The SBA's Microloan Program Provides Short-Term Loans of Up to $100,000

question 14

True/False

The SBA's Microloan program provides short-term loans of up to $100,000 to small businesses for working capital or purchase of inventory.

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Definitions:

Joint Ventures

Business arrangements where two or more parties agree to pool resources for a specific project or business activity.

Foreign Investors

Individuals or entities from one country investing in the assets or businesses of another country.

Mutual Mistake

An error shared by all parties to a contract, possibly making the agreement voidable.

Unilateral Mistake

A situation where only one party to an agreement is mistaken about a basic assumption on which the contract is made.