SBA Loans ~ A Complete Overview
"You have to spend money to make money."
This famous adage has guided aspiring entrepreneurs for decades. Depending on your industry, starting a business at the Lake of the Ozarks can require a sizable initial investment. You may not have the funds you need immediately available to get your business up and running. What can you do?
If you're like most entrepreneurs, you'll probably take out a loan so you can have the funds you need to get your company off the ground. Luckily for you, there is a certain type of loan that is specifically geared towards your unique situation: small business loans.
Why Small Business Loans?
SBA 7(a) loans are guaranteed in part by the Small Business Administration, an agency dedicating to supporting small businesses across the United States. The SBA guarantees the loan, but First Bank of the Lake provides the funding for the loan. Because they are specifically geared towards funding small businesses, SBA loans offer several unique benefits designed to give entrepreneurs a competitive edge.
3 Benefits Of SBA Loans
Here's a quick look at some of the unique benefits that SBA loans can offer.
- Long Term Financing
SBA loans offer long-term financing, which helps improve cash flow. In most cases, the loan is for a fixed term and will not have a balloon.
- Low Down Payments
One of the uses of an SBA loan is to provide much-needed funding to businesses who are trying to get off the ground. Consequently, SBA loans often offer loan down payment options to make them affordable to their target market.
- Several Different Loan Options
SBA loans are not "one-size-fits-all." In fact, there are several different types of these loans you can choose from. Your SBA lender at the Lake of the Ozarks will be able to help you determine which is best for your situation.
Get Your SBA Loan At First Bank Of The Lake!
First Bank of the Lake has a dedicated group of SBA lenders on staff. With this addition to our team, we are able to offer SBA loans at the Lake of the Ozarks for many local up-and-coming business owners. If you would like more information about how our trusted Lake of the Ozarks bank may be able to help you get your business off the ground, give us a call at 573-348-2265. We look forward to hearing from you!