As a business owner, you know how important it is to invest in new growth opportunities. But you don’t always have the cash on hand to make these investments. In this scenario, small business financing can be a lifesaver.
If you’re looking for financing, you’ve probably considered taking out a term loan. Before committing to this type of loan, though, it is important to understand what it is and how it differs from other options out there.
If you decide you want a term loan, you can apply for a short-term, intermediate-term or long-term loan.
These are loans you can take out for smaller amounts, with shorter repayment periods – generally one or two years.
Short-term loans are good for day-to-day working capital expenses. However, since these loans are more convenient and easier to apply for, you can expect to pay higher rates.
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Intermediate-term loans are the happy medium between short- and long-term loans. The repayment terms are typically two to five years, and you can access up to $500,000.
These loans are a good option for businesses looking to open a new location or hire more people. This type of funding can help you expand your business operations and begin generating more revenue.
Long-term loans offer the highest amounts and the longest repayment terms. You can access millions of dollars in funding, and the repayment terms can be up to 25 years.
A long-term loan is a good option for an established business with excellent credit and a solid financial record. You may consider one to fund long-term growth strategies for your business.