Friday, August 28, 2020

Your SBA Loan Check List

Starting a new business this year? Need a little financial assistance? That's where SBA Loans can come in very nicely! Our bank at the Lake of the Ozarks is here to give you YOUR SBA Loan Check List in this week's blog. Take a look below so you know ahead of time what to dring when you apply so that you are prepared.


Your SBA Loan Check List

Once you’ve decided to apply for a loan guaranteed by the SBA, you’ll need to collect the appropriate documents for your application. Use the checklist below as a guideline to ensure you have everything the lender may ask for to complete the application. Once the loan package is complete, the lender will submit it to the SBA.

❒ Borrower Information Form
To begin the process, the small business owner will need to complete SBA Form 1919. This form must be completed by all associates of the business applicant as required on the form, to include all owners of 20% or more of the business, all officers and directors, managing members, any person hired to manage the day-to-day operations and any other person who is guaranteeing the loan.
❒ Personal Background and Financial Statement
To assess a small business owner’s eligibility, the SBA also might require that they complete the following forms:
❒ Statement of Personal History - SBA Form 912 (If required after completing Form 1919)
❒ Personal Financial Statement - SBA Form 413 (Not required, but available for lenders to use)
❒ Business Financial Statement
To support a small business owner’s application and demonstrate ability to repay the a loan, the following statements must be prepared:
❒ Year End Profit and Loss (P&L) Statement for the last three years
❒ Year End Balance Sheet for the last three years, including a detailed debt schedule
❒ Reconciliation of Net Worth
❒ Interim Balance Sheet
❒ Interim Profit & Loss Statements
❒ Projected Financial Statements that include month to month cash flow projections, for at least a one-year period.
❒ Business Certificate/License
Small business owners will need to be able to provide the original business license or certificate of doing business when closing the loan. If the business is a corporation, stamp the corporate seal on the SBA loan application form. This information should be readily available to provide to the lender.
❒ Loan Application History
Include records of any loans the small business owner may have applied for in the past.
❒ Income Tax Returns
Include the business’ signed federal income tax returns for the previous three years.
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.

YOUR SOURCE FOR SBA LENDING!
As a nationwide Preferred SBA Lender, we have the resources and ex tensive ex perience to tailor solutions for your business.

❒ Resumes
Include personal resumes for each principal.
❒ Business Overview and History
Provide a history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the business.
❒ Business Lease
Include a copy of the business lease, or note for a landlord, giving terms of the proposed lease.
❒ Additional Documents (If Purchasing an Existing Business)
The following information may be required for purchasing an existing business:
❒ Current balance sheet and P&L statement of business to be purchased
❒ Previous three years’ federal income tax returns of the business to be purchased
❒ Proposed Bill of Sale including Terms of Sale
❒ Asking price with schedule of inventory, machinery and equipment, furniture and fixtures
❒ Franchise, jobber or licensing agreements
❒ Proof of equity injection
❒ Additional SBA forms may be required based on the specific use of proceeds or fees paid by the applicant to a loans package, broker or agent





If you would like to learn more about our SBA loans, please visit our website. You will find a ton of helpful resources there. Please visit https://firstbanklake.com/sba-loans.html. We have a very large SBA lender team and we can't wait for your SBA loans to be met by us. Helping small businesses grow is our passion!




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


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, August 21, 2020

What Should I Bring To Apply For a Mortgage?

Thinking of applying for a mortgage at the Lake of the Ozarks? First Bank of the Lake is here for you. We want to make the process as easy as possible for you and want you to be prepared. That's why we are sharing the following important information with you in this week's blog. Keep reading to learn what all you need to have to apply for a mortgage loan at First Bank of the Lake. If you have any questions about this process, please give us a call. We can be reached at (573) 348-2265.


Mortgage Loan Application Checklist

  • Copy of purchase contract, signed by all parties if this is a purchase transaction.
  • Copies of your past two years W2 and/or 1099 forms.
  • Copies of your most recent pay stubs covering 1 full month of pay.
  • Copies of your two (2) most recent statements or quarterly statements of all bank accounts, investment accounts and retirement accounts, listing all assets for loan approval. Account owner’s name, bank name, account number and all pages must be included.
  • Copies of your past two (2) years Personal Federal Tax Returns with all schedules.
  • Copy of Driver’s License (or valid ID).
  • Name, address and phone number of current landlord.
  • If you are self-employed or own 25% or more of any company, copies of tax returns, S Corporation returns and/or Form 1065 (K-1) for partnerships, as well as your personal returns for the past two years. A year-to-date profit and loss and balance sheet signed by you or your accountant may also be required.
  • If you receive income from rental properties, copies of your past two years Federal tax returns are required. All schedules must be included.
  • If you are retired and receive income from Social Security and/or pensions, please forward a copy of your most recent Social Security Award Letter and a copy of your retirement awards letter or some other documentation to include name and address of provider.
  • Signed Credit Authorization

Information Needed on all Properties Owned

  • Copy of most recent mortgage statement.
  • Copy of most recent homeowner’s insurance declaration page.
  • Copy of Real Estate Tax Paid Receipt. 


First Bank of the Lake is Here For All Your Mortgage Needs!


Many people may seek a mortgage this year with a huge drop in interest rates since the COVID-19 pandemic started. To learn more about our mortgage loans and the process here, please give us a call. We can be reached at the number listed below and you can also follow us on our social media channels listed below to stay up to date on our latest announcements.




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


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, August 14, 2020

Why Business Mobile Banking Is The PERFECT Tool for Small Business Owners

As a small business owner today, you can take every little bit of help that you can get. While there have been a few financial help resources out there during this pandemic, our bank at the Lake of the Ozarks would like to offer you a very helpful tool to use when trying to track your business expenses - the Business Mobile Banking App. Keep reading this week's blog to learn more about this powerful tool and a few reasons why it's PERFECT for small business owners.


Why Business Mobile Banking Is The PERFECT Tool for Small Business Owners


ACCURACY
You can rely on your record-keeping to be accurate when you choose the First Bank of the Lake Business Mobile Banking App. When it comes to tracking your business expenses and paying your bills, accuracy is more important than ever.

RELIABILITY
You can rely on this app to manage your business expenses and pay your bills on time when you program it to. With this app, you don't have to hope an assistant or business colleague gets these important tasks done for you, you can program this app to do things like this for you all from the palm of your hand.

CONVENIENCE
Everything you could ever need to run your business's finances, bill paying, balance checking, transaction approving, etc. - it can all be done from the palm of your hand! That is extremely CONVENIENT for a busy small business owner.

Business Mobile Banking App Details


Business doesn't stop just because you're away from the office, and some of those important financial decisions can't really just wait until you get back. That's why Business Mobile Banking can be such a crucial tool for you and your company.

No matter where you are, you can use your iPhone® or Android™ smartphone to:

  • Review transfers and payments
  • Approve transactions
  • Deposit checks on the go
  • Business Mobile Banking puts the power of financial management and supervision right into your hands... 

wherever you are, whenever you choose.


Business Mobile Banking - Your Convenient Tool During COVID-19 And On...


Business Mobile Banking allows you to manage your business from anywhere. With the COVID-19 pandemic still happening, this app allows you to manage your business banking from the comfort of your home if you choose to work from home versus your public office. To learn more about this convenient app, please call First Bank of the Lake today. We can be reached at the phone number listed below. You can also stay up to date on our latest announcements by following us on our social media channels listed below. Remember, First Bank of the Lake, Where We Put You First!




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


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, August 7, 2020

Budget-Friendly Back to School Tips

Back to School - for some this will mean virtual learning and others will be back to the live school sessions in person. Whatever your child's situation may be, our bank at the Lake of the Ozarks wishes you a happy back to school experience. Either way, your child is going to need back to school supplies. Our bank in Osage Beach is here to give you a few budget-friendly back to school tips in this week's blog. First Bank of the Lake - where we put YOU first.


Budget-Friendly Back to School Tips


Visit The Dollar Stores!
Pens, pencils, crayons - the dollar stores have it all. Your kids will likely be excited for new supplies no matter where you get them from. At those younger ages, they likely can't tell the difference from a dollar pencil to something more expensive. So, use this to your advantage and save some money on school supplies this year. Put that money your saving toward something more important, like their college education.

DIY Projects Are Great For Back-to-School Prep.
If your child will be schooling from home and using virtual learning tools such as video meetings, having a desk of their own may be a great idea. Save money on buying a brand new desk and create one yourself. There are a ton of tutorials out there. Take this one for example:
Not many supplies are required and you may already have this stuff around the house.

Garage sales will be your best friend.
You can get a ton of school supplies right in your own neighborhood, just watch for the garage sales. Many people need to get rid of old school supplies after their children have grown up and moved away so selling them can be a great way to do that.


Get Paid To Shop For Back To School Supplies With The Free Kasasa® Cash Checking at First Bank of the Lake!


At First Bank of the Lake, we basically pay you to bank here. Open a free Kasasa Cash® checking account and get rewarded for doing simple banking activities, like using your debit card. Earn interest and get refunds on your ATM withdrawal fees, nationwide. Add Kasasa Saver® to your account to make saving easy and automatic. Here’s how easy it is to earn your rewards:

To earn your rewards, just do the following transactions and activities in your Kasasa Cash account during each Monthly Qualification Cycle:
  • Have at least 12 debit card purchases post and settle
  • Be enrolled in and log into online banking
Visit us today to open your accounts! Learn more at https://firstbanklake.com/kasasa-cash-checking.html. You can also give us a call at the number listed below for more information.





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


Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265