Loan Usage
Debt Refinancing
Debt refinancing can reduce interest rates, consolidate multiple debts into a single payment, and free up cash flow.
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Debt challenges? Many businesses are in the same boat
When businesses are dealing with high monthly debt payments, refinancing and consolidating outstanding debt can make a big difference. Around 17% of small and midsize businesses carry $100,000-$250,000 in some form of debt, whether from credit cards, business and property loans. For those struggling to meet multiple payments each month, combining these debts into one can simplify finances and lead to a lower, more manageable monthly payment.
However, the current environment poses challenges. With higher interest rates, borrowing costs have increased, making refinancing more expensive. On top of that, approval rates for small business loans have dropped with big banks. This can make it harder for businesses to find a lender for their needs.
Consolidating debt can relieve stress
If you’re struggling with high debt payments, an SBA (Small Business Administration) loan could be the key to unlocking financial relief. These government-backed loans offer longer repayment terms, which means lower monthly payments and more breathing room for businesses. Whether it’s consolidating existing loans or refinancing at a more favorable rate, SBA loans are designed to help businesses get back on track.
The numbers speak for themselves: the SBA 7a loan program is the most popular option, with a maximum loan amount of $5 million. SBA loans typically come with lower interest rates than conventional loans, making them a smart option for small businesses. Many businesses are finding SBA loans to be a valuable tool, especially with traditional bank loan approvals are dropping.
First Bank of the Lake specializes in helping businesses secure SBA loans to tackle debt challenges. With over $1.1 billion in SBA loans funded, we’re experts in getting small businesses the financing they need to thrive. Let us handle the complicated stuff, so you can focus on what really matters—growing your business.
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
