BUSINESS FINANCING
We frequently assist clients with business acquisition financing, development financing, and debt restructuring or refinancing. With tighter underwriting standards and new banking regulations in recent years, it has become more difficult to obtain business financing. As a result, seller-financed transactions are common. It is particularly important to have an experienced attorney involved in seller-financed transactions because the financing terms and conditions are much more variable (and negotiable).
Another major source of business financing is the Small Business Administration (SBA) guaranteed loan. SBA 7a loans may be used to start a new business, buy a business or refinance the debt of an existing business. SBA 504 loans are for development or construction projects. These loans are not made by the SBA directly but are made by banks and guaranteed by the SBA. You will not find many attorneys in central Virginia who are experienced with SBA loan closings. We have established good working relationships with several SBA lenders and have become proficient in closing these transactions, which can be quite burdensome and expensive to clients if their attorney is not familiar with the process and extensive paperwork.
