A term loan is a simple interest business loan with a low rate and flexible terms ranging from one to five years, with no prepayment penalties. No collateral is required for most traditional loan, but a personal guarantee is needed.
Some business needs demand financing with a longer term. Maybe you’re looking to remodel or expand. Maybe you have an opportunity to buy out a competitor. A term loan will enable you to get the capital you need for your growth project, at a lower rate and a more flexible term.
Corp Cap has made it faster and easier for small businesses to get a term loan. You can request from $20,000 to $500,000, with repayment terms of one to five years. The rates on a term loan are based in part on your credit score and repaid through fixed weekly, bi-weekly or monthly payments, which can help you get greater clarity on your cash flow.
You have a great deal of flexibility in how you use a term loan. If you opt for a shorter term, it can be helpful for working capital, new inventory and general cash flow needs. If you take financing for a full term, it can be used for a wide range of growth and expansion purposes.