If you are running a profitable law practice and want to expand, SBA loans might be the key. As they consider scaling their practice, more attorneys should be exploring how law firms can use SBA loans for office space and operational growth.
Whether you are interested in a new office building, upgrading your technology, or hiring a reliable team, you could use SBA funding to achieve your goals.
At Business Funding Group LLC (BFG), we specialize in SBA loan packaging for established businesses in professional niches such as law. We never charge a fee unless your loan closes! Take the initiative and fill out our online application today.
SBA Loans for Law Firms
SBA loans could be especially beneficial to law firms for use towards work premises costs and business development. They are known for offering more borrower-friendly terms than traditional bank loans.
Some benefits of SBA loans include:
To be eligible, you need to demonstrate the ability to repay the loan and possess good credit scores and credit history. Your business must also be a for-profit entity that is established and operates in the U.S.
An SBA loan could be a part of your plan for strategic growth. At BFG, we could help assess your financial situation, guide you to the best loan program, and package your application.
Leasing vs. Owning Office Space
A common reason legal offices pursue an SBA loan is to secure a new office space to aid in their expansion. Many law firms find that owning commercial real estate is superior to renting. However, leasing could be beneficial in certain circumstances.
Leasing
Renting might be more beneficial if you are:
- Expanding into a new market
- Testing a new location
- Wanting to avoid the commitment of ownership
You could use loan funds for tenant improvements, signs, furniture, or upfront rent payments.
Owning
SBA funding could help you invest in your own space rather than paying rent each month. The proceeds from an SBA loan could go toward:
- Down payment on the property
- Furniture
- Professional fees
- Equipment installation
You may be able to secure an SBA loan with no down payment for a real estate purchase, which makes ownership surprisingly accessible.
Hiring
Law practices could also use SBA loans to expand their team and increase their operational capacity. If your caseload is too heavy and you have to turn away clients, it is time to grow your team.
This could be achieved by:
- Hiring an associate attorney to handle the caseload
- Hiring a paralegal to increase efficiency
- Adding administrative support so you can focus on billable hours
Hiring is an investment that SBA loans could help you obtain. A good team will help the firm grow organically.
Investing in Marketing
With SBA funds, you could expand your law practice by investing in marketing to attract new clients and enhance your office space. Marketing for your law firm could involve:
- SEO and content marketing
- Paid ads to increase reach
- Referral partnerships and branding efforts
Upgrading Technology
Modern legal firms need the latest technology systems, and you could use an SBA loan to modernize office operations and support long-term efficiency.
Tech upgrades that have helped countless law firms include:
- Cloud-based case management software
- Secure client portals
- Data backup and cybersecurity tools
- Paperless billing systems
Working Capital and Refinancing Debt
SBA loans could help increase working capital and refinance debt too. Repayment terms are favorable and allow you to spread the cost of the loan over a long time period.
Obtaining working capital through an SBA loan could help your legal business free up cash to reinvest in the firm’s operational expansion or cover regular office expenses. An SBA loan for refinancing high-interest debt gives your business the chance to consolidate business loans into one affordable payment. To find out your eligibility, use our loan calculator.
Contact BFG To Learn How Law Firms Could Use SBA Loans for Office Premises and Operational Expansion
How law firms can use SBA loans for office space and operational growth comes down to one thing: investing in what will move your legal practice forward.
SBA funding makes it possible to expand your team, buy a building, or launch a marketing strategy. We could help by packaging your loan application, connecting you with the right lenders, and offering guidance whenever you need it.
Contact us today and fill out an application to explore how SBA loans could support your firm’s growth.
(917) 593-5013