help veterans access the financing they need to grow their businesses. The SBA 7a loan, for example, offers up to $5 million in funding, which can be used for a wide range of business purposes. It comes with favorable terms, such as low-down payments and extended repayment periods, allowing for better cash flow management. For larger investments, like purchasing real estate or equipment, veterans can turn to the SBA 504 loan, which is designed specifically for fixed assets. Additionally, eligible veterans can benefit from fee reductions and lower interest rates, making these loans even more affordable.
At First Bank of the Lake, we specialize in supporting veteran-owned businesses, helping you navigate SBA loan options and secure the financing you need. With over $1.1 billion in SBA financing provided, we are committed to helping you achieve your business goals while reducing financial stress.
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
We Are One of the Top SBA Lenders to Veterans
We made $600MM in SBA loans in the last year alone
