Business Loan Agreement Letter
Business Loan Agreement Letter
[YOUR NAME]
[YOUR COMPANY NAME]
[YOUR COMPANY ADDRESS]
October 3, 2050
Franz Davis
Carrouzel
Irvine, CA 92602
Subject: Business Loan Agreement
Dear Franz Davis,
This Business Loan Agreement ("Agreement") is made and entered into as of the 3rd day of October, 2050 between [YOUR COMPANY NAME], located at [YOUR COMPANY ADDRESS] (hereinafter referred to as the "Lender"), and Carrouzel, located at Irvine, CA 92602 (hereinafter referred to as the "Borrower").
1. Loan Amount
The Lender agrees to loan the Borrower the sum of $100,000 (the "Loan"), to be used solely for the purpose of funding the operations of the Borrower’s startup business.
2. Interest Rate
The Loan shall bear interest at an annual rate of 5%, calculated from the date of disbursement until full repayment.
3. Term of Loan
The term of the Loan shall be 5 years, commencing on the date of disbursement and ending on October 3, 2055.
4. Repayment Schedule
The Borrower agrees to repay the Loan in monthly installments of $1,900, starting on November 3, 2050, and continuing until the Loan is paid in full.
5. Collateral
The Borrower agrees to provide the following collateral to secure the Loan: All equipment and inventory associated with Doe Innovations.
6. Default
In the event that the Borrower fails to make any payment due under this Agreement, the Lender shall have the right to declare the entire unpaid balance of the Loan immediately due and payable.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [STATE NAME].
8. Entire Agreement
This Agreement constitutes the entire agreement between the parties regarding the subject matter herein and supersedes all prior agreements, negotiations, and understandings.
Please sign below to indicate your acceptance of the terms of this Agreement.
Sincerely,
[YOUR NAME]
Loan Officer
Borrower’s Acceptance:
I, Franz Davis, hereby accept the terms and conditions outlined in this Business Loan Agreement.
Signature:
Date:
