Small Business Term Loan
Small Business Term loans are the most common type of loan currently used in the small business lending space. A term loan offers a specified loan amount and has specific repayment terms. These terms typically have a fixed interest rate and are repaid over a fixed period of time. In many instances, you can pay back the loan early without penalty. Term loans are used for a variety of different reasons, including but not limited to expansion, to purchase inventory, capacity, or as working capital.
Term loans are usually processed relatively quickly but can still be influenced by factors such as credit score or the business’ track record. Also, it isn’t uncommon for a term loan to require collateral. In most cases, the size of the loan that you qualify for is based on the business revenue from the previous year. Term loans are a great way for a business to obtain financing while being able to predict the monthly payment.
- Affordable rates
- Predictable monthly payments
- Thorough application and reasonable approval time
- Loan Amount – $10,000 to $2,000,000
- Process Time – 7 to 15 days
- Interest Rate – 7.5% – 30%