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Equipment Financing
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Upfront cost and liquidity constraints may prevent needed upgrades
Businesses across industries face growing pressures to invest in equipment and technology upgrades to stay competitive. However, financing these upgrades presents significant challenges, particularly for small to mid-sized businesses. According to a survey by the National Small Business Association, 46% of small businesses planned to invest in staffing, equipment or technology this year, yet 62% reported cash flow concerns as a primary barrier to such investments.
Small businesses, however, often find themselves at a crossroads due to cash flow constraints. A recent survey showed 22% of small businesses struggle to cover basic operational expenses, hindering their ability to invest in necessary upgrades. Many small business respondents in another survey indicated that they need affordable capital, with a majority requiring less than $25,000 to upgrade machinery and equipment. Businesses that are looking to upgrade may need to seek financing to avoid cash flow challenges.
Stay competitive without the upfront hit
Businesses face growing demands to invest in equipment and technology to stay competitive and operate efficiently. However, funding these necessary upgrades can be a challenge, especially for small businesses. Fortunately, the U.S. Small Business Administration (SBA) offers attractive financing solutions designed to help businesses overcome these hurdles.
SBA loans provide flexible options, allowing businesses to access the capital they need for equipment and technology investments without the burden of high-interest rates or short repayment terms. The SBA 7a loan offers long-term financing for a wide range of business purposes, including equipment purchases. For businesses looking to make significant investments in major assets, such as machinery or real estate, should consider an SBA 504 loan. These loans provide fixed-rate financing and extended repayment terms, making it easier to budget and manage cash flow.
At First Bank of the Lake, our team specializes in SBA lending. We have the expertise to guide you through the process, helping you choose the right loan for your business needs. With over $1.1 Billion in SBA loans to small businesses, we’re here to support your growth and ensure your business remains competitive in today’s evolving market.
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
