Offices of Lawyers (NAICS Code: 541110) ranked #11 in our latest research on the top 20 performing industries for SBA financing over the last decade. During this period, attorneys received more than 5,800 SBA 7(a) loans totaling roughly $1.15 billion. Attorneys find the 7(a) Program to be one of the most attractive options for financing as a result of the flexibility surrounding the permissible uses of proceeds, such as continuing legal education, refinancing existing debt and working capital to cover case expenses.
In our latest analysis of the top 20 performing industries, Engineering Services (NAICS Code: 541330) ranked #20. From October 1, 2009 to December 21, 2018, engineering firms received 3,058 SBA loans totaling roughly $1.06 billion. While “engineering services” is a broad category covering many types of engineers, the need for capital and the value of SBA financing is similar across all categories.
SBA 7(a) financing is one of the most common ways for small-businesses to access capital for growth and business expansion. As highlighted in our recent articles, these loans offer low interest rates and long repayment terms, but navigating the application process can be difficult for many potential borrowers.
We recently explored some of the most important items to consider when using an SBA loan to help grow your small-business in The Pros and Cons of SBA 7(a) Loans. Although SBA loans may require time and effort, the long-term advantages outweigh the cons for many small-business owners. Specifically, those owners interested in longer repayment periods and lower interest rates.If you’ve made the decision to pursue SBA financing, the application process can seem intimidating in the beginning. However, keeping these four main areas top-of-mind can help you efficiently and effectively navigate the process from start-to-finish.
If you’re a small-business owner looking for capital to expand, you’ve likely come across SBA 7(a) loans – the nation’s most popular type of loan offered through the U.S. Small Business Administration (SBA).One common misconception is that the SBA lends directly to small-businesses. In reality, the SBA 7(a) Loan Program partially guarantees loans made by banks or other direct lenders to eligible small-businesses. The program aims to promote economic growth by encouraging lenders to partner with small-businesses that may be struggling to secure financing on reasonable terms. Because of the guaranty, SBA loans tend to have lower monthly payments than other types of loans. However, there are some drawbacks that must be considered prior to getting started with your application.
Firm assists lenders in funding over $135 million in loans under $350,000 to small businesses in 2016 CHICAGO, November 18th, 2016 — Windsor Advantage, LLC, a leading provider of services to banks and credit unions, assisted a record number of small businesses in 2016 through the SBA 7(a) and USDA Small Loan Program. The $135 …