SBA Loans for Law Firms
Uneven cash flow is a common issue among even the most experienced attorneys involved in modern litigation. Besides, there are several expenses and high costs involved in the same. The majority of banks fail to understand the value of your financial needs and imminent cases. As a result, there are only a few lending firms, and these offer loans at high rates and under difficult monitoring conditions, with enforced payback methods. SBA loans are a huge benefit to law firms struggling to find funds for their expenses. With the help of SBA loans for law firms, you can inject essential capital into the firm. Furthermore, you can utilize the money for hiring, advertising, and so on. SBA loans have lower rates and are permanent. Note that they cannot be modified, canceled, or forced for repayments of loans of up to 25 years.
One needs to remember that attorneys have the lowest SBA default rates in the nation. A few salient features of SBA loans for law firms include the following.
- There are no forced and annual pay downs
- There is minimal restriction on how to spend the money (it can be used for including general overhead, case costs, and advertising)
- It is possible to purchase a building for a number of purposes
- The rates are lower compared to other loans