Term Loan

Term Loans

Small businesses need access to financing to support their operations and growth. Fortunately, there are several financing options available to small business owners. While there are several options, a business term loan is widely regarded as one of the best financing alternatives due to its many desirable features. Business term loans provide fast and flexible funding, making them a go-to for entrepreneurs looking to meet their financial needs.

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What is a Term Loan

A term loan is an ideal option for businesses that need a significant amount of cash upfront. This type of loan typically provides borrowers with a lump sum of money that they can use for various purposes, such as equipment purchases, expansion plans, or working capital needs. However, it’s important to note that term loans are typically only available to established small businesses that have demonstrated sound financial statements. When a business applies for a term loan, they will be required to agree to specific borrowing terms, which will include a repayment schedule and a fixed or floating interest rate. They may also be required to make a substantial down payment, which can help to reduce both the monthly payment amounts and the overall cost of the loan.

To start the application process, business owners can approach their chosen lender and provide documentation that demonstrates their financial stability. This may include statements, tax returns, and other financial evidence. Once these documents are reviewed, the lender will determine if the business owner qualifies for the loan. If approved, the borrower will receive a lump sum of cash and will be expected to make regular payments over a set period of time. These payments are typically scheduled on a monthly or quarterly basis and can help the business owner manage their cash flow efficiently.

Requirements for a Term Loan

Here are requirements in order to be considered for a term loan:

  • Completed and signed lender application 
  • US Credit Score of 680+
  • Recently made soft-pulled full credit report 
  • Must provide valid state issued identification
  • 2-Years personal and business tax returns
  • Personal income showing $50,000+
  • Voided Check 
  • Articles of incorporation, EIN documents, and certificate of good standing 

  • There is no restricted industry on the term loan.

  • The majority of the term loans that we offer fall between 5 and 7 years.

  • Our term loan program funds up to $300,000.

  • Funding amount is based around like Credit Score and Debt-to-Income ratio. DTI is calculated by comparing your adjusted gross income to your expenses listed on your 12 month credit report. The lower your expenses the better your DTI!

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Bason Capital