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A tech stack is the set of technologies that a company uses to build and run its applications or website. It includes programming languages, frameworks, databases, front-end and back-end tools, and application programming interfaces (APIs).
Attorneys and their associates in the legal industry can benefit from advancing their tech stack. Keeping up with technologies could boost your efficiency and give your clients a better experience.
Upgrading software, hardware, and other necessary technology can be expensive. One way to make investing in updated technologies possible is to use an SBA loan to modernize your law firm’s tech stack. Contact Business Funding Group (BFG) to get started on your application today!
The Importance of Investing in Modern Technology
Law firms are more reliant on technology than ever before. It is used on a daily basis for multiple operating tasks, including billing, marketing, and managing case files. An upgraded tech stack with the help of an SBA loan could be key to supporting your company’s security and compliance with data protection laws.
Another important benefit of modernizing your tech stack is improved productivity. When your firm is more efficient, you can take on more clients and boost your revenue. Technology tools can help you automate routine processes, allowing you to reduce the time spent on administrative tasks and increase your billable hours.
In contrast, an outdated tech stack can make your law firm less desirable to clients who want fast and convenient service. It can also hinder your ability to compete in a dynamic industry that has embraced technology.
Types of Technologies To Invest In
There are many tools and technologies that can significantly improve your firm’s systems. Some examples of software and tools to consider include:
- Cloud-based case management software
- Document automation tools
- Secure communication tools such as encrypted email services and messaging platforms
- Billing software to track time, generate invoices, and streamline payroll
- Data backup and cybersecurity tools, such as multi-factor authentication
- Client portal for confidentiality and easy communication
Although implementing or upgrading these tools can be costly, an SBA loan could help your law firm pursue the benefits of modernizing your tech stack.
How an SBA Loan Could Make It Possible
The SBA loan program helps small businesses get the funding they need to modernize their operations, including their tech stack. Law firms can utilize these government-backed loans to make investing in technology possible and affordable.
SBA loans often have terms that are favorable to borrowers and better than those of conventional financing. Down payment requirements are low (generally ZERO on 7(a) loans), interest rates are often fixed, and repayment terms extend up to 10 years for equipment and working capital.
The SBA 7(a) loan program allows for flexible spending, with loan amounts up to $5M. Proceeds can be used for various tech improvements, including:
- New computers
- E-signature subscriptions
- Legal research databases
- Password management
The SBA 504 loan program can provide $20M+ in funding. These loans are generally used for investing in commercial real estate and purchasing expensive equipment.
Update Your Law Firm’s Technology With an SBA Loan
Implementing a state-of-the-art tech stack could make your firm more productive and improve client satisfaction. This could increase your law firm’s competitiveness and lead to more clients hiring you, naturally growing your business. An SBA loan could help you fund these investments, allowing you to maintain a competitive advantage in a field that has become increasingly immersed in technology.
At BFG, our professional loan packagers could help evaluate your firm’s eligibility, determine the right loan for you, and recommend trusted lenders. We also assist with the application process so that you can focus on growing your business.
Call today to learn more about how you could use an SBA loan to modernize your law firm’s tech stack.