Friday, April 27, 2018

Financial Factors to Consider When Starting a Small Business

Starting a new business can be so very exciting! It can be quite tempting to jump in head first and get going, but you should consider certain, important financial factors first. For example, do you have a reliable bank in mind to give you your Small Business Loan at the Lake of the Ozarks to get started? First Bank of the Lake specializes in SBA Loans. "You have to spend money to make money." Call 573-348-2265 for more information on the quality SBA loans we offer. Keep reading for a few important financial factors to consider when starting a new business.




Financial Factors to Consider When Starting a New Business


Upfront Costs

When starting a business consider everything you may need to buy BEFORE you get your business "booming" and bringing in a profit. For example, depending on your business, consider the costs of the following things:
  • Rent or SBA loan payments
  • Website costs
  • Advertising costs
  • Equipment needed
  • Payroll
  • Business license fees
  • Utilities
  • Tech. Install costs
  • Small Business Insurance
Don't overlook these costs when starting a business and make sure you plan financially to cover them in the beginning. It can be easy to forget about these when asking for a business loan, but make sure you either have a loan that covers these costs (if applicable for your business) or you have enough money saved to cover them on your own.

Ongoing costs

Certain costs that should be looked at when starting up your business still cost as your business gets going too, such as:
  • Rent or SBA loan payments
  • Utilities
  • Advertising costs
  • Hosting fees for  your website
  • Small Business Insurance
There are also new costs that can come up, such as:
  • Inventory costs
  • Specific services, such as CPAs, Lawyers, HR professionals, etc.




Need Financial Assistance for Starting Your New Business?


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.

To visit with one of our SBA loan officers in Osage Beach, call 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, April 20, 2018

Questions to Ask Yourself When Saving for Retirement

Saving for retirement is becoming more and more essential as people are living longer due to all of the medical advances. The earlier you start saving, the better. Typically, people retire in their early 60s. There is no set age to retire, however, you must be at least 62 years old to start collecting Social Security retirement benefits. Live the life you want to when it comes to retiring, don't put yourself in a financial strain and start saving now. We can help. First Bank of the Lake offers IRAs that can make this process much easier for you. If you are interested in hearing more about our retirement savings products, give our bank in Osage Beach a call at 573-348-2265. In the interest of making the retirement savings process easier, here are a few questions to ask yourself.




Questions to Ask Yourself When Saving for Retirement


What will you do when you retire?
Determine what your goals will be when you retire. Do you plan to travel to every country or babysit your grandkids as much as possible? Figure these things out now, so you:

a. Won't be bored trying to figure out what to do with your life in retirement
b. Have an idea of what your expenses will be so you can plan now

How will your expenses change when you retire?
Determine if you will need to purchase healthcare when you retire or if you will qualify for Medicare. Healthcare could potentially affect your expenses a great deal and it's important you prepare for this as much as possible. For more information on Medicare and whether or not you are eligible for it, visit www.Medicare.gov.

Are you absolutely done working?
Some retirees realize that they aren't actually done working when they retire and choose to start their own businesses. Maybe you will choose to run a business out of your home selling handmade crafts or baked goods. No matter what type of business you choose to start in your retirement age if this sounds like you, plan ahead and start saving now. 






Make Retiring Easy on Yourself with First Bank of the Lake


Our friendly staff understands the challenges of saving for retirement. You have bills and other expenses that must be paid as well, so how will you put money away to retire? We can help you. Our IRAs at the Lake of the Ozarks offer a tax-advantaged way to save money for your retirement. We offer four types of IRAs and we can help you decide which one works best for your financial situation. For more information on these products, visit our website, www.FirstBankLake.com or stop in and visit with us at 4558 Osage Beach Parkway, Suite 100.



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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, April 12, 2018

Savings Goals for 2018

You probably set certain goals or resolutions for yourself at the beginning of the year. While many people set goals for losing weight, financial goals can come into play as well. Our bank at the Lake of the Ozarks is here to give you a few examples of savings goals to set for 2018 and tips on how to accomplish those goals. If you are in need of a savings account that makes saving money easy, call First Bank of the Lake at 573-348-2265 or visit our website at www.FirstBankLake.com.




Savings Goals for 2018


Saving for a NEW Car

When you save for a car, have a budget and stick to it! Don’t get distracted by more expensive cars and focus on what you can realistically afford. Then, build your savings to reflect that. Save automatically by connecting your checking account to your savings account. Check with your local bank in Osage Beach for options to tie your savings and checking together.

Saving for a House

Don’t forget about all of those potential “extra costs” that come with buying a house. For example, you should also factor the following into your house savings:

Title Fees
Homeowners’ Insurance
Mortgage Loan Application Fees
Inspection Costs
Furnishing Costs
Down payment

Ask your real estate agent about these things when trying to save for a house.




Saving for College Tuition

According to https://www.statista.com/statistics/235651/us-university-attendance-cost/:

The average annual cost of attending a public 4-year university from 2017-2018 in state is 20,770 dollars. Do everything you can to prepare yourself financially BEFORE you get to college. Put any money you can away from those summer jobs and save it for your college tuition. Too often college students take out more student loans than they can afford and end up in a “mountain of debt” upon graduating. Don’t let that be you and apply for every scholarship you can while in high school. Also, you can save money by taking advantage of college credit classes that are sometimes offered while in high school. You may find that those classes are cheaper than the classes offered while in college, but they still give you the same credits you need.


Save the Easy Way with First Bank of the Lake


We offer a few different ways to save money efficiently for our clients. We have the Free Kasasa Saver® and our Traditional Saving Account.  Our Traditional Savings Account only requires $100 to open and includes a semi-annual statement and free direct deposit. We also offer Minor Savings Accounts for those who are under the age of 18. This account only requires $50 to open and has no minimum balance required. The Free Kasasa Saver® is savings simplified. This is for customers who have our Kasasa Cash® or Kasasa Cash Back® checking accounts. You can connect the Kasasa Saver® to your Kasasa® checking account and build your savings effortlessly. When you earn cash rewards in your Kasasa checking, those earnings transfer into your Kasasa Saver. If you have any questions about our savings products, feel free to give us a call at 573-348-2265 or visit our website at www.FirstBankLake.com for more information.


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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, April 6, 2018

Why Choose the Free Kasasa Saver®?

Saving money is essential for so many things, such as a down payment for a house, college tuition, or a new car. While there are many options out there for your savings, you should consider the best financial product that meets your needs. Our bank at the Lake of the Ozarks is here to present the Free Kasasa Saver®. If you are interested in a savings account that makes savings easy, call First Bank of the Lake today at 573-348-2265. Keep reading to learn more about the Free Kasasa Saver®.




Free Kasasa Saver®


Build savings automatically — link this account to your free Kasasa® checking.

Free 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.


Benefits


  • Free account that builds your savings effortlessly
  • Links to free Kasasa Cash or Kasasa Cash Back checking
  • Automatic transfers of Kasasa Cash or Kasasa Cash Back earnings
  • 0.75% APY* on balances up to $25,000
  • 0.75% to 0.35% APY* on balances over $25,000 depending on balance in account**
  • 0.05% APY* if qualifications are not met on Kasasa Cash or Kasasa Cash Back
  • No minimum balance to earn rewards
  • No monthly service fee
  • Free online banking
  • Free e-statements
  • Free debit card
  • $25 minimum deposit to open


Here’s how easy it is to earn your rewards:

Qualifying for your Kasasa Cash or Kasasa Cash Back rewards automatically qualifies you for the highest Kasasa Saver rate, too. To earn your rewards, just do the following transactions and activities in your Kasasa Cash or Kasasa Cash Back account during each Monthly Qualification Cycle:


  • Have at least 12 debit card purchases post and settle
  • Be enrolled in and log into online banking

That’s really it! Even if you don’t meet these qualifications, there are no penalties — your accounts are still free. Plus, you’ll still earn our base rate on your Kasasa Saver balance. And you can get right back to earning your full rewards the very next cycle that you qualify.

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

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

*APY=Annual Percentage Yield



Ready to Start Saving the Right Way?


Call our bank in Osage Beach. First Bank of the Lake doesn't try to sell you a loan or service you don't need. We make all of our decisions right here at home. We use good judgment and compassion when evaluating customer requests. For more information on our savings products, visit our website at www.FirstBankLake.com or call us 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