Small Business Administration (SBA) Loans

Helpful Links for Businesses

Coronavirus Business Cyber Threats

Helpful Links for PPP Borrowers

PPP Loan Forgiveness Application
PPP Loan Forgiveness Application Demo Videos: Authenticating and Applying, Document Uploads and eSigning
PPP Loan Forgiveness Form and Instructions
PPP Loan Forgiveness Form 3508EZ and Instructions
PPP Loan Forgiveness Form 3508S and Instructions

Forgiveness Process Continues for PPP Borrowers

Lake City Bank customers with Paycheck Protection Program (PPP) loans can now apply for loan forgiveness from the Small Business Administration (SBA) using our automated solution. Entering information into the solution and uploading supporting documents is simple. See Helpful Links for PPP Borrowers above to connect with our solution, view videos about entering your application and supporting documents, and access applications and instructions from the SBA. Please contact your banking representative with questions.

New Information about Payroll Protection Program loans from the SBA

We’ve learned the SBA has stopped accepting applications for Paycheck Protection Program (PPP) loans as the processed loan volume has reached the $349 billion level authorized by the CARES Act. We are proud that Lake City Bank has filed 100% of the applications for which we had received all required client information as of April 15, 2020. We are disappointed that the SBA system will not accept additional applications at this time. While the SBA will no longer accept applications from any lenders to make PPP loans, it has been widely reported that Congress is anticipated to authorize expanded PPP funding to continue to meet the payroll needs of small businesses struggling during the Coronavirus pandemic. Given the uncertainty around increased funding, and knowing demand remains for businesses to take care of their employees, Lake City Bank will continue to work with our clients to gather information necessary for an application should the SBA reopen the program with additional funding. Please continue to provide the required Borrower Application and supporting documentation to your Lake City Bank relationship manager. For current applicants unsure of the status of your application, please feel free to call your relationship manager for an update. For customers who were informed of your approval, we are working on processing your documents for signature and funding within 10 calendar days since the date of your approval.

Lake City Bank is proud of our ability to meet the needs of so many businesses as a Preferred Lender of the SBA. We appreciate your business and stand ready to assist with all of your banking needs – both now and into the future.


Eric H Ottinger
Executive Vice President
Commercial Banking Manager

Update: Paycheck Protection Program Launches

The much-anticipated PPP Loans program has launched. The bank has already experienced high demand for the program, which will offer some relief to small businesses affected by the COVID-19 virus, and expects a record number of applications.

Lake City Bank is ready to help. Based on very high loan demand, our priority will be to process applications for existing business customers. If you have a business deposit and/or loan account at Lake City Bank as of March 15, 2020, we can take your application for this loan program now. If you would like to apply, you can find a PDF version of the Small Business Administration’s application here. If you would prefer a fillable PDF, find it here. To complete your application, we will need payroll details and other documentation. You’ll find a checklist of the required documentation here. We are continuing to learn more about the SBA approval system and may add or delete items from the Borrower Checklist as we continue to gather information and experience, so please refer to the latest version posted on our website before sending your application and documentation.

It’s important to recognize that the demand for these loans is very high and funds are limited. While we’re committed to moving your PPP application forward as quickly as possible, it’s clear that unprecedented volume, guidance and details that remain relatively fluid and limited access to the SBA’s application system will hamper the banks’ ability to move through the process efficiently. We anticipate that approvals and funding will reflect the high volume that the SBA will experience, so we counsel patience with the process.

We appreciate the opportunity to help you weather this difficult time. Please contact your banking officer with questions and to arrange submitting your application and documentation. We will post updates on our COVID-19 page and this page.

Support for Businesses During the COVID-19 Crisis

As an SBA lender, we’re excited to be able to help you take advantage of the Paycheck Protection Program launched by the Treasury Department and the Small Business Administration. Details and guidance on the program remain fluid. That said, many financial institutions and advisors have made promises and provided access to applications and other information that remain unconfirmed and far from finalized. While we are ready and willing to help you in this process if you decide to participate, we’re also committed to providing details and tools for applying when we are certain that we have the facts to move forward.

Based on what we know now and very high loan demand, our priority will be to process applications for existing business customers. If you have a business deposit and/or loan account at Lake City Bank as of March 15, 2020, we will take your application for this loan program as soon as the program parameters are finalized by the SBA. Limited exceptions may apply, so please contact your relationship manager to discuss your eligibility.

More information from the Treasury Department is available here. Please check our COVID-19 page for updates and more information. To determine if you would like to consider a PPP loan, we encourage you to review the guidance, further details and terms from the Small Business Administration.

We will confirm when we can submit applications to the SBA as soon as we have accurate details to properly book and process them. In addition to completing an application, you will also need to prepare the necessary payroll calculations along with any related financial documentation or verification required, and gather any other items that are required under the program so we can expedite your loan request.

We’re committed to moving your PPP application forward as quickly as possible. We appreciate the opportunity to help you weather this difficult time. Please contact your banking officer with questions.

SBA Loan Programs

The US Small Business Administration offers a variety of loan programs to assist small business owners. Lake City Bank is a certified SBA Express lender, and is an approved lender under the SBA Preferred Lender Program, both of which streamline the process for prospective borrowers. Our lenders understand available SBA loan options, and can help guide you through an SBA Loan application.

SBA 504 Loan
Designed to provide financing for the purchase of fixed assets, including real estate, buildings and machinery at competitive interest rates. As part of its mission to promote the development of businesses, the SBA offers a number of different loan programs tailored to specific capital needs of growing businesses.

SBA 7(a) Loan
This loan is the SBA’s primary program for helping eligible start-up and existing small businesses with financing for a variety of general business purposes. SBA does not make loans itself, but rather guarantees a portion of the loans made by Lake City Bank. SBA 7(a) loans have a maximum loan amount of $5 million.

SBA Express Loan
Lake City Bank is an approved Express Lender with the SBA, which permits us to complete the underwriting and documentation on our own while following the SBA’s standards for the 7(a) loan program. This provides faster turnaround time for our clients. Revolving lines of credit also may be approved under the Express Program.

Drop in one of our branch locations or call our One Call Center at (888) 522-2265.

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