Small Business Loans
As a community bank, Lake City Bank provides financing solutions for businesses, regardless of size. Our Small Business Lending team works with our Retail Banking officers to deliver credit solutions to small businesses throughout our footprint. We provide a wide variety of financing products to support the growth of small businesses, including:
- Business term loans for permanent business needs such as equipment, vehicles or permanent working capital
- Revolving lines of credit to provide short-term working capital for accounts receivable and inventory purchases
- Commercial mortgage loans that finance expanding existing space or purchasing new space
- Agricultural term loans and lines of credit to finance agricultural land, working capital, livestock, crops, or machinery and equipment purchases
Supporting Local Businesses Through Challenges and Beyond
During the COVID-19 pandemic, Lake City Bank stepped up to support our customers and communities, ensuring they had access to vital resources during an unprecedented time.
A significant chapter in this story was pivoting to help our clients access Paycheck Protection Program (PPP) loans. By investing in technology and dedicating our team’s efforts, we adapted and launched an automated portal that streamlined the process for applying, submitting documents, and processing loans. Supported by technology, team members worked long hours to get our customers’ applications to the SBA, fund loans and, ultimately, to submit forgiveness applications that completed the process.
The numbers also tell a great story. During 2020 and the first half of 2021, Lake City Bank funded PPP loans totaling $735.6 million. In addition, the bank processed forgiveness applications for 97.8% of the PPP loans we originated, and customers received forgiveness (or repaid) $719.8 million in PPP loans. Even after the height of the pandemic, we continued to work with our customers, submitting additional forgiveness applications on their behalf. As a result, every one of our clients who needed, qualified and applied for a PPP loan was served — regardless of whether they were a commercial client, a private banking sole practitioner, or a business served by branch bankers throughout our footprint.
We’re very proud of how our team came together during this challenging time to serve businesses in our communities.
