Massachusetts SBA Attorney
The Law Office of Glenn F. Russell, Jr. Is Here for Small Businesses
Our economy is dependent on small businesses. At The Law Office of Glenn F. Russell, Jr. we believe in supporting this effort by providing exceptional legal representation to all of our small business clients, including legal help with SBA loans. These loans are crucial when it comes to helping business owners grow and expand their brands. However, in these uncertain economic times, you may find yourself in a position where you've taken on more debt than you can handle, or you've defaulted on your SBA loan. If you find yourself in this position, reach out to our SBA lawyer in Massachusetts. We are prepared to help you today.
The Law Office of Glenn F. Russell, Jr. wants to help small businesses thrive. To learn more about our SBA loan services, call us at (888) 400-9318 or reach out to us online.
What Is an SBA Loan?
Often, a small business owner cannot secure the loan they need because the lending institution determines that there is too much risk involved. The U.S. Small Business Administration (SBA), a federal agency, works with lenders to reduce risk, making it easier for small business owners to get the loans they need to develop their business further. The SBA reduces the risk to lenders by backing a percentage of the loan.
The SBA does not directly loan money to small businesses but instead works with lenders to make acquiring small business loans easier for consumers. Besides partnering with large and small banks, the SBA works with micro-lending institutions, credit unions, community development organizations, and non-profit financing institutions.
A small business loan can be used for many business expenses, including:
- Bill paying
- Business expansion
- Cash flow stability
- Expansion
- Hiring
- Inventory
- Marketing and advertising needs
- Payroll
- Renovations
- Taxes
Every business is unique, and no SBA loan is the same. SBA loans can be acquired for almost any industry, including auto, construction, manufacturing, medical, and wholesale. Each loan will have its own set of unique terms, rates, and loan amount, depending on the business' needs.
What Happens If You Default on Your SBA Loan?
When signing up for an SBA loan, you likely had to sign a personal guarantee as part of the qualification process. When taking out your SBA loan, you take it out as a business, and the business is then responsible for repayment. A personal guarantee dictates that, should the business default on the loan, you become responsible for it. Consequently, your personal property and assets are at risk.
However, do not panic. Though it may feel as if you have no options, you do.
Our SBA attorney offers a range of services, including:
- SBA loan modification
- SBA loan negotiation
- Loan deferment
- Debt settlement
If you find yourself in a position where you cannot make your SBA loan payments, do not ignore the problem. Schedule a consultation with our Massachusetts SBA loan attorney as soon as possible. We have extensive experience negotiating SBA loans and have helped clients reduce their debt and avoid bankruptcy. Let us put our experience to work for you and your business.
We Care About the Success of Your Business
The Law Office of Glenn F. Russell, Jr. is proud to offer all of our clients the debt relief options they need. We know that running a business is difficult, and despite your best efforts, you may be in a position where you are overwhelmed by debt. We have extensive knowledge of how SBA loans work, and we take an aggressive approach to debt negotiation. Let us help you regain control of your debt and your business.
To speak with an experienced SBA loan lawyer, contact The Law Office of Glenn F. Russell, Jr. at (888) 400-9318 or schedule an appointment online.