Why Choose the Geiger Legal Group, LLC?
Our SBA loan transaction attorney has more than 35 years of experience helping clients across Cherokee County and the surrounding communities get on the road to success. We want to do the same for you.
The Geiger Legal Group, LLC has closed hundreds of SBA 7(a) loans for community banks across the Peach State. We’ve helped Georgia businesses with financing deals worth over a million dollars for acquisition, construction, and renovation.
Complying with SBA requirements is a tall order, especially when you try to handle it alone. Our legal team has the knowledge and resources to efficiently guide you through all aspects of the process, including preparation of business formation documents.
With the Geiger Legal Group, LLC, you aren’t just another name in a file. We are dedicated to keeping your best interests at heart with our outstanding legal services and personalized attention. Contact us today to schedule a free consultation.
How Can Our Canton SBA Loan Attorney Help You?
The Geiger Legal Group, LLC has the necessary experience and skill set to handle a variety of SBA loan services, including:
- Small business acquisitions ─ An SBA loan can make it easier to fund a small business purchase because of SBA guarantees to lenders. However, both the lender and borrower must meet SBA requirements for the transaction to proceed. Getting approval involves substantial and carefully prepared and sophisticated paperwork. A new business also requires the purchaser to complete additional documents like corporate bylaws, operating agreements, and trade name registrations before you can qualify for an SBA loan.
It can be easy to overlook important details, thereby causing headaches that can prevent loan approval and could cause additional legal problems down the line. An experienced Canton SBA loan attorney from our firm can save you stress, time, and money by evaluating your project to make sure you meet the initial requirements. Our team will also complete all the required paperwork in a thorough and accurate manner.
- Small business sales ─ An SBA-guaranteed loan is beneficial when you’re selling a small business because the possibility of a loan gives more resources to potential buyers and indeed might increase the pool of interested buyers. However, if a buyer is relying on SBA funding, the transaction may be more complicated than if the buyer paid cash. SBA strings such as restrictions on how funds can be deployed might impact the seller’s preferred terms or the underlying transaction itself.
Our skilled lawyer is well-versed in SBA loans, making this process much easier for sellers and enabling you to achieve your goals. An SBA loan transaction attorney from the Geiger Legal Group, LLC can preemptively negotiate favorable terms before any documents are signed and reduce some of the hassles of addressing SBA financing compliance.
- SBA 7(a) loan closings ─ Challenges often emerge in SBA 7(a) loan closings because of the requirements and restrictions of this type of financing. An experienced SBA loan attorney can help overcome these barriers and get the transaction over the finish line. SBA 7(a) loans often require preparation of business formation documentation, including limited liability company operating agreements, corporate bylaws, and trade name registrations to assist the small business owner in obtaining the desired financing.
- Financing ─ Businesses can obtain SBA financing for a wide variety of purposes, such as for land, machinery, construction, working capital needs, and refinancing. Small business borrowers are also subject to multiple eligibility conditions that depend on the type of loan sought. The SBA can deny any unclear or incomplete loan request, which means your application can get rejected even if you think it meets all SBA requirements.
A well-informed SBA loan attorney will work to avoid these pitfalls. We can review your application to make sure it qualifies for the type of SBA financing you’re seeking. In drafting your application and other required documents, our SBA loan transaction attorney in Canton can ensure the SBA has a clear understanding of your business, your financial situation, and the loan’s purposed.
- Loan default ─ Borrowers typically sign a personal guarantee to qualify for an SBA loan, which means the borrower is financially responsible if the loan defaults. In other words, the borrower’s personal assets are on the table if the loan goes unpaid. A lender can sue a borrower who defaults on a loan. A lender who obtains a court judgment can garnish the borrower’s wages, freeze a bank account, or even place a lien against another property or properties, especially if the borrower used the properties as collateral.
When a borrower encounters difficulties making payments on an SBA loan, he or she might consider multiple options, including loan deferment, loan modification, an SBA offer in compromise, or even bankruptcy.
Additionally, in cases of SBA disaster loan default, a borrower might be eligible for partial loan forgiveness. However, each option has several complicated qualifying factors and consequences. A knowledgeable SBA loan debt lawyer from our firm can identify the legal options available to you, explain each option’s potential long-term implications, represent you before the SBA, and otherwise fight for your best interests.
Business Formation: What You Need to Know About SBA Loan Transactions
In order to qualify for an SBA loan, you typically must be running a legitimate, for-profit business that meets size requirements and is officially registered, physically located in the U.S. or its territories, and operates legally under U.S. jurisdiction. An eligible business must be unable to obtain funds from a non-SBA-affiliated lender.
Size requirements take into consideration the number of employees on the payroll or the business’s average annual receipts.
To meet these conditions, you might need to launch a new business, which involves additional choices and requirements. For example, the business needs official recognition from the government, federal and state tax ID numbers, and appropriate licenses and permits. Plus, the company’s location and structure will impact the taxes owed and the regulations governing its operation.
You can find more information about SBA loan transactions and business formation on the SBA website or by sitting down with our experienced SBA loan attorney.
Talk to a Canton SBA Loan Transaction Lawyer Today
Business people across North Georgia choose the Geiger Legal Group, LLC for their SBA loan program matters. Contact us today to set up your free consultation, and learn how we can help you work toward your business goals.