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Business Loan

An amount of money borrowed from a financial institution by a business person intended for business purposes. It is granted to entrepreneurs and aspiring entrepreneurs to help them start or expand a business.

A business loan is a loan mainly planned for business purposes. Similarly, as with all loans, it includes the making of an obligation, which will be reimbursed with included intrigue. There are various distinctive sorts of business loans, including bank credits, mezzanine financing, resource based financing, receipt financing, micro-loans, business loans and income advances. There are two mainstream sorts of loans. The Secured and unsecured business loans.

Frequently Ask Questions

Almost anyone can qualify, as long as they are legal residents. We do business with hoteliers, manufacturers, restauranteurs, defense contractors, medical facilities, convenience stores, and almost anything else.

The programs provide long-term financing for equipment or real estate (land, building, new construction, rehabilitation), professional services such as legal fees, closing costs, appraisals, environmental investigations, architectural work as well as debt refinancing with a cash out option available for operating capital.

Your capital injection can come from your own savings, home equity or monies given to you by a friend or family member that you don’t have to repay. You cannot finance your capital requirement through other sources (e.g. credit cards or another lending source). At least half of your injection must come from your own sources (savings or home equity). The rest can be gifted or an owner can carry back a note that is on full stand by. You can also borrower against your retirement accounts, which represent personal equity.

Whenever possible, it’s better to anticipate your needs rather than looking for money under pressure. It is harder to gain approval for a loan when your company is already in trouble, so plan ahead and secure financing well in advance of a crisis.

If you don’t yet have a business plan, make it a priority to write one. All lenders will want to see a solid, well thought out business plan for the start-up and growth of your businesses. You can get help writing a business plan here at helpwithmyloan.com.

The lender will need to know your specific intentions for the money, to assure themselves that your business will thrive and that repayment is assured.

Seasonal needs for funding are generally short term, and consist of smaller loans with a quicker maturation. Loans advanced for cyclical industries, such as construction, are designed to support a business through depressed periods – these industries are sometimes known as ‘feast and famine’ businesses as the cash flow is often erratic and unpredictable.