HomeA Simple Guide To SBA Loans

A Simple Guide To SBA Loans

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This simply isn’t true. Business debt is a problem which CAN be handled, just like everything else; but only if you take pro-active steps. Lawscape helps you understand the law, and works with you to make sure that business debt isn’t the end of your business. 

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Alright, let’s sit back and have a casual chat, shall we? You landed here because you’re curious about those elusive SBA loans, right? Well, consider me your guide, my name is Lawscape and we’re at the Lawscape.

Your Rundown on the SBA Loans

In the good old United States, there are about 30.2 million small businesses- that’s a bit to take in, isn’t it? Just to ramp this up, these businesses make up a whopping 99.9% of all businesses. Small businesses are the lifeline of our economy, acting as a crucial employment provider for 47.5% of Americans nationwide.

But to keep things flowing smoothly, these businesses need constant financial backing to operate and grow. You’d probably wonder, “Where do they get the funds from?” Well, that’s what the Small Business Administration (SBA) is for, with its smorgasbord of SBA loans designed for every small business’ unique needs.

What’s an SBA Loan Anyway?

Before we dive headfirst, let’s understand the basics. The SBA doesn’t directly hand out these loans. You gotta head over to the banking institutions. The SBA comes into the picture when the financial institution seeks its nod for backing the loan you applied for. Simply put, the SBA assures your lender that if your business defaults, the government’s got their back.

This assurance plays a significant part, considering the unfortunate fact that around 20% of small businesses shut their doors within their first year, and this figure hikes up to 30% by the second year. So, while attaining this backing is significant for the lender, it also means you’ll have to pledge some personal assets as collateral.

A Closer Look at Diverse SBA Loans

Now you’re probably wondering — “how many types of SBA loans are there?” Well, there’s a slew of them. And each has terms based on the nature of your business and what you need the funds for. Let’s delve a little deeper.

SBA 7(a) Loan: A pretty well-known variety, the SBA 7(a) loan allows you to borrow up to $5 million. The payback period depends on what you’ll spend the funds on. Say you want to invest in real estate — you have up to 25 years to repay, whereas for inventory or equipment, you get up to 10 years. Bear in mind; these conditions heavily rely on your credit score and history.

SBA Express Loan: This one falls under the SBA 7(a), but it’s got a shorter turnaround time — as little as 36 hours. But hey, don’t be too quick to rejoice. The SBA only guarantees 50% of the Express loan amount. You’ll need to prove your creditworthiness, and after all that, you can borrow up to $350k.

SBA Community Advantage 7(a) Loan: Yet another member of the SBA 7(a) family. The Community Advantage loan lets small businesses borrow anywhere from $50k to $250k, and the SBA guarantees up to 85% of it. The interest rates can be slightly imposing, though, typically between 7% to 10%. But the silver lining is the speedy turnaround time.

SBA CAPLine Loan: CAPLine loans act as a lifeline if your business faces cash flow issues. These loans come bearing four different options.

1. Contract Loans: Helps businesses finance contracts, purchase orders, or sub-contracts and cover overhead costs, material and labor, and administrative expenses.
2. Seasonal Lines of Credit: Ideal for businesses that operate seasonally. They help cover costs for receivables, inventory, and sometimes labor during their peak seasons.
3. Builder Lines of Credit: Exclusively for builders and contractors to cover labor costs, building materials, supplies, etc.
4. Working Capital Lines of Credit: Acts as operational capital for operating costs.

CDC/504 SBA Loans: These are designated for small businesses to develop real estate. You’d need the nod from both your bank and the Certified Development Company to qualify.

Looking for Smaller Loans?

Now let’s talk about those who might not need a hefty amount. That’s where the SBA Microloan fits in — designed for non-profits and startups. The Microloan allows small businesses to borrow up to $50k, with interest rates typically between 8% and 13%.

SBA’s Pandemic Help

Let me also inform you about the SBA’s recent initiative for businesses bashed by the Covid-19 pandemic. There’s the forgivable Paycheck Protection Program, and other forms of relief, including aid for restaurants and debt forgiveness. You can find all these details on their website.

Well, There You Have It

And there you have it — a simplified rundown on SBA loans for your business to flourish. Now, if you need assistance understanding more about them or on repaying an SBA loan, we are here for you. My team and I at the Lawscape could certainly offer a helping hand. Contact us right away to chat about your unique SBA loan needs.

Why Lawscape?

Here are a few reasons why we’d make a solid bet:
• We’ve had the honor of resolving millions of dollars in SBA debts through our negotiated repayment agreements and offers in compromise. To top it off, our clients didn’t need to file for bankruptcy or face home foreclosure.
• We’ve successfully defended millions of dollars in Treasury debts through AWG hearings, Cross-Servicing disputes, Treasury Offset Program resolution, and private collection agency representation.
• The cherry on top – we’re authorized to represent federal debtors nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department as well as the Bureau of Fiscal Service.
So remember, when it comes to tackling Treasury or SBA debt hurdles, trust us at Lawscape and the Lawscape to sail through smoothly.

Lawscape Can Help You Manage Your Business Debt

If you’re struggling with business debt, we can help you understand your situation. During the initial consultation, we’ll go over the contract, and other legal documents you signed. After that, our firm will work with you to get a better understanding of your situation, and help you come up with a game plan that keeps your business alive. 

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Everyone has different types of business debt. What matters is that you take it seriously. Regardless of whether it’s secured, or unsecured, you need to work with a firm that understands how to negotiate, reduce, settle, and manage, this business debt. 

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