Loan Usage
Equipment Financing with SBA Loans
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+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
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.
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