Need Help? Call
- 1-800-880-1731
Need Help? Call
A business term loan is a traditional loan option for business owners. A financial institution processes your application and determines the amount they are comfortable advancing to your business. Payments are made over the pre-approved term, often monthly, and interest, which may be fixed or variable, is charged on the full amount at the time of disbursement. Business term loans are usually secured with a form of collateral, such as real estate, equipment, vehicles or other assets, but they may also be unsecured.
Business term loans are one of the cheapest forms of working capital for business owners. With little to no use of funds requirements, you can utilize the financing as you see fit.
If you’ve been in business at least six months, have $60,000+ in annual revenue, a credit score of 600 or higher, and sufficient collateral, you may qualify for a business term loan.
Applying for a business term loan is still easy but may require more documentation than other products, such as business tax returns and financial statements. To get started, just complete our quick and simple online application and upload your three most recent business bank statements.
