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Faced 5+ Years in Prison

People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

Ghislaine Maxwell Juror

Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

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Clients can use our portal to track the status of their case, stay in touch with us, upload documents, and more.

Regardless of the type of situation you're facing, our attorneys are here to help you get quality representation.

We can setup consultations in person, over Zoom, or over the phone to help you. Bottom line, we're here to help you win your case.

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Meet Todd Spodek

WE PROVIDE WHITE GLOVE SERVICE TO CLIENTS
WHO WANT MORE FROM THEIR ATTORNEY

The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

Illinois Guide to Business Loans and Managing Company Debt

Navigating Business Loans and Debt in Illinois

Starting or running a business in Illinois can be an exciting yet challenging endeavor. Accessing financing to get your business off the ground or to help it grow is often a necessity, but taking on too much debt can also create issues down the road. This guide provides an overview of the business loan landscape in Illinois along with tips for managing debt in a responsible way.

Types of Business Loans Available in Illinois

There are several loan options business owners in Illinois commonly utilize:

SBA Loans

The U.S. Small Business Administration (SBA) guarantees loans made by lenders to qualifying small businesses. This helps entrepreneurs secure financing that might be difficult to obtain otherwise.

Popular SBA loan programs include 7(a) loans, which can be used for various business purposes including working capital, equipment, and real estate. SBA 504 loans provide long-term, fixed-rate financing for major assets like equipment and real estate.

Conventional Bank Loans

In addition to SBA-guaranteed options, many Illinois banks also offer their own commercial loan programs for small businesses. These include term loans, lines of credit, equipment financing, and more.

Alternative Online Lenders

Online lenders like Kabbage have emerged as an option for businesses that don’t qualify for traditional financing. They tend to offer faster approvals and funding in exchange for higher rates and fees.

Invoice Factoring/Financing

These options allow businesses to borrow against unpaid customer invoices to access working capital faster. The invoices serve as collateral, so credit scores/financial history are less important. Costs are higher than conventional loans but can provide necessary cash flow.

Crowdfunding

Equity-based crowdfunding platforms like Wefunder allow Illinois businesses to raise funds by selling securities to many small investors instead of relying solely on institutional investors. This increases access to capital for startups.

Grants

While not loans, government agencies and nonprofit organizations do offer various grants for small businesses in Illinois. These provide funding that typically doesn’t need to be repaid.

Key Factors in Choosing a Business Loan

When exploring financing options, focus on these key factors:

  • Interest rates & fees: Compare rates across lenders to find the most cost-effective borrowing. Watch out for hidden fees that can impact the true cost.
  • Loan amount & term length: Consider both how much you need now and how long you need to pay it back. Match loan amounts and terms to the purpose and useful life of what’s being financed.
  • Collateral requirements: Some lenders require pledged assets to secure loans. This provides them recourse if you default. Be aware of potential collateral risks.
  • Time to funding: If accessing capital quickly is crucial, consider alternative lenders that can fund faster than banks. Just be aware rates are higher.
  • Qualifying criteria: Each lender has its own approval criteria based on personal/business finances, credit scores, time in business, and more. Understand requirements before applying.

Thinking through these key factors for your specific situation will help you identify the best loan for your needs. Consulting with a small business banker or advisor can also provide guidance.

Responsible Debt Management for Business Owners

While utilizing credit to start or expand a business is often necessary, it’s vital to borrow responsibly and actively manage repayment. Here are tips to maintain healthy business debt levels:

Create a Debt Repayment Plan

  • Outline all borrowing details including interest rates, monthly payments, balloon payments, and maturity dates for each loan or line of credit.
  • Build repayment of principal + interest into your cash flow projections and budget.
  • Avoid overextending by setting limits on total monthly debt payments as a percentage of revenue.

Prioritize Payments

  • Stay current on secured debt that has pledged collateral at risk first.
  • Pay down highest interest rate debt aggressively to limit expensive finance charges.
  • Take advantage of discounts for early repayment or prepayments if possible.

Actively Monitor Credit Utilization

  • Keep credit card balances low compared to limits. High revolving credit utilization can hurt business credit scores.
  • Periodically request updated business credit reports from agencies like Experian Business and monitor for any reporting issues.
  • Maintain personal credit health as well since owners’ scores impact ability to keep securing financing.

Communicate with Lenders

  • Provide financial statements and business updates to lenders per loan agreements. This maintains open communication.
  • Discuss difficulties making payments early and negotiate alternative repayment plans if necessary. Avoid defaulting without discussing options.
  • Consult experienced legal counsel like Avvo before signing any modified loan terms.

Following these tips and proactively managing obligations allows business owners to strategically leverage credit without taking on excessive risk that jeopardizes long-term viability.

Additional Business Debt Management Resources

For further reading on safely maintaining business debt, check out these recommended articles and guides:

In Summary…

Accessing financing through SBA loans, bank loan programs, alternative lenders, crowdfunding, and other options allows Illinois business owners to fund growth goals. But it’s vital to choose loan products aligned with your needs and actively maintain healthy debt levels. Doing so provides the capital to operate and expand without jeopardizing the long-term health of your company. With the tips and resources covered here, you can strategically leverage business credit while minimizing risk through responsible borrowing and debt management.

I hope this overview has been helpful as you consider financing options and plans for managing repayment obligations. Let me know if you have any other questions!

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Testimonials

I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

5 Stars
It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me feel comfortable and confident that the team was going to work hard for me. Everything was explained and any concerns...

~A G

5 Stars
After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

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