Nice post. Loan is a very sensitive subject. Whether you agree or not.... Loan is equally a debt. There are bad debts and good debts.
There are smart ways of taking loan... And I actually wont advise new businesses to take loans. People who take loans to start new businesses, most times have an existing successful business.... Or ever worth more than the loan they are taking. What they are just doing is making more money using other people money.

You have a great business plan isn't enough reason to take a plan.

No investment is risky.... Only the investor is.

What you're taking the loan for, is it an asset or a liability.

Financial literacy is of great gain.

Building a business from scratch with whatever capital and your disposal not only builds your experience, it builds your reputation and also gives you peace.

To start up your business, there are other means of getting other people money aside loan. Find investors.... Friends and associates. If I need to invest 1m in my business, then It must mean I have about 10 friends that can trust me with their 100k. Or 100 friends that can trust me with their 10k.

Am not against loan.... But you need to be wise about it.