If you’re an attorney with no revenue, you may be wondering if you’re eligible for a small business loan. The good news is that there are a number of SBA loans available to attorneys, even if they don’t have any revenue yet.
Here is a guide to getting an SBA loan as an attorney with no revenue:
- Choose the right SBA loan program. There are a number of different SBA loan programs available, but not all of them are right for attorneys with no revenue. The two most common SBA loan programs for attorneys with no revenue are the 7(a) loan program and the 504 loan program.
- The 7(a) loan program is the most common SBA loan program. It offers loans of up to $5 million to small businesses for a variety of purposes, including startup costs, working capital, and equipment purchases.
- The 504 loan program offers loans of up to $5 million to small businesses for fixed asset purchases, such as real estate and equipment.
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Find a lender. SBA loans are not made directly by the SBA. Instead, they are made by banks and other lenders that are approved by the SBA. To find a lender that offers SBA loans, you can visit the SBA’s website.
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Complete a loan application. The loan application process will vary depending on the lender, but you will generally need to provide information about your business, your financial history, and your use of loan proceeds.
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Get approved for the loan. Once you have completed the loan application, the lender will review your application and make a decision whether or not to approve the loan. If your loan is approved, you will need to sign a loan agreement and provide the lender with collateral.
Here are some tips for getting an SBA loan as an attorney with no revenue:
- Have a strong business plan. Your business plan should clearly outline your business goals, how you plan to achieve those goals, and how you will repay the loan.
- Have good personal credit. The SBA will look at your personal credit score when making a loan decision. A good personal credit score will show the SBA that you are a responsible borrower.
- Be prepared to provide collateral. The SBA typically requires collateral for loans of more than $25,000. Collateral can include real estate, equipment, or other assets.
If you are an attorney with no revenue and you are looking for financing for your business, an SBA loan may be a good option for you. By following the tips above, you can increase your chances of getting approved for an SBA loan.
Here are some additional resources that you may find helpful:
- SBA website: https://www.bizcashandcapital.com/
- SBA loan application: https://www.sba.gov/funding-programs/loans
- SBA loan calculator: https://www.sba7a.loans/sba-7a-loan-calculator-amortization-schedule/
- SBA loan programs: https://www.sba.gov/funding-programs/loans