A
business term loan is a lump sum of money you borrow from a lender, then pay back at fixed intervals — with interest — over a set period of time. Depending on your lender, you'll pay off the loan on a weekly, bi-weekly, or monthly basis. Repayment periods can last from a few months up to 10 years or more.
Term Loans From $5K to $10M
Borrower Criteria
| Required | Preferred | |
|---|---|---|
| Time in Business | 12 months | 24 Months |
| FICO | 550 | 700 |
| Monthly Revenues | $10k | $35k |
| Entity Structure | N/A | LLC / Corporate |
Terms
| Amounts | $5k - $10M |
| Term Length | 6 months - 7 years |
| Payment Frequency | Daily, Weekly, Monthly |
| % of Revenue | 1 - 20% of annual revenue |
| Closing Time Frame | 1 to 2 weeks |
| Credit Pull | Soft |
Documentation
| Basic credit application |
| Copy of credit report |
| 6 months of business bank statements |
| Government issued photo ID |
| Voided check or bank letter |
| Financial statements & tax returns for $125,000+ requests |
| Signed by owner with 50%+ ownership |
Benefits
| Predictable payments |
| Longer payback period |
| No prepayment penalties |
| Funding in < 1 week |
*** All files are subject to full underwriting & qualifications specified by each bank. There can be no assurance that any applicant will be approved and that credit will be offered.***
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