SBA 7a loans are a great way to finance an organization and options are great for businesses. Learn about the different types and eligibility.
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SBA 7a loans for your business can make the difference between keeping your business afloat or losing it. SBA7a loans were created for that reason.
No one wants to see you lose the business you dreamed of and worked hard to obtain. You now need an SBA 7a loan but can't figure out how to get one. You might have an SBA 7a loan already and need to modify it.
SBA 7a loans have eligibility requirements, which you can find more information and legal services on what options you have in SBA 7a loans.
If you are going to deal with an SBA small business loan it's important to understand what it is. An SBA7a loan offers you a finance option guaranteed by the Small Business Administration. The reason the SBA loans are so popular and needed by many small businesses is important to understand. The SBA loans reduce the risk on the part of any lender and are also guaranteed by the Small Business Administration.
Its basic creation was built for businesses that cannot find other or more traditional loans. You can then use the loan with the SBA loan guarantee for whatever your small business needs to succeed. Frequently it is for starting up a small business, getting an influx of cash in a business a bit stagnant or other varied reasons.
A few of the best things about an SBA small business loan is;
There are nine types of SBA small business loans, and we are going to go over them all so you have the most relevant information on what an SBA small business loan can offer you.
Ther nine types of SBA small business loans include:
Each of them offers the small business owner something unique, and we are going to go over the benefits and eligibility terms for these small business loans below.
These are the typical small business loans many people know and use with the SBA. But we are going to tell you about some other ones you may not know about.
The SBA recognizes you may need capital for your business in a hurry. They also understand you and your business are at a make or break time. So they created the 7(a) Express Loan.
The SBA also has some SBA loans designed for a designated group of people to help them ope or sustain their businesses.
When you are considering a loan from the SBA, you need to understand they are flexible and provide you a lower payment. Most of the time interest rates range between 2.25% - 4.75%. The interest rates are lower than conventional loans and the SBA 7a loans are easier to get.
You can also use the loan funding for projects that help your business grow and develop. You won't have balloon payments to worry about, and will have money to cover soft costs. But your business must qualify as a small business for all the SBA loans. The government has a 'small business' definition you must meet, and any mid-sized businesses won't meet the guidelines.
If you are in business and already worked through the SBA application terms but are having issues with your current SBA loan, our experienced SBA attorneys can help. Our attorneys are trained in six core SBA disciplines
The six basic services are:
Our legal expertise provides negotiated and settled SBA debt. But our legal team provides so much more with most SBA issues or concerns you have.
Reach out to us today if you need your SBA processes resolved. When you are dealing with the SBA, the sooner you begin your negotiations, the better. Don't let the stress of an SBA loan drive your business in circles. We can show you how your business path can move forward once again.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Client personally guaranteed SBA 7(a) loan balance of over $150,000. Business failed and eventually shut down. SBA then pursued client for the balance. We intervened and was able to present an SBA OIC that was accepted for $30,000.
Clients personally guaranteed an SBA 7(a) loan that was referred to the Department of Treasury for collection. Treasury claimed our clients owed over $220,000 once it added its statutory collection fees and interest. We were able to negotiate a significant reduction of the total claimed amount from $220,000 to $119,000, saving the clients over $100,000 by arguing for a waiver of the statutory 28%-30% administrative fees and costs.
Client personally guaranteed SBA 7(a) loan balance of $58,000. The client received a notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings. We represented the client at the hearing and successfully defeated the AWG Order based on several legal and equitable grounds.
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