Term Business Loans : the traditional way of improving your small business
Short Term Loans
1 – 12 months
Gain fast access to capital to help you:
- Expand into new territories
- Purchase inventory
- Increase production
- Factor payroll extensions
Long Term Loans
1 – 5 years
Available to help your business tackle:
- New location purchases
- Large-scale inventory buyouts
- Equipment purchases
- New product development
Empower Lend provides business 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.
Find the Lowest Rates on Business Term Loans
FAQ for Term Loans
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.
Same Day Approval
It only takes minutes
We Evaluate Your Business Goals and Revenue for Approval
Choose Your Loan
and Get Funded