A Business Term Loan is the most traditional type of small business loan. This is when a business receives a one-time lump sum of capital that is repaid at a fixed rate within a fixed period of time. Typically, the majority of business owners use such proceeds for major capital investment in their business.
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BUSINESS TERM LOAN
- MAXIMUM LOAN AMOUNT $20K TO $1M
- RATES STARTING AT 5.5%
- FUNDING TERM 12-36 MONTHS
- SPEED FUNDING WITHIN 24-72 HOURS
HOW TO APPLY?
Since business term loans have traditionally been a bank product, the approval process is longer, as the applicant is held to a very high standard. We typically looks for business owners with strong business credit scores and high personal Fico/Credit scores along with positive cash flow from their business. These type of loans are usually used for long-term investment of the business such as expansion, buying property, or purchasing expensive equipment.
REQUIRED DOCS
- DRIVER’S LICENSE
- BANK STATEMENTS
- YTD PROFIT & LOSS AND BALANCE SHEET
- BUSINESS AND PERSONAL TAX RETURNS
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