Many small businesses are looking for a loan option that provides them with access to funds quickly, but from a trusted bank lender. A bank term loan from lenders in this offer is a short-term, fixed-rate loan with stable monthly payments. Funds from these loans can be used in a multitude of ways to help a small business grow.
Additionally, paying off a bank term loan responsibly helps to build business credit.
NOTE: This online offer has restrictions that other Term Loan offers do not. If you do not qualify under this offer please contact us and let us find the term loan or other loan that can support your needs.
What are the benefits of a bank term loan under this offer?
- Offers between $30,000 to $300,000 in loan funding
- Your choice of 2, 3 or 5 year repayment terms
- Monthly repayments
- No prepayment penalties
- Fast loan funding (typically within two weeks)
- Fixed annual interest rate starting at 6.99%
- Leniency on Use of Proceeds options
(term loans can support construction, remodeling and more)
Bank term loan general eligibility
- Minimum 2 years in business
- U.S. based business owned by a citizen or lawful permanent resident
- FICO of 660 or higher – get your score at Experian.com
- No outstanding tax liens
- Minimum annual revenue requirement of $250,000
- Business must not have bankruptcies, or foreclosures in the last 3 years
- No recent charge-offs or settlements
- Business must have appropriate cash to support loan payments
- For-profit business
- Individuals owning 20% or more of business must be US citizens or legal permanent residents
Credit (for all individuals owning 20% or more of business)
Good personal credit – minimum personal credit of FICO 660
Business credit score (liquid credit) -155 or greater – Click Here
Public records search for business owners
No bankruptcy in past 3 years
No foreclosure in past 3 years
No open tax liens or outstanding judgments
What can a small business use funds on through this offer?
- General working capital
- Purchasing inventory
- Hiring employees
- Refinancing business debt
- Marketing
- Construction or remodeling
- Business acquisition/partner buyout
There are several common ineligible uses of proceeds for this offer:
- Start-up financing
- House-flipping or real estate development
- Refinancing personal debt
- Floor-plan financing
What industries are eligible?
From a hair salon to an online retailer to an accounting firm, there are many small businesses that are typically eligible for a bank term loan. While most industries are eligible, there are a few exceptions like gambling or real estate development.
Top Funded Industries
1. Construction
2. Other Services (except Public Administration)
3. Professional, Scientific, and Technical Services
4. Retail Trade
5. Administrative and Support and Waste Management and Remediation Services
Here is a list of some restricted industries:
Bail bonds
Mining
Cannabis industry
Real estate development
Gambling
Ground-up construction contractors
Used car dealers
Oil wildcatting
Pawn shops, smoke shops or vape shops
Cash Flow (cash flow analysis is calculated using these documents)
2 years of business and personal tax returns
YTD profit & loss and balance sheet
Business debt schedule
6 most recent business bank statements
If you meet the above minimum requirements CLICK HERE to complete the online application.
If you do not meet the requirements noted above please select the worksheet below to fill-out and send to us:
Commercial Real Estate Financing
We will work with you to find the financing that works for you. We look forward to speaking with you!
Contact info:
571-212-5179
email: [email protected]