A term loan is a capital loan secured with the business’s credit and/or business assets, that is repaid in regular payments over a set period of time. A term loan typically has a fixed interest rate and is paid back over a number of years. A term loan may be right for you if you are expanding, consolidating debt or are interested in a fixed monthly investment to help with the business cash flow.
To qualify you need –
6 or more months in business
600+ credit score
$10,000+ inconsistent monthly revenues.
To get started –
- Completed application
- At least 4 months though 6 months of full recent bank statements preferred
- Credit card processing statements if applicable
- 2 years of business tax returns preferred if available
- Term loans from $5,000 to $500,000
- Term lengths typically 12 months to 10 years
- Decision as fast as 24 hours and funds as soon as the next day
Book a time to speak with one of our experienced professionals for a free consultation on the best options for your business. BizFi appreciates the opportunity to support your business.