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Multiple use cases
Use for almost any business purpose.
Understanding Business Term Loans
- Small business loans provide businesses with a lump sum of capital to fund various business needs, with the money borrowed repaid back to the lender over time. Alternative lenders, like our partners at SmallBusinessLoans.com, provide quick and efficient access to capital with flexible repayment terms so businesses can focus on scaling growth.
- Business term loans offer a streamlined application process so business owners can quickly receive funding to free up their cash flow.
- On this page, we’ll dive into why a small business loan is a great option for business owners, how to qualify, and how the loan can be used.
What is a business term loan?
A business term loan is a general term for all types of small business loans, which encompasses any loan for a small business that is eventually repaid, plus interest, to the lender. This includes loans such as short-term loans, business bridge loans, and working capital loans. A business loan through an alternative lender helps companies close gaps in financing or growth opportunities by making it easy to secure funding. While traditional banks often take months to get approved, our partners at SmallBusinessLoans.com offer quick turnarounds so businesses can get funds promptly.
How does a business term loan work?
Business term loans work like personal loans for the most part – the business owner receives a lump sum of capital from a lender and eventually repays the loan, plus interest, based upon an agreed repayment schedule. The key difference between a business and personal loan – besides the fact a business loan is intended for business use – is that the cost of a business term loan can be calculated by a factor rate rather than an annual percentage rate, also called an APR. With an alternative lender, business loan applications can be completed quickly. They often have more flexible qualifications with higher approval ratings. Once approved, the borrower typically receives funding within a few days.
What are the benefits of a business term loan?
A loan can support your business by covering gaps in cash flow or fostering growth. Discover the benefits of a small business loan:
Get funding fast
- Loans with an alternative lender are quick from start to finish. Most business owners can receive funding within as little as 241 hours.
- This allows you to be nimble with business decisions and get back on your feet sooner.
Receive flexible repayment terms
- Every loan is customized to suit the needs of the business. Payments can be made on a daily, weekly, or monthly basis.
- Get the flexibility that works best for your business’s needs.
Increased approval rates
- Our trusted partners have simple applications and work closely with business owners to find a solution that works for them.
- With more flexible requirements, you’re more likely to get your application approved.
Advantages for your business
- Take care of immediate needs such as fixing broken equipment or fulfilling inventory orders.
- Capitalize on investment or growth opportunities with the funding you need to take your business to the next level.
What can business term loans be used for?
Business loans can be the financing solution to help your business achieve its goals. Business owners use loans to help their business cover unexpected expenses or repairs, fund short-term projects like purchasing more inventory, bridging cash flow disruptions, or capitalizing on a growth opportunity to help expand the business.
Short-term funding to support your industry
Every industry has a need for short-term funding. Our trusted lending partners have expertise in supporting many industries succeed.
Construction loans and financing
Buy equipment or hire workers.
Commercial trucking loans and financing
Expand your fleet or handle maintenance costs.
Agricultural loans and financing
Purchase more land or upgrade equipment.
Medical practice loans and financing
Cover insurance costs or upgrade software systems.
Landscaping loans and financing
Maintain capital during slow seasons or hire employees.
Loans and financing for other industries
Our partners have short-term business loan options for almost any industry.
How to qualify for a business term loan
Qualifying for a business loan through an alternative lender is often much easier and simpler than a traditional bank. We partner with trusted lenders who offer fast financing solutions through quick applications and turnarounds. Our partners keep the paperwork to a minimum. Required materials are often limited to a credit check and bank statements so you can get approved for funding faster. Some possible eligibility requirements may include:
- At least six months in business
- Minimum $250,000 in annual gross sales
- Fair to excellent credit
How to apply
- Fill out a quick form
No lengthy processes or tons of prep work
- Get matched
No getting bombarded by different lenders
- Get your funds fast
No waiting around for weeks and weeks.
After you submit your application, the lender quickly reviews your documents and gets a response back to you shortly. Then, if you accept the loan terms, the funds will be deposited to you in as little as 24 hours1.
We believe access to funding shouldn’t get in the way of achieving your goals. SmallBusinessLoans.com is your resource for efficient financing solutions. Find the funding you need quickly so you can get back to what really matters – running your business.
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Frequently Asked Questions
Most lenders require a business to be in operation for at least six months to qualify for a loan.