Business term loans are a type of business loan in which an upfront lump sum of capital is provided and then repaid over time in regular payments. They’re available from banks and alternative lenders alike and can be an ideal solution for various needs.
Loans can be structured on a variety of terms, from short to long. They may be utilized for various business expenses like large equipment purchases and expansion projects.
Flexible
When your business requires additional funding, term loans are an affordable and versatile solution. They’re often used to cover major purchases like inventory or equipment.
Small businesses often enlist the assistance of payday loan companies for cash flow management and debt refinancing. Their predictable repayment schedule helps you plan your finances and budget effectively, giving you peace of mind to stay on track financially.
If you require an immediate cash boost to cover unexpected expenses or expand your business, Horizon Bank business term loans could be the perfect solution. Our term loans come in various sizes to help meet all your financial objectives.
Predictable
A business term loan is an increasingly popular solution for small businesses looking to finance major revenue-generating projects, purchase assets and pay off debt. Term loans come in all shapes and sizes, but for most borrowers the traditional fixed-rate options from major banks and credit unions will be the best fit. Small business financing has seen a recent influx of nontraditional lending options like credit cards and line of credit products. For the intrepid explorer, the challenge lies in figuring out which loan best meets your individual needs and budget. Your lender will create a custom-fit small business financing solution tailored to your individual needs, taking into account factors like your business plan, cash flow and credit risk profile. The advantages of taking out a term loan are many; including its speedy approval and repayment processes.
Boost Your Credit
Are you in need of funding to expand your business, purchase equipment or property, or consolidate debts? Business term loans can provide the solution. Furthermore, they’re an excellent way to boost your credit score!
Term loan rates are determined by several factors, including personal and business credit history, cash flow, time in business, and more. A strong financial record and good credit will enable you to secure competitive rates.
Banks, credit unions and online lenders all provide business term loans. Banks tend to provide longer terms than online lenders do.
Most business term loans are secured by collateral, meaning the lender has the power to seize any assets you pledge as security if you fail to repay the loan on time. Furthermore, these loans often require larger down payments than unsecured term loans require.
