Definition of «specific business purpose»

The term "specific business purpose" refers to a clear and well-defined objective that is directly related to the operations or activities of a company. This can include goals such as increasing revenue, reducing costs, improving efficiency, expanding market share, or any other action that is intended to support the overall success of the organization. The phrase emphasizes the importance of having a clear and focused plan for achieving business objectives, rather than pursuing activities that may be interesting or novel but not directly related to the company's core mission.

Sentences with «specific business purpose»

  • Finally, the SBA notes that loans that they guarantee are only to be used for specific business purposes, including «the purchase of real estate to house the business operations; construction, renovation, or leasehold improvements; acquisition of furniture, fixtures, machinery, and equipment; purchase of inventory; and working capital.» (inc.com)
  • Lucid's campaign — while lighthearted and fun — served two very specific business purposes. (entrepreneur.com)
  • Only individuals with a specific business purpose can check your score. (dominionlending.ca)
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