A loan agreement is an agreement between a lender and a borrower for a loan that specifies the amount of the loan, how and when it is to be repaid, whether interest is payable and includes other covenants and restrictions on the parties.
Startups borrow money from a range of sources, including founders. Whether you are supplying your own personal funds to your company or acquiring money from a third party, a loan agreement ensures both the lender and the borrower are on the same page when it comes to repayment and all of their other obligations.
We all know money is the source of countless disputes in business and has the potential to damage even the closest of relationships. Whether a loan is coming from a friend or a stranger, all parties benefit from having the terms of the loan clearly spelled out in a loan agreement.
Get in touch with us via the email address below, or book in a free, no-obligation consultation to get one step closer to having your business set up and ready to operate.