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Business loans work just like any other loan -- you and the lender agree on an interest rate and a payment schedule, and you sign a promissory note that sets out your agreement in writing. The lender may require you to provide security for the loan, such as your home or other valuable personal property that the lender can take if you fail to repay the money. To learn more about the nuts and bolts of business loans, read The Lowdown on Business Loans.