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Rent, expenses, and client delays reveal the true cost of professional services
Running a professional licensed services business, like a law firm, tax accounting agency or insurance agency, comes with its fair share of financial challenges. High overhead costs, including rent, staffing, and mandatory licensing fees, can put a serious strain on cash flow. Then there’s the waiting game—delayed payments from clients or insurance companies can make managing expenses feel like a balancing act. Add in the pressure to stay competitive with marketing and technology upgrades, and it’s easy to see how the financial strain builds. For many, it’s a constant challenge to keep everything running smoothly without feeling overwhelmed.
Professional services face high costs, but targeted solutions are driving growth
Licensed professionals, like attorneys, tax accountants and insurance agents, face plenty of financial hurdles, but the good news is professional services are growing, and businesses can be poised to take advantage of it by:
- Streamline operations: Automating routine tasks, like billing and client communications, frees up your time to focus on higher-value work. It also can reduce overhead costs associated with administrative support.
- Invest in technology: The professional services sector is projected to grow by 5.2% in the next 5 years and staying competitive means embracing new technology. Investing in cutting-edge tech, like practice management software, can help you ride this wave.
To achieve these goals, you’ll need access to capital—and that’s where SBA loans come in. The SBA 7a loan can be used for everything from hiring staff to purchasing new equipment, and with repayment terms up to 10 years, it’s designed to support your long-term growth. If you’re eyeing an expansion or need funds to smooth your cash flow, the SBA 504 loan is another option, particularly if you’re looking to invest in real estate.
At First Bank of the Lake, we specialize in helping professionals secure the SBA funding they need. With more than $1.1 billion in SBA loans provided to small businesses, we have the expertise to guide you through the process and ensure you get the right loan for your business.
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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
