A business term loan—often referred to simply as a "business loan"—is a traditional financing option that provides small businesses with a lump sum of capital, repaid over time through fixed installments.
These funds can be used for virtually any business purpose. Whether you're starting a new venture, expanding operations, buying out a partner, or consolidating debt, a term loan offers the flexibility to meet your goals. It's also ideal for covering everyday needs like upgrading equipment, stocking up on inventory, or maintaining steady cash flow during slower months—so you never fall short on payroll or operations.
Every term loan comes with a set repayment period—this is the timeframe in which the loan must be fully paid back.
Depending on your customized approval, you can choose from short-, mid-, or long-term loan options.
Short-term loans usually require repayment within 1 year. Mid-term loans typically extend up to five years, while long-term loans offer repayment periods that go beyond five years.
Eligibility for a BTL requires at least one year in business, a credit score of 500 or above, and annual revenue of $150,000 or more.
To apply, you'll need a simple application and your six most recent business bank statements. If approved, a valid form of identification—such as a driver’s license or U.S. passport—will be required to release funds.
For mid- to long-term loan options, additional documents may be requested, such as annual revenue reports, profit and loss statements, or income tax returns.
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