John takes out a loan for a necessary machine in his business.This type of loan would be called asset-based lending.

Name: John takes out a loan for a necessary machine in his business.This type of loan would be called asset-based lending.
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Asset-based lending is a type of loan where the borrowed amount is secured by the borrower's assets, such as equipment or inventory. In this scenario, John takes out a loan for a necessary machine in his business, making it an example of asset-based lending.

John Takes Out a Loan for a Necessary Machine in His