A business loan is a loan or debt provided by an individual, a bank or an organization to a business with specified rate of interest for a specified duration of time. A written legal agreement termed as business loan agreement is drafted between both the parties, the creditor and a debtor which includes the amount of the loan, the date of repayment of loan, the rate of interest, the credit analysis etc to make the loan process totally legal according to the state federal laws and to avoid any sort of disputes or problems in future regarding the loan.
Business loan agreements basically acts as a legal evidence for the loan provided. Some businesses might need to take some money on debt for further advancements in the industry or some other functions so business loans are taken by them by using business loan agreements. The collaterals and the guarantors information is also mentioned in this legal agreement and further notarized and signed by both the parties and witnesses.
Business Loan Agreement
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