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.
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Top 5 SBA franchise loan lender*
+$600 million franchise loans funded
+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
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.
Real business owners. Real results.
Woof Gang Bakery SBA Loan Case Study
After years in HR, Kasia followed her passion for animals and, with a $345K SBA loan from First Bank of the Lake, quickly launched her Woof Gang Bakery & Grooming franchise — already nearing breakeven just months in.
Tint World SBA Loan Case Study
After losing his wife, a friend, and his life savings, Dan Billings reinvented his life with a Tint World franchise — and with guidance and an SBA loan from First Bank of the Lake, his business is thriving and he’s already eyeing a second location.
Lifetime Green Coatings SBA Loan Case Study
Father and son duo Barry and Parker Norfleet launched six Lifetime Green Coatings franchises with a $400K SBA loan from First Bank of the Lake — quickly setting up operations and nearly breaking even within just three months.
What Our Customers Say
Gave Me the Confidence I Needed
Huge thanks to Tammy and Brandi. Tammy was my first point of contact and gave me the confidence I needed since there isn't a local branch near where I live. Brandi has been answering ALL my questions since and has excellent follow up and has taken great care of me.
— Michele Houston
Genuinely Interested in Helping My Business Succeed
First Bank of the Lake was a tremendous help in securing a 504 small business loan for my company. Every staff member I interacted with was professional, friendly, and genuinely interested in helping my business succeed.
— Don Kamb
Exceptional Service
I cannot say enough positive things about my experience working with Eric as my SBA loan officer. From start to finish, he provided exceptional service and went above and beyond to ensure that every issue we encountered was resolved quickly and efficiently.
— Bryan Crowe