Small Business Administration Lending
Get Help with Small Business Administration Lending from Lipresti Law
If your small business in Boston needs a loan, working through and understanding legal documents necessary to obtain lending can be difficult. We recommend hiring lawyers to help navigate the application, funding and closing of your SBA loan. At Lipresti Law, we have a team of dedicated and experienced banking and finance attorneys who can help you and your small business acquire a loan. Our lawyers have experience with SBA 7(a) loans as well as SBA 504 loans. Read more below to see how we can help and then give us a call to get started!
Get a SBA 7(a) Loan in Boston
If your small business in Boston is looking to secure a loan for general funding or working capital, a SBA 7(a) loan may be perfect. The SBA 7(a) loan is a flexible business loan, with variable or fixed interest rates, that can be helpful in moving your small business forward by providing money for necessary purchases. An example can be buying new furniture for your store front, purchasing equipment to expand production, buying needed inventory or supplies and even debt refinancing. A standard SBA 7(a) max loan amount goes up to $5 million, with guarantees of 85% for loans up to $150,000 and 75% for loans greater than $150,000. Loan repayment terms can be 10 years and collateral is required for any amount over $25,000. In a SBA 7(a) loan, there are various application forms needed and some eligibility requirements your Boston business must meet before approval.
This is where our team at Lipresti Law comes in! We have a host of lending financial institutions we work with to ensure the negotiation and application process goes smoothly. We can help represent your Boston small business in all situations, from assorted term loans and lines of credit to express facilities. With our help of expert lending lawyers, you’ll feel confident knowing all legal documents are reviewed and funding is coordinated. When it comes time to close the loan, we can assist in that process as well.
SBA 504 Loan Borrower Representation with Lipresti Law
At Lipresti Law, we are well-versed in the CDC/SBA 504 Loan Program and can represent your Cambridge small business through the process. A SBA 504 loan can be used to finance real estate purchases or renovations for your small business in Cambridge. For example, you can use this type of lending to purchase existing buildings, build new facilities, improve parking lots and landscaping, and buy long-term machinery or equipment. We have found that SBA 504 loans can be especially helpful for small businesses around Cambridge, as they can help accelerate business growth through long term fixed rate financing.
SBA 504 loan amounts exist up to $5 million, with a fixed interest rate tied to U.S. Treasury bonds and repayment terms of 10 or 20 years. SBA 504 loans are available exclusively through Certified Development Companies, which is why you want to make sure you have the help you need to verify you’re dealing with a qualified lender. Additionally, your Cambridge business must meet specific eligibility requirements. We can help you understand these requirements and know if a 504 loan is best for your small business. We will help you navigate all forms and applications, representing your small business from start to finish.
SBA Lending Representation from Lipresti Law
We have experience helping small businesses from Boston and Cambridge successfully achieve the lending they need to move their business forward. Whether it’s a SBA 7(a) loan or a SBA 504 loan, we can help you understand which aligns best with your goals and work to achieve a positive outcome. Helping get your small business the money it needs at a rate you can afford is what we do at Lipresti Law. Reach out to us today to see how we can help you!