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What is a business loan?

A business loan is a type of loan specifically intended for business purposes. Like all loans, it must be repaid over a period of time with added interest. There are various types of business loans including bank loans, term loans, trade financing facilities, asset-based financing and microloans.

Why should I get a business loan?

The main reason businesses apply for loans is for financing, which can be used to boost capital for business growth, invest in new business ventures, acquire new assets or properties and more.

How do I apply for a business loan?

Once you have determined the amount of money you wish to borrow, you’ll need to compare the types of business loans available to you, offered by various banks and lenders. Remember to also consider smaller, regional commercial banks as you may have a better chance of securing a loan with them compared to larger banks.

Next, decide which bank or lender has the best business loan for your needs. Then, contact them and they will advise you further on what to do next, especially regarding required documents and paperwork, plus what criteria needs to be fulfilled.