I know that majority of small businesses today are run by loans collected from various sources, but in this articld I am going to give you the reasons why you should not collect loan to start a small business.
What is a loan.
A loan is the money given to another individual or party in exchange for repaying the loans principal amount with interest.
Before any money is advanced, the loan terms must be agreed upon by each party.
Loans are usually secured by a guarantor who is capable of repaying such the person loaned default, or a collateral such as a mortgage.
Where to get loans.
Loans are generally granted by banks, especially microfinance banks. However, there are wealthy people in the society who are capable of offering loans to people.
What is a small business
Small business may be defined as a privately owned corporation, partnership, or sole proprietorship that has fewer, and sometimes no employees. Small business are also usually known to generate less annual revenue than a corporation, company or big business.
So if you are planning on starting a small business by money collected as loan, make sure you finish reading this article.
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