Business Term Loan
A lump sum, repaid on a fixed schedule
- Amount
- $20,000 to $1,000,000
- Cost
- Starting at 5.5%
Enclosure 3
Business Term Loan
A lump sum, repaid on a fixed schedule
- Amount
- $20,000 to $1,000,000
- Term
- 12 – 36 months
- Cost
- Starting at 5.5%
- Funded in
- Funded within 24 – 72 hours
Enclosure 3 · Re
What a term loan is for
A term loan is the oldest shape in this schedule and the least surprising. The business receives one sum, and repays it at a fixed rate over a fixed period, so the payment is the same every month and the total cost is knowable before anything is signed.
It suits a purchase that has already been costed — a second site, a vehicle, a fit-out, a hire — rather than a gap that has yet to be measured. Interest runs on the whole sum from the first day, which is the argument for borrowing what is needed rather than what is offered.
Of the six this is the one a bank would recognise, and it is the one a bank is most likely to decline for a business under two years old or carrying an imperfect file. That is the whole reason this office exists between the two.
— The funding desk
Worth asking
One question to put to any lender
Ask a lender for the total repayable in dollars, not the rate. Two offers at the same rate over different terms are not the same offer.
Enclosure 11
The application
At no cost and no obligation. Fifteen minutes, six screens, and one application that reaches every lender on the network and qualifies the business for all six programmes in this schedule.
Rather talk to somebody first? (800) 540-2119.
Enclosure 3 to 8
Where it sits among the six
Business Line of Credit
A limit to draw against, and nothing owed until you do
- Amount
- Up to $1,000,000
- Cost
- Starting at 4.5%
Short-Term Business Loan
The same shape as a term loan, over four to twenty-four months
- Amount
- $10,000 to $1,000,000
- Cost
- Beginning at 6%
Working Capital Loans
For the running of the business, not for a purchase
- Amount
- Up to $1,000,000
- Cost
- Starting at 4%
Equipment Financing
Secured on the thing it buys, over one to five years
- Amount
- Up to $250,000
- Cost
- As low as 8%
Merchant Cash Advance
An advance on future sales, collected out of them
- Amount
- $5,000 to $500,000
- Cost
- Factor rate 10% – 35%