Term loan is a medium-to-long-term loan option with terms that last anywhere from 1 to 10 years. Term loans offer large amount of capital to the business in a single installment. As a provider of term loans, for example, FundingJack offers small business term loans, for amounts up to $500,000.
Term loans offer many advantages – it can be a solution for financing large investments (hiring new staff, expanding to additional branch location, investing in equipment).
Based on their length, term loans are best for financing a business’ long-term growth, and are generally used for purchasing assets that will not be converted to cash within a year.
Is a term loan right for me?
If you’re a business owner and you need a significant amount of funding to advance and improve your business, a term loan might be the best option for you. Since you know your business needs best and the amount of the required financing, term loans are the quickest way to get capital fast.
At FundingJack, we work with you to determine the best course of action. Use Term loans to purchase inventory, general business expansion, property investment, or renovations.