Once I receive a business loan, am I able to do what I want with it?

Nov 19, 2008 by melly782 | Posted in Credit

After a bank reviews my business design, and approves a loan for me, am I able to do what I need to with the money? In other words, would I be able to pull a salary to support myself from that advance? Thanks!

its scratch in the bank, you are free to do as you wish. be careful though, it goes quick. I recommend paying yourself next to nothing, (just enough to pay the bills), then once its payed off, if your business is utilitarian raise your salary to a reasonable amount. if your cash flow fluctuates a lot you have the opportunity to take out more loans as needed. its almost necessary depending on how much you dearth to grow.
right now is an extremely risky time to take a business loan out though. If you are lucky enough to get a approved by a legit bank the economy is in muddle. no one is buying anything. i'd wait if i were you. last thing you want is a failed business and more debt.
dont want to be a complete downer though. most of the millionaires in this county are elfin business owners. I've owned my own company for 15 years now and love it.