Read before you sign - Take the time to understand loan terms and how they might affect you.March 01, 2016
As written in the March 2016 Smart Business News Magazine
By Marc B. Merklin, Managing Partner, Business Restructuring, Bankruptcy & Commercial Law practice group, Brouse McDowell, LPA
Businesses that borrow money tend to put a priority on interest rate terms and the amount of money that a bank is willing to lend them. Often that means they either overlook or pay less attention to the other terms of the loan, says Marc B. Merklin, managing partner at Brouse McDowell.
"It's usually those other terms that can come back to haunt you and your business," Merklin says. "When you're negotiating a loan agreement and reviewing the documents, it's critical that you understand what creates default so that you don't find yourself in a position where your bank can put you in default."
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