Free Professional Business Loan Agreement Template
Professional Business Loan Agreement
This Professional Business Loan Agreement ("Agreement") is made and entered into as of [Date], by and between the following parties:
Borrower: [Borrower's Full Legal Name], with a principal place of business at [Borrower's Address].
Lender: [Your Company Name], with a principal place of business at [Your Company Address].
1. Recitals
WHEREAS, the Borrower needs financial assistance and has requested a loan from the Lender; and
WHEREAS, the Lender is willing to provide the loan under the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties agree as follows:
2. Loan Amount and Disbursement
2.1 Loan Amount
The Lender agrees to lend the Borrower the principal amount of [Loan Amount] (the "Loan").
2.2 Disbursement
The Loan shall be disbursed to the Borrower in full upon the execution of this Agreement.
3. Interest
The Loan shall bear interest at the rate of [Interest Rate]% per annum, calculated based on a 365-day year, and shall be payable in consecutive monthly installments.
4. Repayment
4.1 Repayment Schedule
The Borrower shall repay the Loan, together with interest, in [Number of Installments] monthly installments of [Monthly Payment Amount] each, commencing on [Start Date] and ending on [End Date].
4.2 Prepayment
The Borrower may prepay the Loan in whole or in part at any time without penalty.
5. Default
If the Borrower fails to make any payment due under this Agreement within [Number of Days] days of the due date, the Lender may declare the entire outstanding Loan amount immediately due and payable.
6. Representations and Warranties
The Borrower represents and warrants that all financial and other information provided to the Lender in connection with this Agreement is true, correct, and complete in all material respects.
7. Governing Law
This Agreement shall be governed by and construed by the laws of the State of [State].
8. Entire Agreement
This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements or understandings.
9. Amendment
No amendment or modification of this Agreement shall be valid unless in writing and signed by both parties.
10. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[Your Name]
[Your Company Address]
[Date]
John Doe
[Date]
