When they think of business finance, most business owners think of "term loans".
Term loans are loans of typically fixed rate loans with 1 to 5 year repayment structures. With a term loan, you will make a periodic payment of principal and interest until the loan is paid off. Term loans usually (but not always) require some collateral such as accounts receivable, inventory, or equipment.
To qualify for a term loan, you will usually need to have at least one or two years of business credit history and a credit score of 620 or above. As opposed to SBA loans, smaller term loans can often be accessed within just a few short days.
Business term loans are provided by hundreds of sources throughout the country and term loan structures vary markedly. Some term loans are provided directly by commercial banks. Other are provided by "specialized" lenders. Rates can typically be between 8% and 20% depending on loan size and the strength of the financials of your business.
One of the best ways to see if your business qualifies for a term loan is to contact us to speak with a term loan specialist. We can quickly determine if your business will qualify and get you started in the necessary paperwork.
To request a FREE business finance proposal, simply download our convenient application by clicking the "GET A QUOTE" button below and then return your completed form to our offices via fax or email.
