SOUTHAMPTON, PA — Quaint Oak Bank has provided a Small Business Administration-backed loan to support the launch of a new immigration law practice, underscoring continued demand for startup financing among professional service firms and entrepreneurs.
The Southampton-based bank extended an SBA 7(a) loan to attorney Michelle Garcia to establish GB Law Legal PLLC, an immigration law firm founded after Garcia decided to transition from practicing law within the industry to owning her own business.
Financial terms of the loan were not disclosed.
The SBA’s 7(a) program is the federal government’s primary small-business lending program and is designed to provide financing for startups, acquisitions, working capital and business expansion.
Quaint Oak stated that the financing was structured to provide the flexibility needed for a new business venture and to help Garcia establish operations for her firm.
“Michelle came to us with the experience and determination needed to build a successful practice,” Luis Guzman, a commercial relationship manager at Quaint Oak Bank, stated. He described SBA 7(a) financing as well suited for entrepreneurs launching new businesses.
Small-business lending has remained an important growth area for community banks, particularly as professionals in industries such as legal services, healthcare and consulting increasingly seek to establish independent practices.
Quaint Oak officials stated that guidance through the lending process was a significant component of the transaction, noting that startup financing often involves additional documentation and planning requirements.
“Helping experienced professionals transition into business ownership is one of the most meaningful parts of what we do,” Jake Doneker, vice president of commercial lending at Quaint Oak Bank, stated.
The financing positions GB Law Legal PLLC to begin serving clients in the immigration law sector, an area that has seen sustained demand amid evolving federal immigration policies and legal requirements.
Quaint Oak Bank, an SBA Preferred Lender, stated that it plans to continue supporting entrepreneurs nationwide through government-backed lending programs designed to help new and growing businesses access capital.
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