Wednesday, August 14, 2019

Applying for an SBA Loan

Applying for an SBA Loan at the Lake of the Ozarks may seem intimidating, especially for a first time business owner but it really doesn't have to be. The right Lake of the Ozarks loan officer will make you feel at ease and communicate with you clearly throughout the entire process. With that in mind, First Bank of the Lake is here to give you a few tips for applying for an SBA Loan in Missouri. If you have any questions about the small business loans at First Bank of the Lake, please call (573) 348-2265.


Tips for Applying for an SBA Loan

Tip #1: Be prepared to explain "why" you need the loan.
Most likely your SBA loan officer is going to need to know why you need the loan in the first place, as in "what's your business?" Be prepared to answer this question in the most professional way possible. Have a business plan put together and be able to answer questions they may have about your business. Remember, this organization is lending you money, likely, a good sum of money, so it shouldn't come as a surprise to you that they want to know why you need it and that it's for a reasonable purpose.

Tip #2: Fill out the application completely and honestly.
Don't leave anything blank on your application unless your SBA loan officer asks you too. Be honest with your answers. Dishonesty may be cause for your application to be terminated immediately and for the loan officer to give other banks a heads up about you being dishonest in the first place.

Tip #3: Research lenders and banks and get opinions from others.
You likely either know someone or know someone who knows someone who owns a business has applied for an SBA loan before. Ask around and get their opinions on lenders. You can also look online for reviews and gather information on prospective lenders, so you have a good idea of the lenders available so you can make an educated decision on who you go to. Here is our SBA lending staff:
Doug Clark, SVP/SBA Loan Officer
Allen Holtmeyer, SVP/SBA Loan Officer
Erin Robinson, VP/SBA Loan Specialist
Matt Gredell, VP/ SBA Loan Officer


Tip #4: Get your documents in order and organized for the application process.
You may need certain documents when applying for an SBA loan, such as:
  • Copies of your tax returns (personal)
  • A list of debt your business may currently have
  • Copies of contracts with vendors
  • Collateral, may include your house, car, equipment, etc.
The best thing to do is to ask your SBA loan officer what documents exactly they will need so you are prepared for your appointment.

Again, applying for an SBA loan may seem intimidating, especially if it's your first time doing it, but here at First Bank of the Lake, you don't have to worry about feeling that way. We offer the best customer service and we will greet you with a smile. We will communicate with you clearly throughout the whole process and make sure you are prepared and not caught off guard by anything. For more information on our SBA loans, please visit www.FirstBankLake.com and select the SBA Loans tab.

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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

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