You and a friend want to open new pet grooming and pet services shop. Once established, you intend to open a second store in a larger town 20 miles away. If store number two is a success, you plan to start franchising your company.
-Your first business loan will probably entail pledging personal or business assets in the form of _____.
A)owner's equity
B)collateral
C)a current account
D)private insurance

Question

Quizplus · Accepted Answer

Collateral is typically required for a business loan, where personal or business assets are pledged as security for the loan in case of default.

You and a Friend Want to Open New Pet Grooming