TERM LOAN
A long-term loan that has a specified repayment schedule
A term loan gives you the cash to grow your business, whether it be to renovate office space or buying inventory. With a term loan, you borrow a lump of cash upfront for a specific purpose and repay the loan over a set period of time with fixed, equal payments.
There is no commitment or impact on your credit by applying.
1.
How funding works:
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A business with strong credit is provided with a long term loan at our lowest rates
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Loan is paid off in monthly increments
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Rate range: 7.9% – 14.99%
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Loan is paid off over a period of 1-5 years
2.
Rates are based on:
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Industry
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The use of funds
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Your credit
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Overall financial health/profitability of the businesses
3.
Ask Yourself:
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Are you currently receiving any term loan financing?
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Have you successfully paid off any past term loans?
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What do you intend to do with your term loan?
4.
Required documents:
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6 months' most recent bank statements
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2 most recent years of business tax returns + 1 year of personal
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Debt schedule
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Personal financial statements – updated within the last 60 days (balance sheet and P&L for any deal over $800,000)
5.
Good to know:
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Getting funded for a term loan is a more time-consuming process, usually taking between 2-3 weeks for an approval
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Term loans offer the most generous loan rate available
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In the event that you do not qualify for a term loan we will pinpoint the reasons and provide a plan to build you up for an approval down the line
There is no commitment or impact on your credit by applying.
