Business Loan



1. A business loan is given out only through a bank.

False
They can be granted by many different financial institutions, some of which specialize solely in lending for businesses. It is even possible to receive financing from the government. The U.S. government encourages entrepreneurs to start or expand their businesses, making grant programs part of a low interest start up plan.


2. An unsecured business loan is available to anyone.

False
Qualification depends upon the credit standing of the applicant. The advantage is that the loan is not secured to the borrower's personal belongings or business assets. The unsecured funds are borrowed based on the applicants ability to repay based on their previous repayment and credit history.


3. It is fairly easy to obtain a business loan of $50,000.

True
Financial service lenders can provide a "Fast $50,000" loan. This type of "Fast Loan program" usually does not take long to process. A "Fast $50,000" application is usually provided free of charge with no further obligations.


4. It is possible to receive tax benefits on a business loan.

True
Any business related loan payments can be beneficial for income tax purposes in terms of being able to write off the interest portion as a business expense. Depending on the business lender and type of contract, it is possible to receive tax benefits and returns on a business funding transaction. Your tax advisor will know which types of transactions receive tax benefits.


5. Business loans can be a wise investment.

True
Proverbs 11:24-26 - There is that scattereth, and yet increaseth; and there is that withholdeth more than is meet, but it tendeth to poverty. The liberal soul shall be made fat: and he that watereth shall be watered also himself. He that withholdeth corn, the people shall curse him: but blessing shall be upon the head of him that selleth it.


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