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Use SBA loans to help grow your law firm
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+$2 billion in SBA loans since 2020
+2,000 SBA loans funded since 2020
Can your small law firm afford the pricey tech that clients now expect
For law firms and businesses offering legal services, the biggest challenges often come down to cash flow and capital. Many legal service providers struggle with client payments that are delayed or inconsistent, creating a gap in income that can make it difficult to cover operating costs like rent, salaries, and administrative expenses.
Then there’s the cost of technology and software. In today’s market, legal tech is no longer optional; clients expect their law firms to offer secure client portals, efficient case management systems, and advanced tools for document review. However, these technologies can be pricey, and smaller firms may find it hard to finance these necessary investments while staying competitive. On top of that, rising rent and inflation are squeezing margins, making it difficult for firms to invest in growth.
Regulatory compliance is another constant challenge. Legal businesses must adhere to various state and federal regulations, which sometimes change unexpectedly, requiring unplanned updates to systems and training, adding bottom line expenses.
With legal services expanding, smart financial investments are key
Demand for legal services is growing, with the U.S. legal market expected to grow at a 4.1% CAGR by 2030, driven by increased needs for specialized expertise and corporate compliance. To stay competitive, law firms need to invest in technology and talent.
By using the right financing, legal businesses can manage sustainable growth while meeting their client’s needs. The Small Business Administration (SBA) offers loans designed to provide small businesses with flexible financial solutions. The SBA 7a loan program, one of the most popular, provides up to $5 million for a range of needs, including managing cash flow, covering payroll, and purchasing office equipment. It’s also ideal for investing in technology, hiring staff, or expanding office space.
For substantial investments like purchasing office space or upgrading premises, an SBA 504 loan is an excellent option. It offers long-term, fixed-rate financing for real estate or high-cost equipment, providing firms with stability and flexibility.
First Bank of the Lake has worked with many small businesses, helping them navigate the complexities of SBA loans. With over $1.1 billion in SBA loans provided, we understand the unique challenges faced by the legal industry.
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