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Small firms battle rising costs and cash flow issues
Running a small architecture or engineering firm comes with its fair share of financial hurdles. The American Institute of Architects (AIA) recently reported that firms are facing intense pressure from rising operational costs. Architecture and engineering firms have reported a 5.2% increase in overhead costs, mainly due to the need for advanced software, training programs, and compliance with evolving building regulations.
Adding to the pressure is the unpredictable nature of cash flow. Projects often experience delays due to permitting issues, client revisions, or supply chain disruptions. A report from the National Society of Professional Engineers (NSPE) found that 47% of small engineering firms deal with significant cash flow disruptions annually, primarily due to delayed payments from clients or unanticipated project changes.
The need for continual investment in technology and equipment is another major challenge. Architects and engineers rely on cutting-edge software like BIM (Building Information Modeling) and specialized hardware that often come with hefty price tags. According to AIA, 65% of architecture firms say they must update their technology every two to three years to stay competitive—a significant burden for small businesses with limited resources.
Turning financial pressures into growth opportunities for small firms
According to industry reports, the architecture sector is projected to grow at 3.6% annually, while the engineering industry anticipates a 4% annual growth rate. However, this growth requires continuous investment in talent, technology, and infrastructure, which can strain financial resources. Traditional loans often fall short, with high down payments and limited flexibility.
This is where SBA loans are essential. Offering competitive interest rates, lower down payments, and extended repayment terms, SBA loans provide accessible financing options for small firms. The SBA 7a loan is ideal for covering working capital, payroll, or software updates—key for firms managing cash flow gaps due to client payment delays or project timelines. For larger investments, like acquiring office space or purchasing new equipment, the SBA 504 loan offers long-term, fixed-rate financing, supporting business growth without financial pressure.
At First Bank of the Lake, we specialize in helping architecture and engineering firms navigate these challenges. With over $1.1 billion in SBA loans provided, we have the expertise to tailor solutions for your needs, ensuring your firm’s growth and success.
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.
— Bryan Crowe