A term loan is offered in two types of formats known as a short-term or long-term loan. Regardless of which one you choose, this type of loan requires small business owners to pay back in monthly installments plus the interest charged. For instance, a short-term business loan payment plan would be under 12 months, while long-term loans (above a year) tend to be around 3-5 years.
Acquiring a business term loan from traditional lenders can be a challenge for small businesses—dealing with obstacles that require business owners to be pre-qualified for the loan. Lenders will all also need financial reports such as profit and loss, full tax returns, and projected accounts receivable. The main points to consider include:
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