Freelite AZ SBA Loan Case Study

Like any savvy entrepreneur, Tyler started his search for financing by filling out online forms and speaking with several banks. But not all banks are created equal. “I talked to a lot of banks, and many did not even respond,” he said, but then came First Bank of the Lake. Ryan Maine, a representative from the bank, reached out immediately after Tyler filled out a simple online form on First Bank of the Lake’s website. Ryan worked closely with Tyler to iron out every detail—from crafting a business plan to determining the funds needed and preparing three years of financial projections for the SBA loan application.

Of course, underwriting is where the real magic happens—or sometimes where it gets complicated. The First Bank of the Lake underwriting team took about three weeks to finalize everything, a bit longer than expected due to a business truck getting hit during the transfer process, complicating the transaction. Despite the hiccup, the loan was closed in about six months.

Tyler secured a $363,000 SBA 7a loan, buying the company outright with a single check. No phased disbursements, no headaches—just one big leap forward into business ownership. Now, the fun could really begin.

After the deal was sealed, the previous owner didn’t just hand Tyler the keys and disappear. Instead, he stayed on for eight months, mentoring Tyler and teaching him the ins and outs of the business. It wasn’t just a business deal anymore—it became a partnership built on trust.

Luckily for Tyler, Freelite AZ came with strong cash flow and minimal need for working capital. Payments flowed in through deposits, checks, ACH, and credit cards, and the transition went smoothly. Since the business was already established, Tyler hit the ground running—no need to slog through the slow early stages of a startup.

Now, the business is thriving, managing anywhere between 50 to 80 jobs at any given time. During the transition, Tyler and the previous owner split the profits based on revenue recognition from work in progress, keeping things fair and simple.

Reflecting on the experience, Tyler said, “Our rep Ryan Maine from First Bank of the Lake was very responsive and very personable. He was a big reason why I chose the bank. The process was as easy as it could be, and transparency and reliability were key.” His final word on the matter? “The level of service at First Bank of the Lake was just superb. I would give them an ‘A’ on my SBA loan experience.”