SMALL BUSINESS MORTGAGE

What is a Business Loan?

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A business loan is a financial loan where you borrow a set amount of fund for business (not personal) needs. You acquire the loan from a mortgage lender, and so will be expected to pay the loan back in a specified instalments over a certain amount of time.

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Loans like this usually are used for things like purchase orders, purchasing inventory or equipment, or opening a new location. You can let your business grow by taking out a small business loan, saving money to run the business rather than just buying assets.

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It often takes about 12 weeks to get a business loan.

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What is a Business Loan Good For?

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There are countless reasons why a small business loan could help you. There are a few reasons that a just a bit more common than others. Business loans are good when you are planning on expanding. You’ve outgrown your current location and have an increase of customers coming in and out. Credit building for the future is also a reason to get a business loan. By getting a small loan now, you are building credit for a few years down the road when you may need better credit for a bigger loan. The need for equipment can make it necessary to get a loan. Sometimes to improve your business, you need to get new, better, or specialized equipment but need the money. Business loans are good when you need inventory. The biggest expense for a business is inventory. You are constantly keeping above the demand. A loan can help you get the inventory you need. When a business opportunity comes along, sometimes you need to grab it, even if you don’t have the cash. Getting a loan will enable you to make it happen.