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A business loan is when money is borrowed from a lender for business needs with an agreement to pay it back, with interest, in instalments over an agreed period. Business loans are specifically for business owners who need funding for business costs such as purchasing inventory or the expansion of their operation.
A business loan works in the same way as any other loan. The business receives a certain amount of money from a lender and repays it over a specified period including accrued interest. Payments can be made either monthly, bi-weekly, or weekly until the full loan amount owing is paid.
Acquiring funding in the form of a loan will enable you to purchase assets, such as new inventory or more efficient machinery, or to purchase property to expand your operation.
In a way, a business loan is an investment in your business by a lender. Therefore, before applying for one, determine how you will make the money to pay it back in the long term.