With this development, the agency enables law firms to grow their business by bolstering their capacity to access much-needed capital. This is especially important if the practice plans on acquiring another firm or enhancing its technology infrastructure.
More information about Ornellas Insurance is available at https://ornellasinsurance.com/executive-benefits/
Founder Helen Ornellas explains that the above-mentioned plan ensures the repayment of loans should a firm’s owner or senior partner die or become incapacitated. With this guarantee, lenders are more likely to lend money to ambitious and fast-growing practices.
FUNDING THE FUTURE
Law firms planning to expand, whether by opening new offices or acquiring other practices, often require substantial financing. Ornellas adds that firms may also require funding to renovate their office, specifically if they have acquired another team and thus require a bigger workspace. They may also take out a loan if they are adding new services to broaden their income streams.
The agency’s business loan guarantee ensures firms can secure the necessary funds, especially at a time when consolidation and expansion are crucial to growth. More importantly, this coverage can be included in executive benefits packages, streamlining the application process.
With Ornellas Insurance’s business loan guarantees, borrowers can enjoy the tangible benefit of lower interest rates on their loans. This translates into substantial cost savings over the duration of the loan – money that could be used for other business development efforts.
Reduced collateral requirements with loan guarantees is another compelling advantage for law firms. This is especially true for practices with limited assets available for collateral, including newer law firms.
Ornellas says: “The goal of every law firm is to grow and expand, but not all practices have the financial wherewithal to do so. By incorporating business loan guarantees into your executive benefits, you can clear a major hurdle. Our solutions are especially useful if your firm is undergoing or about to go through a major transition.”
ABOUT ORNELLAS INSURANCE
Ornellas Insurance offers comprehensive packages for individuals and business owners alike. Helen Ornellas and her team have helped over 10,000 clients in California find the insurance solution that fits their needs and budget.
To explore Ornellas Insurance’s other executive benefits, prospective clients may visit https://ornellasinsurance.com/executive-benefits/
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Michigan Journal USA journalist was involved in the writing and production of this article.