Capital is necessary to run a company, and to acquire it, a business loan is sometimes needed. Traditional lending options aren’t always available for various reasons, but that doesn’t mean you have to give up on finding financing.
Even if you’re not planning to borrow money for a capital purchase any time soon, it’s smart to make sure your business is creditworthy.
Lenders are usually upfront about interest rates and payment schedules, but a blanket lien hidden in the fine print of a loan agreement can sink a business faster than an iceberg sunk a certain ship in 1912
Use these guidelines to help ensure you’re getting the most benefit out of your payment plans