A term loan is a fantastic choice for small businesses who are going through an expansion phase. Featuring fixed maturity dates, fixed interest rates, and regular repayment terms, it’s usually the loan of choice for expanding a business, purchasing equipment, buying real estate, or providing working capital.
Tell me more!
Awesome things about term loans:
- Stable repayment schedules
- Varying options for multiple uses
- Can greatly improve your credit
Less awesome things about term loans:
- May require collateral
- May need to provide personal and business tax returns
- May need to provide financial statements and balance sheets
Additionally, terms are usually 1-5 years, you can borrow between $5,000-2,000,000, and you can be funded in as little as 24 hours.
That’s awesome! Anything else?
Sure. Knock knock.
What? Oh, um…who’s there?
A loan who?
A loan who will be there for your business when you need it most and watch over your company as it grows up.
Did you just anthropomorphize a loan?
Yes. Loans are our (only) friends.