Business Loan Breakdown
Whether you are starting a business, maintaining it, or growing it, you may need a business loan. A business loan is an agreement with another party, typically a bank, to borrow money for a specific purpose with an agreement to repay the amount of the loan with interest over a specified period. Loans are necessary when the costs required to start, maintain, or grow a business are higher than the cash currently available to the business owner. We believe all business owners should be familiar with the principal, interest rate, term, good faith estimate (GFE), and loan covenants of a loan.
September 22, 2020