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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+$600 million franchise loans funded
+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
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.
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
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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.
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