A Beginner’s Guide to the Business Term Loan

Jun 30, 2019

A Beginner’s Guide to the Business Term Loan

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Small business owners have no shortage of financing options. Some loans fund overnight and some take up to 3 months. Loans can be small enough to buy a new chair for your office or big enough to purchase a $5,000,000 piece of machinery. Some loans have rates so low you’ll barely notice the interest and others have rates so high you’ll be counting down the days until the balance is paid off.

Amid all the variance, you have business term loans. They’re tried and true. They’re not flashy but always reliable. Forbes.com actually refers to them as “your basic vanilla commercial loan.”

Even if a business term loan sounds old-fashioned, there’s a reason they’ve been around so long—they work. And they can be quite favorable for borrowers. So plan on them being around for a long time to come.

Applying is free and it won't impact your credit

About the Author

Grant Olsen

Grant Olsen

Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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