Find the Lowest Rates on Term LoansSimply Banc provides Term loans with flexible options that accomodate the unique production needs of your business. Each funding product offers valuable features that can help you accomplish your business goals.
- Improve issues with cash flow by using a term loan to pay your debts.
- Expand your business by purchasing inventory, increasing production, or a new location purchase.
- Short term debt has a lower risk of default.
Up to $500,000
10 to 25 Years
term loan FAQ
What is a business term loan?
A term loan is probably what you are thinking of when you say “small business loan.” It’s a classic financing option to help boost small business growth. A small business can borrow a lump sum from a lender with a business term loan, which is paid back in steady increments over the given borrowing period, or term.
How are the terms of a term loan set?
Not all commercial term loans are the same. Loan amounts range from a few thousand dollars to several million dollars. Revenue from your company, duration of operation and personal and/or business credit score are key factors in determining how much a lender is willing to offer and what the interest rate will be. Usually the annual percentage rating (APR) starts at around 6% and reaches up to 99%.
How can you use a business term loan?
Business term loans are used to make longer term investments in your business, including the purchase of fixed assets, investment in new technology, and hiring staff. Best practice is to match the maturity of a term loan with the useful life of the asset being financed.
How does a term loan work?
The basic mechanics of term loans are simple: you receive the lump sum upfront (minus any fees charged by the lender). You’re then responsible for repaying the loan amount in full over the period of the term, plus interest.
Speak with our Business Funding Experts.
We pride ourselves on our ability to educate business owners about the available opportunities that can help their business grow.