Small Business Term Loan
Running a small business takes a lot of dedication and constant cash flow. For quick small business financing, term loans may turn out to be your best solution. This new alternative to traditional bank loans offers several advantages and delivers the cash you need for your business in record time, often times in as little as a few days. Our term loans range from $50,000 to $1 Million with rates between 7.99% to 24.99% APR.
The approval criteria for business term loans are much like those of business bank loans. You’ll need a financially profitable business that’s been operating for at least one year and taking in $1 Million or more annually. It's important to know that both your personal and business financial history, as well as your credit scores will most likely be the deciding factor during the application process. This includes your FICO and SBSS score. Term loans are tailored to finance small business owners with a profitable business and great personal credit.
Unlike bank loans, collateral is not typically required for term-loan approval, depending on the amount borrowed; signing a personal guarantee to repay the loan should be sufficient. Another important area that sets these loans apart from bank financing is turnaround time. While bank loans require a wait of two to six months before disbursement, you should have your term-loan funded within about a week of completing the application.
How do term loans work?
A term loan is what most people think of when they think of business lending. They are loans with a set repayment time, set number of payments, and have a fixed or variable interest rate. The terms of the loans vary, from 1 year to 4 years fully amortizing. You can use a small business term loan to meet virtually any business need, including purchasing equipment or inventory, working capital, paying back other debts, meeting tax obligations, or large single purchases. Our term loans have no pre-payment penalty, and they can be re-financed to better rates as your business improves.