Most believers are familiar with Deuteronomy 15:6 - For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you. This verse is used by many to proclaim that they will not get or need credit cards to finance their lifestyles but will instead live within their means and not leverage lines of credit for their day-to-day affairs.
However, is it ungodly to in fact borrow money? What about for entrepreneurs? Are we allowed to take out a bank loan or get a credit card for our businesses?
Based on the scripture above, it is clear that God's perfect will is for His people to be lenders and not borrowers. It is a blessing to be in this position - to have no debt and owe nobody money. Alas, we live in a system where credit and credit history play a significant role in most parts of our lives. In many places, an individual can't even rent a home without evidence of good credit history, which relies heavily on the use of credit cards. Once credit comes into the system, the chances of debt skyrocket and can cause issues. When it comes to or businesses are no exception.
The Lord permitted the ancient Israelites to borrow if they needed to. This is clear because He instituted rules requiring the forgiveness of debts every seven years (Deuteronomy 15:1). Further, He stated that usury (interest) not be collected on loans (Exodus 22:25). In the Book of Nehemiah, Nehemiah himself admitted to giving loans to others but chastised his fellow Israelites for demanding large interest fees from their debtors (Nehemiah 5:10). There was also the story of the unforgiving debtor, as told by Jesus Christ. The debtor owed his employer and received forgiveness of his debt. Nevertheless, he failed to forgive someone who owed him money (Matthew 18).
These Biblical examples point to the reality of borrowing and lending as a practice among those who lived in the times of Moses and beyond. It, therefore, cannot be a surprise to God that in this day and age, people also borrow and lend money.
Yet, Deuteronomy 15:6 remains a promise - that we as believers, can be so blessed whereby we no longer borrow but instead lend to others. So, what do we do?
Firstly, if a believer is in need of finances, their first stop needs to be the Lord. Prayer and fasting will surely reveal the mind of God on the matter. Does He want you to borrow for that business or not? Has He said He will provide the funds by other means? It is crucial to ask God and receive His response before venturing into the world of business credit and loans.
Secondly, if the Lord instructs a believer to take a business loan, surely, He is expecting the entrepreneur to be reasonable in the amount borrowed and how it is used. Indeed it won't do to borrow an amount then use it for non-business dealings such as purchasing luxury goods and trips. Others may do such things, but a self-professing child of God must be trustworthy and not someone who knowingly borrows for one purpose only to use the money for another. Never forget the warning in Luke 16:10 - “Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much.
Thirdly, a believer must do everything possible to pay their debt. It is not enough to receive a loan behind a corporate structure that will enable the borrower to relinquish responsibility for repaying if the business folds. Indeed, it is only the wicked who borrow and don't repay (Psalm 37:21). Further, we are warned to never return a kindness with evil in Proverbs 17:13. Receiving a necessary business loan but choosing to evade paying it is returning evil for good and the Bible states that evil will always dwell in the life of someone who does this.
Fourthly, if the Lord's instruction after praying and fasting for guidance is that an entrepreneur should not obtain a loan, then the need to apply patience and trust becomes paramount. At that point, waiting on the Lord to make the provision will ensure unimaginable success once God completes what He has started.
It is imperative for believers who are entrepreneurs to seek the Godly Way of doing business. It won't always be easy but honoring the Lord's instructions will always be the winning strategy. May the Lord continue to guide us all as we walk the path of entrepreneurship with Him, IJMN, Amen.