Looking for your business to become employee owned?
First Bank of the Lake is your first source for SBA ESOP financing.
You're a business owner looking toward retirement and you want the best for your employees.
An Employee Stock Ownership Plan (ESOP) can be an attractive substitute to an outside sale.
Qualified companies can take advantage of First Bank of the Lake's SBA 7(a) loan program. As a nationwide Preferred SBA Lending, First Bank of the Lake has an experienced ESOP lending and management team that understands the complexity of ESOPs.
Our streamlined closing and underwriting team has the ability to help get your ESOP deal to the closing table.
We’re committed to do our best to accommodate your specific needs.
ESOP can help companies:
Create business succession planning with pre-tax dollars
Protect the legacy of a business and maintain company culture
Reward key employees
Provide tax benefits to selling shareholders
Provide employees with a unique retirement benefit
Loan proceeds may be used for two purposed:
Purchase a controlling interest (51% or more) in the company as employee owned
Help finance the growth of an employer's small business
Size of Loans:
Up to $7 million
Type of Loan:
Plus, with First Bank of the Lake you’ll enjoy:
Experienced ESOP Lending & Management Team
Streamlined Underwriting and Closing Process
With an SBA 7(a) loan and First Bank of the Lake's expertise, we can help get your ESOP deal to the closing table.
First Bank of the Lake has a proven track record of success with ESOP financing and can help you realize the dream of employee ownership. Find out what it’s like to work with a bank who puts you first.
All loans are subject to credit approval. Restrictions and limitations may apply. First Bank of the Lake does not provide tax, legal or investment advice. All decisions concerning these matters should be made in conjunction with your professional advisors.
ESOP Success Story
100% ESOP Purchase
In an extremely rural area in Michigan, over 20 employees became owners of their company in an ESOP deal, creating a life-changing moment for many families.
What will you need in order to apply for an SBA loan?