What is a business loan?
A business loan is a type of loan used by a business to meet its short-term financial needs.
A business loan is secured against a company’s assets and is used to help fund business projects or to purchase assets.
. Sometimes, a business loan can be used to help purchase a particular asset, such as machinery or equipment.
Whether it is due to expansion, renovation or a large capital project, soon or later every business will need to apply for a loan. But this is not an easy process.
Business loans are usually paid back over a defined payment period, usually lasting between 1 and 10 years.
The repayment dates are usually fixed, although sometimes late fees or penalties may be charged if the loan is not repaid on time.
As an alternative to business loans, businesses may also seek out business credit cards.
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