Business Term Loan
Business Term Loan comes in different shapes and sizes for a small business. Business term loans can vary in the amount of time you have to repay them from 24 months to max 10 years. The averages are a 36-60 month term.
As long as your business has been operating for a minimum of 3 years under the current Tax ID/EIN Number, and the business is reporting a profit on the books for the last two years.
Moreover, the principals and the business have a good credit score with no tax liens or judgment issues. A Business Term Loan can be a great financing product for your business.
Whether through a large bank, your local community bank, or an independent term loan provider, Business Term Loan are on average your lowest cost of capital financing product.