Definition
A loan designed specifically for small businesses to help with startup costs, expansion, or cash flow management.
What to consider
- Prepare a detailed business plan to improve your chances.
- Compare offers to find the most affordable option.
- Keep your financial records organized to support your application.
Real world scenarios
- To open a second coffee shop, Laura applies for a small business loan. She presents a solid business plan with projected sales to secure approval.
- Ahmed invests in better equipment using funds from a small business loan, boosting productivity and eventually increasing profits.
- Amelia repays her small business loan diligently, building a positive credit profile that qualifies her for larger financing later.
Related terms
Related Playbooks
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