What is a Business Term Loan?
Get the funds to jump-start your business
Have you been looking for a simple small business financing solution? A Business term loan is your best bet as it is a flexible and stable way to get more working capital for your start-up or small business. Also, the fact is that it helps grow your business and build your credit; this unsecured short term loan for small business has got the extra edge to allow you to scale your venture high.
Typically, your business term loan will have a fixed interest rate or fixed flat fee which means your payments will remain the same over a term period of 1-5 year. This makes it quite easy and simple to ascertain how many funds you can afford and keep up with your monthly payments until and unless the loan is fully cleared.
Who is eligible for?
In order to be eligible for a business term loan, your business should be 2 years old, personal credit score must be 600+, no penalty if paid before, annual revenue of $120K in the past 12 months and business can reside anywhere in the US.
How to apply for?
For smooth and easy application, see your business term loan options and spend about 15 minutes answering questions in our free online applications. You will be asked to submit the information about your credit score, time in business and collateral. Also, you may need to upload your P&L statements to show your profits or revenue. Upon the successful approval of your business term loan, you can access your funds within 24 hours.
How does it benefit your business?
Business term loans are set up to meet every business with their unique requirements. You can make the most of your loan for everything from capital improvements to financing a new range of equipment to hiring young blood for the organization. It won’t be wrong if we say that you can use your business term loan for just about any opportunity that you want to leverage even if that include offering your services to your brother-in-law’s weird startup.
The most important feature of business term loan for new business is that they offer flexible repayment tenors, ranging from 12-60 months which can even extend to 96 months if you go for a flexible loan facility. You can easily manage your business term loan online from any part of the world at any time through the customer portal.
Business Term Loan Calculator
Because you’re only as good as the tools you use. See how much your term loan will cost.