Which Are the Various Financing Options Available for a Law Firm?
If you have started your law practice and are finding it difficult to qualify for a small business loan, then try applying for a personal loan. You just might have better luck with that. You can use the vast majority of personal loans for meeting business expenses.
General Purpose Business Loan
These fixed-term loans are meant for any business use that is legitimate. You can get a general-purpose business loan from online lenders or traditional banks. If you are not sure how you will use the funds, and you want to have the flexibility to use some funds to pay the salary to your staff and some to pay for office furniture, for instance, you could just do that with this type of loan.
Certain online lenders and banks offer loans falling under SBA’s guidelines. These come with government guarantees to lenders, which can lead to a lower interest amount for you. Keep in mind that SBA loans for law firms take long durations to process. Usually, these stretch to a month or so from the time one applies. If you require fast financing, then this may not be the best option for you.