SBA Loans
Lines of Credit
Non-Recourse
Welcome, NATLE members!
You’re here because NATLE’s partnership with Business Funding Group (dba SBA Loan Group / SBA Funding) has been a game-changer for many trial law firms throughout the nation—and we’re excited to help you, too.
Our specialized financing solutions have empowered litigating law firms to grow, hire new attorneys, increase advertising, take on bigger cases, building long-term success. Whether you’re expanding your practice, investing in new opportunities, or strengthening your firm’s foundation, we’re here with expert guidance and proven financial solutions. NATLE’s leadership has seen firsthand the impact we’ve made—and their words say it best:
“Ridiculously successful! That’s how I define NATLE’s affinity program with SBA Loan Group. It has been one of the most profitable and rewarding experiences for our organization and our members. It not only provides us with an excellent source of nondues revenue, but the way it is helping law firms makes it especially meaningful on so many levels. Thank you, Jarret, and SBA Loan Group for helping us to help our members in such a profound way.”
– Kathleen Wilson, CAE
Former Executive Director,
National Association of Trial Lawyer Executives
www.natle.org
850.668.6905
natle@natle.org
Schedule a free, no obligation, call to see how we can help you!
BFG’s tailored financing strategies have been a game-changer, helping us scale into one of the largest law firms in America!
And as we expanded, BFG transitioned us from costly non-bank lender rates to a traditional revolving bank line of credit at much more competitive rates.
Thanks to Jarret Prussin and BFG, I went from a $100K starter SBA loan to managing one of the largest mass tort inventories in the country.
TJ and Business Funding Group were a pleasure to work with. The process was straightforward and TJ kept me informed at every step. Highly recommend TJ and Business Funding Group.
At BFG we strive to simplify what can be a complicated loan application process. When in need of unique financing solutions to help your business advance, we’re here to provide comprehensive solutions that are unique to your company and your current situation.
To schedule an appointment and learn more about SBA loans, please get in touch with our friendly team today. We are looking forward to partnering with you soon!
The Small Business Administration is a government agency that was set up in 1953 to facilitate job creation in the United States by promoting and supporting business creation and growth. They are involved in education and training, financing, and general support of small businesses.
Other than the EIDL (Economic Injury Disaster Loans) loans, the SBA does not lend directly to your business. Instead they guarantee a portion of your loan from a participating bank, should you ever default. The guarantee that the SBA provides to its lenders motivate the banks to make loans that they might not other grant.
However, these loans are complicated and subject to many rules, which BFG fully understands and can help you navigate to obtain the best loan for your business.
An SBA loan is a loan made by a bank that is guaranteed by the US government. If all rules are followed, the US government will give the bank a guarantee of 75% to 90%. This means that if you don’t repay the loan, the government will reimburse the bank. This incentivizes banks to work with small and younger businesses, especially in business areas like e-commerce and technology. This incentivizes banks to work with small businesses and younger businesses, especially in business areas such as e-commerce and technology.
There are two major programs: SBA 7a and 504. The 7a program covers working capital and real estate, with a cap of $5 million. The 504 program covers only real estate and improvements to that real estate.
There are many benefits to an SBA loan versus a conventional loan. We need to analyze your business to tell you what the benefits of an SBA loan are to you.
All loans will have many terms and conditions, but the fundamental essence of an SBA loan is that if you make your monthly payments, the loan will not be canceled. We can better understand what a loan would look like for your company by examining your financials – both business and personal. For SBA, the typical terms are either a 10- or 25-year repayment period, with floating interest rates based on prime. There are many rules and regulations governing all loans, especially SBA loans. It’s our job to help you understand how to use SBA loans and what the requirements are.
SBA loans can be used for any legitimate business purpose to build your business. Hiring new personnel, funding inventory, and buying equipment are all examples of things you can use an SBA loan for.
What are the interest rates and repayment terms for SBA loans?
Repayment for most working capital loans is typically ten years, while loans that involve the purchase of real estate can have terms as long as 30 years. The interest rate for an SBA loan is 2.25% to 2.75% above prime. This is a variable rate that is reset every 90 days. If prime rates increase, your loan rate will also increase. If interest rates decrease, your interest rate will go down as well.
With a traditional loan, you directly approach a lender and request financing. If the lender approves, they’ll give you the money. The SBA, on the other hand, serves as a mediator between you and a lender. You’ll work through the SBA to find a potential lender, who will then consider your request.
The kicker is that once you’re approved, the SBA guarantees a sizable portion of the loan, reducing the lender’s risk. Because they know they’ll get paid even if you were to default, lenders are much more willing to be generous with you. The SBA’s incentive means lenders will even compete for your business.
Because SBA loans are so beneficial for borrowers, they’re increasingly popular with entrepreneurs. Securing a loan with monthly payments, fixed interest rates, and generous repayment terms is rare indeed. And the process of paying off an SBA loan builds your credit, which improves your options when you need to pursue additional financing in the future.
Except for the two or three non-eligible types of business for federal funding, like gambling or cannabis companies (companies not legal federally), we can help almost any profitable business in obtaining an SBA loan.
You will need to take the time to pull all the documents that are needed for a loan. This might include documents that you haven’t seen for years such as formation documents and things like that. However, we will work with you or your financial professional to get all the right data so we can get the loan accomplished as soon as possible.
The most important eligibility criterion is to have a profitable company based on your tax returns. We will also look at your credit score and personal financial statements. Your personal and business debt and your ability to repay that debt play a significant role in determining your eligibility. A brief 15-minute discussion with us can help you find out if you qualify for a loan.
We will provide you with all the materials you need and assist you with filling them out if necessary. To start, we will need three years of tax returns and personal financial statements. While there are many forms involved in every loan, we try to make it as easy as possible and aim to close the loan as soon as possible.
Tax returns for both the owners and the business for the last three years, as well as personal financial statements from all owners with over 20% ownership. Additionally, various documents related to your corporate entity are required to close the loan.
Once you provide us with all the necessary documentation, we can get you a loan commitment within 30 days. After that, you can expect it to take about 45 more days to close and fund the loan.
(860) 431-2568