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How does a 7(a) loan work?

As a business owner in Georgia, you have a lot of great ideas that you’re just waiting to get out there to the public. However, we at Kaufman & Foreman, P.C., understand that you might sometimes need a little help getting your financial footing, especially when you’re first starting off.

This is where 7(a) loans may come in handy. The U.S. Small Business Administration has a page with all the information you could need regarding 7(a) loans and their place in growing small businesses. These loans are awarded to certain small businesses and can then be used to either expand your business, start a new one up, operate a current one, or acquire a different business. Requirements for eligibility can differ depending on the business that you’re involved in, so you’ll need to take a look and see for yourself what rules are applicable to you.

Prepare to negotiate between yourself and your SBA-approved lender, as well. The terms of your contract will differ based on your personal needs and what goal you’re aiming for, so there is no real way of giving a ballpark estimate of what to expect. Just make sure your agent is legitimate and that you can handle the contract you’re writing up.

Getting your feet off the ground is the first step on your journey to becoming a great business owner. To learn more about 7(a) loans for small businesses, you can head over to our website to take a look around. There, you’ll find more information that might really help you out.

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Kaufman & Forman, P.C.
8215 Roswell Road, Building 800
Atlanta, GA 30350

Toll Free: 800-461-5864
Phone: 678-957-7769
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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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