Question

for each statement about funding requirements, select true or false
note: you will receive partial credit for each correct selection
answer area
true false
a business that applies for a secured small business loan must provide collateral
an llc business owner is personally liable for a small business loan if the business fails.
in order to receive a business loan, you must have a minimum viable product (mvp).

Explanation:

1. Secured loans require collateral as a guarantee for repayment, so this statement is true.
2. A key feature of an LLC (Limited Liability Company) is that owners have limited personal liability; they are not personally responsible for business debts if the business fails, so this statement is false.
3. Business loans can be approved based on factors like business history, credit, or projected revenue, not strictly requiring an MVP, so this statement is false.

Answer:

1. A business that applies for a secured small business loan must provide collateral: True
2. An LLC business owner is personally liable for a small business loan if the business fails: False
3. In order to receive a business loan, you must have a Minimum Viable Product (MVP): False