Term loans offer a straightforward, affordable funding solution for small businesses. When someone thinks of a business loan in the general sense, they’ll likely think of a traditional term loan. A traditional business term loan is a lump sum of capital that you pay back with regular repayments at a fixed interest rate. The set repayment term length will typically be one to five years long. Most business owners use the proceeds of term loans to finance a specific, one-time investment for their small business. Furthermore, traditional term loans are versatile, and companies often use them to fit a variety of needs.
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