First Bank of the Lake: Start Your NEW Business in 2019!

2019 is almost here and we are beyond excited! As we've said before, many people choose to make New Year's resolutions. Stop worrying about your doubts and make 2019 the year you start your new business! Worried about how you will get the financing for the start-up costs? Worry no more and call our SBA loan officers at the Lake of the Ozarks. First Bank of the Lake specializes in SBA loans or small business loans and we'd be happy to go over your financing options with you. Please feel free to give us a call at 573-348-2265 or stop by at 4558 Osage Beach Parkway, Suite 100 at the Osage Beach Premium Outlets entrance. Keep reading for tips for starting a business successfully and for more information on our SBA loans.

Tips for Starting a Business Successfully

Don't underestimate your competition.
Communicate with your potential customers the way THEY want to be communicated to, do your research. (For example: if you are targeting business professionals, you should look into setting up a Business LinkedIn page as LinkedIn is like Facebook but for business professionals.
Present your business as a solution for common problems people may have versus marketing yourself in a way to is too "sales focused."
Get involved in your community and show you care. (Not only can this better your community but it can also get your name out there more and allow you to make new business connections.)
Don't be afraid to start small and allow your business to grow over time.

SBA Loans at the Lake of the Ozarks

Q: What is an SBA loan?

A: 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 a portion of 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.

Q: Why should I get an SBA loan?

A:

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.

To make your dream business a reality, call the Lake of the Ozarks SBA Loan Officers at First Bank of the Lake. We can be reached at 573-348-2265.

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First Bank of the Lake - Striving For Excellence

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