Term loan
Similar to traditional bank style financing. A Term Loan is a set amount that a borrower pays back at a fixed amount. The common uses for these types of loans are business expansion, working capital and equipment purchases.
Benefits of a Term loan
Interest on loan is tax deductible No prepayment penalties Lower cost options Stable daily, weekly monthly payments Reported to the credit bureaus which can improve credit Flexible optionsQualifications
6+ Months Time in Business
$120,000 Annual Gross Sales
No Minimum FICO
Loan Amounts: $10,000 - $5 Million
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