A business loan is a financial product that allows businesses to borrow money to cover costs and expand. Business loans are a debt that is repaid over time, usually in installments, with interest and fees.
How it works
Application: Business owners apply for a loan from a financial institution or lender.
Approval: The lender evaluates the business's financial status, including cash flow projections, tax returns, and debts.
Disbursement: If approved, the lender disburses the loan amount.
Repayment: The business repays the loan in installments, plus interest and fees.
Benefits
Business loans can help businesses maintain cash flow, invest in assets, and grow.
They can also provide a safety net during economic downturns.
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