How Term Loans Can Help You Grow Your Business in 2024
Access $10,000-$5,000,000
Credit: Term Loans can help small businesses improve their credit score by demonstrating their ability to repay debt on time and in full
Minimum
Requirements
3+ Months in Business
$5,000+ Monthly Gross Sales
No Minimum Fico Score
Interest rates: Term Loans often have lower interest rates than other forms of financing, such as credit cards or merchant cash advances, which can save money in the long run
Repayment terms: Term Loans usually have fixed repayment terms, which can provide predictability and stability for the business’s cash flow and budgeting
Down payments: SBA loans typically require smaller down payments than conventional loans, which can help small businesses preserve their working capital and invest in other areas of the business
Collateral: Term Loans may not require collateral or personal guarantees, which can reduce the risk for the business owner and protect their personal and business assets
Funding speed: Term Loans can be processed and funded quickly, sometimes within a few days, which can help small businesses seize opportunities or address urgent needs
Flexibility of use: Term Loans can be used for a variety of purposes, such as purchasing equipment or inventory, renovating or expanding a location, hiring new employees, or refinancing existing debt
