A Business Loan And Financing Buyer's Guide
Whether you are starting, managing, or growing a business, borrowing money is one of the most common ways to receive funding. A business loan is simply a way of financing debt. A lender must be willing to loan you money and in return, you must agree to their repayment terms. When you sign for a loan, you are promising to repay the borrowed money plus interest in a certain amount of time. Most people think of banks as the go-to source for loans. But lenders can also include credit unions, commercial lending companies, and the government (Small Business Association). And, while business loans are common, that does not mean that they are easy to get. Lenders assume a great risk and ask that borrowers meet certain requirements to receive a loan. In this buyer’s guide, we will discuss the basics of business loans, types of loans, and how to choose a lender.