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How an SBA loan may help an aspiring entrepreneur

On Behalf of | Apr 19, 2024 | Business & Corporate Law

Having an excellent business idea is just one step in launching a venture. Funding for startup costs is another essential part of the puzzle. A microloan from the Small Business Administration, or SBA, may be a viable option for entrepreneurs seeking startup loans in Florida in 2024.

A rundown on SBA microloans

An SBA microloan is generally considered a cost-effective, accessible and reliable loan for many startup business owners. These federal loans are intended for traditionally underserved business owners, making them a top option for minorities, women, veterans and low-income individuals. Female entrepreneurs may especially want to take advantage of SBA loans in 2024 since research shows that members of this demographic are launching businesses at a record rate.

Individuals can apply for SBA loans by working with approved financial institutions that have agreed to serve as intermediary lenders. These institutions might provide complimentary mentoring, educational resources and business training along with the funds. An aspiring business owner may borrow as much as $50,000 and repay this over six years. The funds may be used to buy materials and supplies.

How a business attorney can help

Setting up a business in Florida can be complicated, so hiring an attorney early in the process is wise. An attorney specializing in business and corporate law may help a prospective business owner understand the state’s and his or her municipality’s legal requirements to comply with the latest laws. The attorney can also assist in drafting and negotiating business contracts, ensuring that his or her client’s rights and best interests are protected long term.