A Business loan is simply an amount of money that you borrow from banks and/or other finance institutions for business goals (paying for assets, launch a new product etc...) and that you are obliged to repay over an agreed period of time in addition to interest.
However, The harsh reality about business loans is that they are harder to get.
Many banks today have sorted up a list of pre-requisites before applying for a bank loan such as (a stable income, and a decent business plan).
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A balance sheet offers an aerial view of a specific business' financial status at any given moment, although it is usually only used at the end of an accounting cycle such as a month, quarter or year.
This may sound similar to an income statement, but where it differs is in the details: a balance sheet is filled with the details of a business' assets, liabilities and equity, whereas an income statement [...]