LONG TERM
Term loans are a common form of long-term business funding. You get a lump sum of cash upfront to invest in your business and repay with interest over a predetermined time period. Best for businesses looking to expand that have good credit and strong business revenue. Long Terms Loan generally require collateral such as Real Estate. Collateralized loans generally take 30 to 60 days from application to funding.
Pros:
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Get a lump sum amount of cash to invest in the business.
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Borrow higher amounts generally between 65% to 75% of the value of the collateral.
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Get funding in 30 to 45 days.
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the Longest term and lowest interest rate available.
Cons:
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May require some type of collateral and personal guarantees.
Best for:
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Businesses looking to grow
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Business owners with better credit and consistent business who can wait for funding.
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