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LONG TERM
Term loan is a common form of long term business funding. You get a lump some of cash upfront to invest in your business and repay with interest over a predetermined time period. This is best for businesses looking to expand that have good credit and strong business revenue. This loan type offers fast funding typically within 2 days to a week.
Pros:
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Get a lump sum amount of cash to invest in the business.
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Borrow higher amounts
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Get funding in 2-7 days
Cons:
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May require some type of collateral
Best for:
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Businesses looking to grow
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Business owners with better credit and consistent business who can’t wait for funding
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