What Is a Small Business Term Loan?
A small business term loan is a lump sum funding, repaid in fixed installments over a set period, often used for major expenses like equipment or business expansion. Term loans can have a fixed or variable interest rate.
What Do You Need To Qualify For a Small Business Term Loan?
2+ Years in Business
You can qualify for our top financing options with as little as two years in business.
$10,000+ Monthly Gross Sales
The minimum revenue to qualify for financing options are $10,000 per month, or $120,000 in annual gross sales.
660 FICO Score
We have financing options for all credit profiles. The minimum FICO score required to apply is 660.
Getting started is easy.
Step 1. Apply Online
Secure an instant pre-approval. Our application process is straightforward and can be completed in seconds.
Step 2. Review Options
Your personal loan advisor will discuss finance options available with you for your business.
Step 3.Receive Your Funds
Finish the online application process and receive your funds in as little as 24 hours.
Resources & Frequently Asked Questions
Q1. What are the benefits of a term loan?
Term loans can help you reach many of your business goals. They can help you keep control of your profits and business, avoid problems with loans from family or friends, and protect you from putting your personal assets at risk.
Q2. What can I use a term loan for?
Businesses use term loans to cover expenses, encourage growth, increase purchasing power, bridge cash flow gaps and more!
Q3. What do I need to apply?
We can qualify your business for up to $100K with our simple application and four months of business bank statements. For dollar amounts higher than $100K please have your most recent business tax return and prior year profit and loss statement and balance sheets handy.
Q4. HOW EASY IS THE TERM LOAN APPROVAL PROCESS?
Term loans are a flexible type of funding available to pretty much any industry with a wide variety of uses available to the business owner. Term loans are typically funded within 24-48 hours and require very little documentation in comparison to other low cost, traditional styles of financing.