Friday, June 15, 2018

Mistakes to Avoid When Starting a Business

Starting a business can be a life-changing move and very self-rewarding. However, there are certain financial mistakes you will want to avoid to prevent upsetting downfalls. If you are looking for a small business loan at the Lake of the Ozarks to get your business up and running, call First Bank of the Lake at 573-348-2265. Keep reading for a few mistakes to avoid when starting a business.


Mistakes to Avoid When Starting a Business


Not paying attention to the competition
Part of having a successful, thriving business is knowing what you competition is doing and knowing how to compete with them appropriately and in a professional manner. Follow your competitors on social media and just be "in the know" when it comes to your business industry to avoid being behind in the times.

Not understanding "the need" for your product and the target demographic you are trying to reach
People may respond better to your marketing efforts if you present your product as a solution to a common problem they may be having versus just sounding "salesy" and pushing your product. Do your research and know what types of people need your product.

Having no goals for your business
If you don't have goals, how are you supposed to judge your business growth? Be ambitious and set realistic goals for your business. For example, set a goal for your target sales in the first year. Doing so can set the standard and help you judge what your business can do realistically.

Making poor marketing efforts
The trick is to reach your customers the way they wanted to be reached. For example, if you are targeting affluent women, you need to be on Pinterest. Know the type of demographic you are trying to reach and gage your marketing efforts from there.


3 Benefits Of SBA Loans at First Bank of the Lake


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 low 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. Just call First Bank of the Lake at 573-348-2265 today.



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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065


(573) 348-2265

Friday, June 1, 2018

Money Saving Tips While on Summer Vacation at the Lake of the Ozarks

Summer is upon us! Technically, summer doesn't officially start until June 21, but there is no time like the present to be planning your exciting summer vacation. However, summer vacations can be expensive and a strain on your bank account at the Lake of the Ozarks if you are not careful. Save money for your vacation with First Bank of the Lake. Keep reading for money saving tips while on summer vacation at the Lake of the Ozarks.


Money Saving Tips While on Summer Vacation at the Lake of the Ozarks


Lodging

The Lake of the Ozarks is filled with adventurous campgrounds that provide affordable rates. Ditch the fancy hotels and go camp at the Lake! You can really take in the beauty of the outdoors that way. If you think it's too hot to camp, then try a vacation rental over a hotel. You can save money on having a full kitchen alone.

Food

Speaking of full kitchens, to save money, buy groceries and cook your family a nice meal instead of eating out every night while on summer vacation. If you do choose to eat out, treat yourself to a lakefront restaurant/bar over one of the fine dining establishments around here. You can still get a delicious meal for a fraction of the price.

Festivities

What do you plan to do while on vacation at the Lake of the Ozarks? Some festivities or activities are cheaper than others. For example, if you have the option to go to a waterpark over swimming in the Lake - save money and go swimming in the Lake. Choose to swim in the #1 Recreational Lake in the Nation, voted by USA Today. There are also all sorts of fun events to attend at the Lake of the Ozarks year round that are either free or priced affordably. To see a schedule of fun events at the Lake of the Ozarks, visit https://www.funlake.com/Events?category=Events&type=Event.


Save Money for Your Summer Vacation at the Lake of the Ozarks with First Bank of the Lake


On your next visit to First Bank of the Lake ask us about the Free Kasasa Saver, an account that saves money for you. Kasasa Saver® is saving simplified. Connect it to your Kasasa Cash® or Kasasa Cash Back® checking to build your savings effortlessly. When you earn cash rewards in your Kasasa checking, those earnings transfer into your Kasasa Saver. Kasasa Saver also earns up to 0.75% APY!* That’s Kasasa at First Bank of the Lake — free accounts that reward you for banking locally. If you have questions about this account, give us a call at 573-348-2265 or visit our website at www.FirstBankLake.com for more information.

**Please Click Here For Our Kasasa Cash with Saver Disclaimer

**Please Click Here For Our Kasasa Cash Back with Saver Disclaimer


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065


(573) 348-2265

Wednesday, May 30, 2018

Celebrate Your 4th of July with First Bank of the Lake!

The biggest holiday of the summer at the Lake is right around the corner… Independence Day! Most of us will be getting together with family and friends to celebrate, and some of us will be the ones hosting the get-together. These parties are not cheap, but you can start saving now with First Bank of the Lake by opening your very own Kasasa® Cash Checking account! Through your bank at the Lake of the Ozarks, you’ll be able to get benefits and earn rewards, just by doing simple banking activities, like using your debit card. Before you start planning your holiday, First Bank of the Lake is here to help you have a cost-effective Fourth of July.


FOOD

Have a potluck! During your classic BBQ cookout, have your guests each bring a side or dessert. This way, one person won’t be absorbing all of the costs when it comes to a meal. Also, suggest having a BYOB rule since alcohol is typically the most expensive purchase. And when someone offers to help with something - don’t say no!

Contrary to popular belief, purchasing disposable plates and utensils for parties is not actually a good idea. These supplies immediately get thrown away, and some people use more than necessary! Using and washing your own dishes not only saves you the money of purchasing disposable supplies, but it also elevates your party and is good for the environment.

DECORATIONS

Get your craft on! DIY your red, white, and blue decorations this year instead of running to the store. Getting the family involved to help create and decorate will not only save money but also make fun memories and decorations you can reuse years down the road. If you don’t trust your own artistic abilities, search for inexpensive, reusable red, white, and blue decorations in the local dollar store. 

ACTIVITIES

Take advantage of the free activities that are happening in the Lake area around July 4th. Purchasing your own fireworks can get pricey and dangerous. Instead, check out what resorts and businesses are putting on larger fireworks displays and head out to see those for free! Find out where the Independence Day parades are going to be held and where live music will be played. Participating in the free activities offered in your area can not only help you save money but also take the planning pressure off of you. 



Save money for your awesome Fourth of July event with First Bank of the Lake! There will always be those inevitable costs when you’re hosting a party. Open a FREE Kasasa® Cash Checking account with your bank in Osage Beach to make your saving easy and automatic. With your new checking account, you’ll earn really high rates, you’ll have no monthly service fees, and you’ll get refunds on your ATM fees. At First Bank of the Lake, we basically pay you to bank here! Stop in or call us at 573-348-265 for more information about our Kasasa® Checking accounts and how to set up your own.


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065


(573) 348-2265

Friday, May 25, 2018

Cost-Effective Ways to Spend Memorial Day Weekend

Memorial Day weekend is THIS weekend. Do you have plans? If not, don't worry. First Bank of the Lake is here to give you a few cost-effective ways to spend your Memorial Day weekend. Managing your money to be used for holiday events can be time-consuming and stressful. If you need a bank you can trust with your money, call our bank in Osage Beach. First Bank of the Lake holds the Free Kasasa Cash™ Checking which can be linked to your Free Kasasa ™ Saver and help you build your savings automatically. Make saving money easier on yourself and call First Bank of the Lake at 573-348-2265 to see if you qualify for this great opportunity.


Cost-Effective Ways to Spend Memorial Day Weekend


Have a Family Picnic
Who needs a fancy dinner out at some crowded restaurant, when you can save money and dine with your family in the incredible, scenic outdoors at the Lake? The Lake of the Ozarks is filled with beautiful views to experience while you chow down with your family. Try one of the great state parks in the area!

Go Camping
You can make unforgettable memories with your family at the Lake of the Ozarks AND save money too. Rather than trying to stay at an upscale resort or hotel, unleash your adventurous side and go camping. At this point, it may even be easier to get a camping reservation rather than a hotel or resort reservation, with this being one of the busiest weekends of the year.

Host a Memorial Day Weekend Gathering
Good family and friends make a holiday gathering memorable, not the lavish hors-d'oeuvres and expensive drinks. Save money and host a casual gathering. Buy a vegetable tray and chips and dip. Make it a potluck and announce that it is BYOB for anyone wants to drink alcohol.

Go Watch a Free Firework Show in the Area
There are several fireworks shows that happen at the Lake of the Ozarks on Memorial Day weekend. Attendance is free at many of them. Check out https://www.funlake.com/memorial-weekend-fireworks-displays for a list of Memorial Day Weekend firework displays at the Lake of the Ozarks.


Interested in Savings Made Easy?


Then on your next visit to First Bank of the Lake, ask us about the Free Kasasa Saver®. The Free Kasasa Saver® is saving simplified. Connect it to your Kasasa Cash® or Kasasa Cash Back® checking to build your savings effortlessly. If you're looking for an easy way to save money not only for holiday events but for college, your kids school supplies, your wedding, summer vacations, or just leisurely activities, then call First Bank of the Lake today at 573-348-2265.


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!
-4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065


(573) 348-2265

Friday, May 18, 2018

Financial Aspects to Consider Before Getting a Dog

The Lake of the Ozarks is filled with dog lovers. Many of us love our "fur babies" very much and may even want more, but it's important to consider all of the financial aspects that come with owning a dog first, before choosing to make that addition to your family. You don't want to put yourself in a financial bind that causes you to find a new home for this dog. Our bank at the Lake of the Ozarks is here to give you a few financial aspects to consider before getting a dog. If you are looking to place the money you've saved for ongoing dog-related expenses into a savings account with great interest rates, then call First Bank of the Lake at 573-348-2265 today.




Financial Aspects to Consider Before Getting a Dog


Grooming Costs

Depending on the type of dog you want, grooming costs can add up after a while so you will need to be prepared. For example, if you get a Pomeranian, he or she will need to be groomed at least once about every three months and those costs could be anywhere from $40 to $60 each grooming visit, depending on which groomer you go to.

Vet Visit Costs

Your dog will need to be updated on all his or her shots and you will want to leave money set aside for unexpected factors, such as stomach aches, seizures, or joint pains.

Nutritional Dog Food Costs

You will need to purchase food for your dog and depending on the size of your dog, you may need to purchase it quite frequently. Larger dogs typically require more food, in which you will need to financially prepare for that. For example, a fifty-pound bag of Pedigree® Adult dog food at PetCo® could cost around $30.

Dog Sitting Costs

Who will watch your dog while you are on vacation or away for work? You may have to consider paying for dog boarding. This is another additional cost that needs to be factored into your decision-making process of whether or not to get a dog.




Pet Deposit Costs

Typically if you are renting an apartment or house, landlords will require a pet deposit to be made if you purchase a dog. Failure to pay that deposit may result in paying a hefty fine, so take this into account when choosing to buy a dog.


Consider all of these costs before you buy a dog. We hope once you are financially ready that you meet the dog of your dreams and that they become a valued member or your family. Keep the money you plan to use for your dog-related costs in a savings account you can trust and stop by First Bank of the Lake. Our account specialists are more than happy to assist you with your savings needs. We don't try to sell you a service you don't need and we can pair you with the savings account that works best for you. Call our bank in Osage Beach today at 573-348-2265.


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065


(573) 348-2265

Friday, May 11, 2018

FAQs on CDs

Saving money in today's day and age is essential and finding the easiest ways possible to do that are key. Our bank in Osage Beach is here to answer a few frequently asked questions regarding CDs or Certificates of Deposit. If you are looking for a convenient way to save money this year, call First Bank of the Lake at 573-348-2265. We have a passion for helping people with their financial needs and we don't try to sell you a service or product you don't need. Keep reading for the answers to a few frequently asked questions on CDs.




FAQs on CDs


Q: What are the benefits of having a CD?

A: CDs typically offer higher yields than a regular savings account, in exchange for locking away a consumer’s cash for a specific time period. Therefore, you could be getting the most out of your savings by choosing to use a CD.

Q: What are the typical terms offered in a CD?

A: Certificates of Deposit (CDs) are common savings products also known as "time deposits". CDs are typically offered in terms of 3 months, 6 months, 1 year, 2 years, 3 years, or greater.

Q: How do the interest rates of CDs normally work?

A: The rates typically increase with the length of deposit terms, so the longer the CD the higher the interest rate.

Please note: Deposits in a bank CD are federally insured by the FDIC for up to $250,000 per depositor, per insured bank. 




Interested in a CD at Your 5 Star Community Bank?


Check Out Our Current Rates


Interest Rates
*Rates subject to change without notice

Certificate of Deposits

Minimum Opening Balance = $2,000

3   Months (0.10% APY*)
6   Months (1.10% APY*)
12 Months (1.11% APY*)
18 Months (1.21% APY*)
24 Months (1.26% APY*)
30 Months (1.26%APY*)
36 Months (1.26% APY*)
48 Months (1.26% APY*)
60 Months (1.26% APY*)


CD SPECIALS ($5,000 Minimum Opening Balance)

6   month special: (1.1% APY*) 
9   month special: (1.66% APY*) 
15 month special: (1.86% APY*) 
26 month special: (2.02% APY*) 
33 month special: (2.12% APY*) 
42 month special: (2.27% APY*)

3-6 Month CDs Interest Compounds at Maturity
9-60 Month CDs Interest Compounds Quarterly
APY = Annual Percentage Yield
Substantial penalty for early withdrawal


Do You Have a Question About How Our CDs Work?


Call First Bank of the Lake. Our account specialists are ready to do assist you and try and answer any questions about our CDs that you may have. We are a local bank at the Lake of the Ozarks and have been for over thirty years. We make all of our decisions right here at home and we use good judgment and compassion when evaluating customer requests. We want to make sure you feel comfortable in every aspect along the way when starting a CD with us. Please do not hesitate to call us at 573-348-2265 with any questions you may have or stop by and visit with us at 4558 Osage Beach Parkway Suite 100 anytime during our hours of operation. Our hours of operation in the lobby are Mon - Fri 8:30 am - 4:00 pm and Saturday 8 am to Noon.


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065


(573) 348-2265

Thursday, May 3, 2018

Unexpected Costs of Buying a Vacation Home

It's 2018 and you've decided to buy your first vacation home - congratulations! You can have so much fun with your family and friends and there are so many great memories to be had. Before, you start looking for condos or houses though, make sure you have your finances in order first. For example, consider the following unexpected costs of buying a vacation home. Some people may not realize everything you have to pay for when you own a vacation home and your bank at the Lake of the Ozarks is here to give you the 411 on those costs. If you are interested in acquiring a mortgage to pay for your vacation home, call First Bank of the Lake at 573-348-2265 today or visit our website for more information at www.FirstBankLake.com.




Unexpected Costs of Buying a Vacation Home


HOA fees

HOA fees are the fees associated to take care of commonplace areas within the association. For example, if you are buying a condo here at the Lake of the Ozarks. Your HOA fees may cover maintenance to the gym or pool, or upkeep of the exterior of the building, such as roof repairs or painting. HOA fees vary from HOA to HOA so just be sure to ask your real estate agent about this when looking at your dream vacation home so you aren't surprised later on.


Closing Costs

Closing costs can consist of the following:

  • Appraisal Fees
  • Taxes
  • Assessments
  • Title Fess
  • Flood Zone costs
Closing costs are not limited to these costs, but these are examples of unexpected costs you may have to pay when buying a vacation home. Sometimes, the seller will cover the closing costs, but not always, so be sure to ask your real estate agent about this when looking for vacation homes.





Insurance

You must buy insurance for a vacation home to cover unexpected damages. Weather related damages or theft can happen there just like they can at your main home, so be prepared to look for insurance quotes while searching for your vacation home too.


Need a Mortgage for Your Vacation Home?


Visit with our loan officers at our bank in Osage Beach. First Bank of the Lake is your local community 5-star bank. We make all of our financial decisions with compassion and the knowledge we have from being a local bank for over 30 years. When you work with a local bank, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with our customers, and who understand local needs. Our goal is to find the right product or service to meet your financial needs. We're sure we have the perfect account to meet your needs. Visit with us at 4558 Osage Beach Parkway, Suite 100 or give us a call at 573-348-2265. We hope you find the vacation home of your dreams!


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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.


Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065


(573) 348-2265