An Attorney Can Help You Resolve SBA Loan Debt
If your small business needs funding at some point, whether it’s to upgrade ovens and commercial-grade mixers for a bakery, or to cover the costs of moving to a location that you believe would be more lucrative for your establishment, a U.S. Small Business Administration (SBA) loan is often a good place to start.
Many small business owners turn to SBA loans to help fund their venture, in some cases including for initial start-up costs.
SBA loans are provided through private financial institutions, but are backed by the federal government through the SBA. SBA loans are secured loans designed to stimulate business growth that require some form of collateral to protect lenders in the event that you default on that loan. That collateral can range from a vehicle to a business owner’s primary residence.
But no matter how sound your business plan, no matter how much you’ve taken every detail into careful consideration, there is no guarantee that your business will be a success.
In recent years, as COVID-19 shuttered myriad establishments—including those with decades of success—more business owners are finding themselves struggling to repay loans, and in some cases, loans that used business assets or a primary residence as collateral.
How Can an Attorney Help Me?
If you’re one of countless business owners finding it difficult to repay loans, a skilled SBA loan attorney can be an invaluable resource.
An attorney can help you consider a variety of debt relief options that can ease crushing debt while protecting valuable assets and keeping your business afloat. That could include helping you to negotiate new terms for your loan or to settle your debt, so you might avoid having to file bankruptcy, a move that will destroy your credit in the short term while making it difficult to secure business loans in the future.
A lawyer can also help protect you from unscrupulous debt relief companies that prey upon small business owners who are already struggling.
Most importantly, an attorney can work with creditors to negotiate reduced debt or a better interest rate, which can make paying back the loan easier. Creditors will respond better to an attorney, resulting in an improved outcome.
Are You in Search of a Small Business Administration Loan Attorney?
If you are in danger of defaulting on an SBA loan, you need a skilled attorney to fight for your interests.
Located in Upper Marlboro, Maryland, Rowena N. Nelson’s offices serve the entire state of Maryland.