Traditional loans are often the preferred small business loan for law firms. Although they typically offer lower interest rates, longer terms, and larger loan limits, traditional loans have their share of downsides—they can take weeks or even months to be approved, and they’re usually reserved for businesses that have collateral and extremely strong credit.
So where do you turn if your law firm needs fast funding or you don’t meet the strict requirements of traditional commercial lenders?
With a simple online application, more flexible approval requirements, and shorter turnaround times, alternative lenders like Greenbox Capital® may be able to provide the right small business loan for your law firm.
Merchant cash advances are among the most popular funding options offered by alternative lenders. There are no restrictions on how merchant cash advance funding can be used, so law firms can use MCAs however they see fit. In our latest post for Smarter Loans, we explore 7 ways law firms can use merchant cash advance funding to fuel their growth, including:
- Meet the increasing demand for legal services
- Invest in your staff
- Update law firm technology and/or software
- Offer new services
- Purchase real estate
- Acquire another practice
- Boost marketing efforts
We also take a look at how MCAs can help attorneys respond to challenges such as:
- Navigating COVID-19 safety protocols
- Enhancing data security
- Dealing with long billing cycles
- Covering licensing and registration fees