After double digit drops during the recession and following the financial crisis, reports are increasing that Small Business Administration (SBA) loans are finally starting to surge again. This is good news to cash starved entrepreneurs and small business owners who have seen their access to capital severely constrained for the past several quarters. If you think now is the time to try to get the SBA loan you need in order to launch a new business, or grow your existing company, the Small Business Administration website is a good place to start.
If you haven’t already, incorporating your business can help put you on the right track. Once you incorporate as a corporation or limited liability company, you help set your business up with a legal structure that helps protect your personal assets and a legal foundation on which your business can grow. The business can hire employees, enter into contracts and conduct its operations as a separate entity. While you may still personally guarantee the debts of the business in order to qualify for certain loans, the business itself, once incorporated, will be the first responsible party for business liabilities, like loans, and not necessarily just the founders and owners.
Attorney Dara J. Goldsmith, featured above, did not contribute to this article. She practices business and estate planning law in Nevada, California, Arizona and Hawaii. Contact her for a legal consultation here.
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